Bank Al Habib secures trade finance credit line from Saudi
Exim Bank and ITFC
Saudi Exim Bank and the International Islamic Trade Finance
Corporation (ITFC) have granted a trade finance credit line of US$25 million to
a Pakistani financial institution.
Bank Al Habib will utilize this credit line to provide trade
finance services to Saudi small and medium-sized enterprises (SMEs) engaged in
exporting non-oil products to Pakistan.
Export-Import
Bank of Pakistan officially launched
Launched in 2020, Saudi Exim Bank aims to reduce the
kingdom's historical dependence on the oil sector by encouraging growth in
other export industries.
The collaboration with Bank Al Habib is expected to
"expand export opportunities for Saudi SMEs, encouraging increased
involvement and attracting new importers of Saudi goods in Pakistan,"
according to a statement from the ITFC.
SBP
unveils Export Facilitation Scheme (EFS) for exporters
"This cooperative effort represents a significant
advancement in strengthening international trade and enhancing the contribution
of SMEs to the gross domestic product, aligning with the goals of the Kingdom’s
Vision 2030," the statement adds.
In 2022, Saudi Exim and ITFC, along with Monshaat, a Saudi
authority dedicated to promoting SMEs, signed an agreement to establish a
framework for future trade finance facilities and capacity-building
initiatives.
Haball,
Hutchison Ports Pakistan, and Standard Chartered Bank forge partnership
Saudi Exim Bank states that approximately 40% of its
portfolio is allocated to SMEs.
As the trade finance division of the Islamic Development
Bank, the ITFC provides direct lines of credit to member states in the
Organisation of Islamic Co-operation, either directly or indirectly through
commercial banks.
Source: https://www.gtreview.com/