Riyadh – Mubasher: Saudi Arabia’s EXIM Bank is expected to start operating by the end of 2019 or during the first quarter of 2020, Asharq Al-Awsat reported, citing the Secretary-General of the Saudi Export Development Authority (SEDA), Saleh Al Solami.

Al Solami noted that the bank will not compete with commercial banks, affirming that the bank will complete the financing system in high-risk foreign markets.

He added that export banks usually fund foreign projects with local content in order to increase national exports.

SEDA launched an initiative to promote the private sector to finance exporters, with a budget of $1.33 billion, adding that financing for exporting companies has reached $800 million so far, expecting support for Saudi exports to reach $1.33 billion over the coming two months.