RIYADH — The Saudi EXIM Bank has signed an export credit insurance policy with Evonik Industries Marketing Company (ETM) to support Saudi non-oil exports.

The insurance policy will allow the company to secure payments on international exports, and enable it to protect against risks of non-payment of the value of products and services issued to international buyers. The move is expected to bolster Saudi non-oil exports and increase its chances of entering new markets at both the regional and international levels.

The agreement was signed by the CEO of Saudi EXIM Bank, Eng. Saad Al-Khlab, and the General Manager of Evonik Industries, Eng. Abdulmohsen Al-Muhaidib, at the Saudi EXIM Bank headquarters in Riyadh.

Eng. Al-Khlab said the agreement comes as an extension of the bank's effective role in supporting the export activities of the national facilities and empowering non-oil Saudi exports to expand and spread to the most powerful and competitive markets of the world.

He also expressed his happiness in cooperating with Evonik Industries in order to grow non-oil Saudi exports and enhance its spread in the international markets.

On his part, Eng. Al-Muhaidib has confirmed the importance of the agreement, which will provide vast opportunities to national enterprises to increase their export activities and enter new international markets with supportive and empowering credit facilities for emerging sectors.

The export credit insurance provides the Saudi exporter protection against the risks of non-payment by international buyers.

It also provides several advantages such as expanding the customer base in existing markets by using insurance coverage and protection, access to new markets, developing the relationships and trust with importers, and enhanced competitiveness with international buyers.

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