Arab News, Wed, Jan 22, 2025 | Rajab 22, 1446
Saudi EXIM Bank signs $15m deal with Pakistan’s Bank Alfalah to boost trade
Saudi Arabia:
The Saudi Export-Import Bank and Pakistan’s
Bank Alfalah have inked a $15 million financing agreement, designed to enhance
Kingdom’s exporters access to Pakistani markets and foster stronger trade and
economic ties.
The new credit line deal seeks to increase the
flow and competitiveness of the Kingdom’s non-oil exports as well as unveil new
trade horizons between the two countries, the Saudi Press Agency reported.
This falls in line with Pakistan’s efforts to
strengthen trade and investment ties with the Kingdom, with the Saudi government
reaffirming its commitment in September to fast-track a $5 billion investment
package for the Asian country.
This also aligns with Saudi EXIM’s goal of
diversifying the Kingdom’s economy by offering financing and insurance products
for non-oil exports in support of Vision 2030.
“The agreement comes within the bank’s efforts to
strengthen strategic relations with international banks and financial
institutions to provide financing solutions that contribute to the development
of Saudi non-oil exports and enhance their competitiveness in Pakistani markets,
by encouraging importers from Pakistan to import Saudi products and services,
which opens up broad prospects for the development of trade and investment
between the two countries, and creates more promising trade and investment
opportunities,” said General Director of the Finance Department at Saudi EXIM
Bank Abdul Latif bin Saud Al-Ghaith.
The Group Head of Corporate, Investment Banking,
and International Business at Bank Alfalah, Farooq Ahmed Khan, said: “The
agreement between Saudi EXIM Bank and Bank Alfalah Ltd is a milestone in
strengthening trade relations between the Kingdom and Pakistan.”
He added: “The financing line will enable
Pakistani companies to access high-quality products in the Kingdom and will also
enhance the volume of trade exchange between the two countries.
“We at Bank Alfalah are proud to play a pivotal
role in promoting trade and investment opportunities that are in line with the
shared vision to strengthen and grow the economies of both countries.”
In October, Saudi businessmen expressed hope for
successful collaborations in Pakistan, saying the country’s economic stability
and improved regulatory framework had made it an attractive investment
destination, following the signing of over two dozen deals between companies
from both nations.