The Saudi Export-Import Bank (Saudi EXIM Bank) has announced that it has officially joined the Berne Union, the leading association of the global export credit and investment insurance industry.
The Bank’s membership in the union represents a major milestone in its role as a key facilitator of Saudi exports and reflects the growing capabilities and prospects of Saudi Arabia’s trade sector, according to Saudi Press Agency (SPA).
The Saudi EXIM Bank’s inclusion in the Berne Union provides a unique platform to partner with leading institutions to address major issues related to the export credit industry. It is also in line with the Bank’s objective of boosting the export of national products through strategic partnerships with international and local financial institutions and organizations.
Commenting on the inclusion, the CEO of Saudi EXIM Bank Eng. Saad bin Abdulaziz Al-Khalb said: “We are delighted to join the prestigious Berne Union within just over a year of the Bank’s establishment. The fact that we are among this group highlights our accelerated development, building of expertise and risk-taking capacity to support Saudi exporters, enabling them to expand to new markets. We will continue to deliver on our commitment to the Saudi Vision 2030 objective to raise the Kingdom’s share of non-oil exports to 50 percent by the end of the decade.”
Established in 1934 with its headquarters in London, the Berne Union represents 81 member companies from 66 countries. The members include government-backed official export credit agencies, private credit and political risk insurers, and multilateral institutions.
The organization also works extensively with international trade organizations to promote best practices in export credit insurance and cooperation and stability in international trade.