Saudi EXIM signs reinsurance agreements with Allianz Trade, Bpifrance, and AIG

The Saudi Export-Import Bank (Saudi EXIM) has signed three reinsurance agreements with global players: Allianz Trade, Bpifrance, and American International Group (AIG) to bolster trade finance and credit insurance solutions.

His Excellency Eng. Saad bin Abdulaziz Al-Khalb, Chief Executive Officer of Saudi EXIM, signed the agreements during an official visit to the United Kingdom and France, where he led the bank’s delegation as part of its strategic efforts to expand global partnerships, enhance trade confidence, and mitigate export risks while reinforcing the resilience and sustainability of Saudi supply chains.

The three agreements mark a significant milestone in Saudi EXIM’s “Bridges” Initiative, through which the bank is establishing a series of reinsurance agreements with leading export credit agencies and private insurers to ensure a secure and sustainable flow of essential raw materials and capital goods.

The initiative also aims to enhance global supply chain resilience and facilitate access to advanced industrial and technological materials from over 70 countries, supporting the Saudi industrial sector under competitive credit terms.

These efforts align with Saudi’s “Vision 2030” to build a thriving and sustainable economy by enabling Saudi exporters to expand confidently into international markets.

H.E. Eng. Saad Al-Khalb, commented, “These agreements reflect Saudi EXIM’s commitment to creating a sustainable export ecosystem that enhances confidence and security for Saudi exporters. By providing and developing tailored credit insurance solutions, we empower local exporters and strengthen supply chain financing for the Kingdom’s industrial sector.”

He further affirmed the bank’s dedication to establishing strategic alliances with global insurers, reinforcing the competitiveness of Saudi exports and maximising their economic impact on the national GDP.

In June 2024, Howden, Allianz Trade, and Saudi EXIM bank signed an Initial Framework Agreement to bolster the Kingdom’s economic growth and facilitate international trade.

According to the initial agreement that was facilitated by Howden, Allianz Trade and Saudi EXIM Bank, the three would collaborate to provide dedicated non-payment insurance for international exporters and banks.

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