Saudi Export-Import Bank (Saudi EXIM) and the International Islamic Trade Finance Corporation (ITFC) have signed an implementation agreement for a $5 million line of financing in favor of Alizz Islamic Bank in the Sultanate of Oman under the KSA SMEs Export Empowerment Program.
The agreement aims to enhance the access of Saudi non-oil exports to Omani markets, promote export opportunities for the Kingdom’s small and midsize enterprises (SMEs), and attract Omani importers.
The agreement was signed by Saudi EXIM Bank Director of the Financial Institutions Department Mohammed AlAbdulmohsen and ITFC General Manager of the Treasury Department Ahmed M. Yousef Jan. The signing ceremony took place at Alizz Islamic Bank’s headquarters in the Sultanate of Oman.
The KSA SMEs Export Empowerment Program is part of a broader initiative to boost economic diversification in the region, empower SMEs, and create opportunities for regional businesses to participate in global trade, thus enhancing economic development in the GCC (Gulf Cooperation Council) and beyond.
The program is committed to elevating the competitiveness of Saudi non-oil exports globally, as Saudi EXIM and ITFC continue to provide credit facilities to targeted financial institutions in select countries.
This collaboration marks a significant step toward enhancing international trade and increasing the contribution of SMEs to the gross domestic product (GDP).
Further, it aligns with the objectives of Saudi Vision 2030, which includes empowering Saudi SMEs to expand their global reach. The agreement represents a crucial milestone in enabling Saudi exports and strengthening their presence in international markets, as per the statement.
