Saudi EXIM and Iraq’s Al Mansour Bank Forge Line of Credit to Boost Saudi Non-Oil Exports

Riyadh: The Saudi Export-Import Bank (Saudi EXIM) has entered into a line of credit agreement with Iraq's Al Mansour Bank for Investment aimed at enhancing the flow of Saudi non-oil exports to the Iraqi market and strengthening trade relations between Saudi Arabia and Iraq. The agreement was formalized at Saudi EXIM's headquarters in Riyadh, with signatures from Saudi EXIM CEO Saad bin Abdulaziz Alkhalb and Al Mansour Bank Managing Director Dr. Walid Abdel Nour. According to Saudi Press Agency, the agreement is a strategic move by Saudi EXIM to provide specialized credit solutions that bolster the global competitiveness of Saudi non-oil exports. By establishing strategic partnerships with international financial institutions, the bank seeks to facilitate the growth of Saudi exports and their penetration into the Iraqi market. This initiative encourages Iraqi buyers to import Saudi products and services, thereby creating more opportunities for Saudi exporters to widen their market reach. CEO of Saudi EXIM, E ng. Saad bin Abdulaziz Alkhalb, stated that the agreement underscores Saudi EXIM's dedication to enabling Saudi non-oil exports and opening new market pathways, particularly in Iraq. This effort is intended to contribute to the expansion of bilateral trade and the enhancement of economic ties between Saudi Arabia and Iraq. The agreement is aligned with Saudi EXIM's strategy to forge effective partnerships that elevate the presence of Saudi products and services regionally. Saudi EXIM is actively expanding its strategic partnerships to optimize the export and import ecosystem, facilitating trade with both regional and international markets. The bank emphasizes building international partnerships that aid in the development and diversification of Saudi non-oil exports, thereby boosting their competitiveness on a global scale.