The Saudi Export Development Authority is an independent national authority that seeks to develop Saudi non-oil exports. One of the fundamental objectives of the Saudi Vision 2030 is to increase the non-oil exports of the Kingdom’s Gross Domestic Product by 2030. The government of Saudi Arabia approved a mandate for the Saudi Export-Import bank, which came into being on 24 Jumada, 1441 AH by the Council of Ministers.

The aim of the Saudi EXIM Bank is to:

• Promote the development of Saudi exports along with their diversity and competitiveness
• Provide export financing, guarantees and export credit insurance services with competitive advantages
• Enhance confidence in Saudi exports supporting their penetration of new markets and reducing non-payment risk
• Provide export credit facilities

It is hoped that additional financing and credit solutions will be offered in the future, targeting all stages of the export process which will cover the gap in the export ecosystem and fulfil the exporter’s needs.

Currently, the export products developed by the Saudi EXIM Bank cover the following:

• Financing the purchases of raw materials related to export orders
• Financing the working capital needs associated with export activities
• Indirect financing (such as guarantees) through cooperation with local and international financial institutions
• Export insurance to reduce the default risk of foreign importers purchasing Saudi goods

These products have been designed to meet the needs of all enterprise sizes (small, medium and large) in all sectors excluding crude oil. Exporters in this category can apply for one of the following financing products:

• Pre-export financing: pre-shipment financing is provided to the Saudi exporter to meet the workers ’capital needs, for example: purchasing raw materials
• Buyer Financing: post-shipment financing provided to international buyers of Saudi goods