The International Islamic Trade Finance Corporation (ITFC) and the Saudi Export-Import Bank (Saudi EXIM Bank) have signed a US$ 25 million line of financing agreement for Bank Al Habib Limited in the Islamic Republic of Pakistan. This financing is designed to facilitate export opportunities of non-oil products for small and medium enterprises (SMEs) in Saudi Arabia to Pakistan.
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Under the “KSA SMEs Export Empowerment” Program, this collaborative effort aims to broaden export horizons for Saudi SMEs, fostering increased participation and attracting new importers of Saudi goods in Pakistan. The ITFC and Saudi EXIM Bank, committed to elevating the competitiveness of Saudi non-oil exports globally, provide credit facilities to targeted financial institutions. ITFC also collaborates with The Small and Medium Enterprises General Authority “Monsha’at” within the framework of the Program in organizing business matching opportunities for Saudi enterprises with potential partners in several countries and in various sectors such as the pharmacy sector, food industries, and others.
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The signing ceremony, held at the ITFC headquarters in Jeddah, took place under the auspices of H.E Dr. Mohammad Al-Jasser, Chairman of the Islamic Development Bank (IsDB) Group. The event witnessed the participation of H.E Eng. Saad AlKhalb, CEO Saudi EXIM Bank, H.E Eng. Hani Salem Sonbol, CEO ITFC and H.E Mr. Sami Ibrahim Alhussaini, Governor of Monsha’at. During the event, the partners also endorsed the 2024 Action Plan of the Program.
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This collaborative endeavour signifies a crucial step forward in fortifying international trade and elevating the contribution of SMEs to the gross domestic product, aligning with the objectives of the Kingdom’s Vision 2030, which represents one of the objectives of the KSA SMEs Export Empowerment Program.
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It is worth mentioning that a tripartite memorandum of understanding was signed in the year 2022 between the ITFC, Saudi EXIM Bank, and Monsha’at, launching a comprehensive Program to empower export activities for SMEs in the Kingdom of Saudi Arabia.
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The Program is geared towards enhancing Saudi non-oil exports through key areas such as capacity building, access to export markets, advisory services, and export financing, and consequently paves the way for SMEs to thrive and expand.
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About ITFC
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among Organization of Islamic Cooperation (OIC) member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world.
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