Saudi Export-Import Bank has signed three reinsurance agreements with Allianz Trade, French export credit agency BpiFrance, and American International Group (AIG), SPA reported on February 25.

Saudi Export-Import Bank, affiliated with the National Development Fund, works to contribute to diversifying Saudi Arabia's economic base by enhancing the efficiency of the non-oil national products and services export system through bridging financing gaps and reducing export risks.

The agreements mark a key milestone in the bank's "Bridges" initiative, which aims to enhance credit insurance and trade finance solutions through a series of reinsurance agreements with global export credit agencies and private insurers.

These partnerships seek to ensure safe and sustainable flow of essential raw materials and capital goods, strengthen global supply chain resilience, and facilitate access to advanced industrial and technological materials from 70 countries to the Saudi industrial sector under favourable credit terms.

The agreements were signed by the bank's Chief Executive Officer, Engineer Saad Al-Khalb, during an official visit to the United Kingdom and France, as part of efforts to expand trade relations and establish partnerships aimed at enhancing supply chain flexibility and sustainability in Saudi Arabia.

"These agreements extend the bank's efforts to provide a sustainable export environment, focusing on enhancing confidence and security for Saudi product and service export activities by working to provide and develop the necessary insurance coverage for local exporters, in addition to enhancing supply chain financing for the industrial sector in Saudi Arabia," Al-Khalb said.

He confirmed the bank would continue to establish partnerships and agreements and achieve integration with global insurance institutions, enhancing the competitiveness of local exporters and increasing the economic impact of non-oil exports on gross domestic product.