Geneva: The Saudi Export-Import Bank (Saudi EXIM) has entered into a $300 million credit facility agreement with Glencore, a leading entity in commodity production and marketing. This strategic partnership aims to facilitate the expansion of Saudi non-oil exports into over 156 international markets.
According to Saudi Press Agency, the agreement was formalized by Saudi EXIM Bank CEO Eng. Saad Al-Khalb and Glencore Head of Copper Marketing Jyothish George. The signing took place during a roundtable meeting in Geneva, Switzerland, organized by Saudi EXIM in collaboration with the Ministry of Industry and Mineral Resources. The event, titled “Saudi Arabia: A Crossroads for International Trade in Goods,” convened key representatives from global financial and investment institutions to explore investment prospects within the Saudi market.
The agreement outlines that Saudi EXIM Bank will provide financing to Glencore to bolster its procurement of minerals exported from Saudi Arabia, subsequently marketing these m
inerals to buyers in over 156 countries. This initiative seeks to enhance the global standing of Saudi mineral exports and broaden their market reach.
In a press release, Al-Khalb remarked, “This agreement is part of our integrated efforts to fulfill Saudi Vision 2030 and the National Industrial Strategy, aiming to position the Kingdom as a global hub for mineral production and manufacturing. It underscores our commitment to supporting the mining sector’s growth and its significant impact on both the national and global economy.”
Additionally, Al-Khalb emphasized Saudi EXIM’s dedication to fostering a robust investment climate in mining, leveraging the Kingdom’s abundant mineral resources for export. He noted that Glencore’s marketing acumen is anticipated to uncover new investment opportunities and reinforce Saudi Arabia’s international trade relationships.
George expressed enthusiasm for the partnership with Saudi EXIM, highlighting Saudi Arabia’s crucial contribution to supplying essential minerals for
modern life. He reiterated their support for the Kingdom’s Vision 2030 objectives.
