EXIM mulls foray into Egypt, South Africa: CEO

Saad Alkhalb, CEO of the Saudi Export-Import Bank (EXIM), said the bank intends to foray into Africa by sending executive representatives to both Egypt and South Africa.

The bank aims to cover Africa with its service, especially as this continent has abundance of minerals and mining resources, hence it seeks to offer integrated credit solutions to importers in these countries, Alkhalb told Asharq on the sidelines of the Future Minerals Forum held in Riyadh.

Since its inception, the bank has offered credit solutions to local and international investors at over SAR 33 billion, of which SAR 15 billion was provided last year.

The mining sector is important for the bank to provide the required support locally and globally, Alkhalb said, noting that the financing provided to the mining sector amounted to $2.5 billion, including $500 million to Trafigura, which will help reach more markets.

The credit solutions provided by the bank helped Saudi products reach 60 countries, the CEO said, expecting these products to reach more than 150 countries after concluding the Trafigura contract.

EXIM is in talks with two companies including Trafigura, and the signing of contracts will be announced in due course, Alkhalb said.

He noted that the bank supports the mining sector and operating companies, through credit solutions that commercial institutions cannot provide, as well as reducing risks, creating opportunities, and overcoming challenges.