Riyadh – Mubasher: The Saudi Exports Development Authority (SEDA) on Wednesday announced an initiative to launch a bank for financing exports with total capital of SAR 30 billion over the next period.
The new bank aims to provide financing for local and foreign exporters, the state-backed Saudi Press Agency (SPA) reported, citing SEDA.
The state-run entity further noted that it is currently working on boosting export financing as part of spurring the private sector, the secretary general Saleh Al Solami stated.
The next year will see positive performance for Saudi exports, amid the GCC country’s focus on raising the rate of non-oil exports during the coming period, Al Solami concluded.
