A Saudi bank signs an agreement with an Iraqi bank to finance the export and import of the two countries

[yota691]

The Saudi Export Bank signs an agreement to suppor t trade and open investment horizons with Iraq

 

 March 26, 2023 02:08 PM

Riyadh – Mubasher: The CEO of the Export-Import Bank, Saad Al-Khalab, signed a line of credit agreement with the Iraqi Islamic Bank for Investment and Development. It aims to enhance export movement and develop trade relations between the Kingdom and Iraq.

 

The Iraqi Islamic Bank for Investment and Development said, in a statement, that it had signed an international credit line agreement to finance imports and goods with the Saudi Export-Import Bank; Within the framework of his efforts to open investment horizons that support commercial relations between the Republic of Iraq and the Kingdom.

The agreement was signed by the Iraqi Islamic Bank for Investment and Development, Chairman of the Board Ahmed Walid Ahmed and the Managing Director, Hammam Thamer Kazem Al-Attar, and from the Saudi Export-Import Bank, CEO, Saad bin Abdulaziz Al-Khalab.

The Iraqi Islamic Bank for Investment and Development added that the signing of the agreement represents an extension of the credit and financing packages that it provides to Iraqi merchants, and aims to enhance the import movement and develop trade relations between the Republic of Iraq and the Kingdom of Saudi Arabia.

The bank stated that the agreement comes within the bank's efforts to provide financing solutions that support the development of Iraqi non-oil imports and enhance their competitiveness in regional and global markets.

The Iraqi Islamic Bank for Investment and Development confirmed that the terms of the agreement were designed to contribute to activating the trade movement between the two brotherly countries, reduce import risks and costs, and bridge financing gaps for imports from the Kingdom.

[6ly410]

A Saudi bank signs an agreement with an Iraqi bank to finance the export and import of the two countries

Economy | Today, 18:56 | 

Saudi Bank signs an agreement with an Iraqi bank to finance the export and import of the two countries » Baghdad Today News Agency

 

Baghdad Today-Follow-up

The Saudi EXIM Bank announced the signing of a credit line agreement to finance Saudi exports with the Iraqi Islamic Bank for Investment and Development, worth 75 million riyals, as it represents an extension of the credit and financing packages provided by the Saudi EXIM Bank to local banks and financial institutions, and aims to enhance export movement, develop trade relations, and open investment horizons that support trade relations between Saudi Arabia and Iraq.

The agreement comes as part of the bank's efforts to provide financing solutions that support the development of Saudi non-oil exports, and enhance their competitiveness in regional and global markets, as the terms of the agreement are designed to contribute to activating the movement of trade between the two brotherly countries, reducing export risks and bridging export financing gaps to the Republic of Iraq.

The agreement was signed by the CEO of the Saudi EXIM Bank, Eng. Saad bin Abdulaziz Al-Khalb, and the Managing Director of the Iraqi Islamic Bank for Investment and Development, Humam Thamer Kazim, in the presence of the Chairman of the Board of Directors of the Bank, Ahmed Walid Ahmed, and a number of leaders from both sides.

Eng. Al-Khalb explained that "the new agreement is an extension of a strategic partnership with the Iraqi Bank, through which we aim to open investment horizons that enhance trade relations between the Kingdom and the Republic of Iraq, as the agreement represents a new line of credit for financial institutions in the two brotherly countries that supports importers and allows access to financing for Saudi goods, services or equipment on competitive terms in line with the standards of export credit agencies."

He stressed that the bank will continue to build effective partnerships that provide sustainable credit solutions that support building a vibrant and diversified economy in line with the objectives of Saudi Vision 2030 and its aspirations to increase the contribution of non-oil exports to GDP from 16 percent to 50 percent by 2030.

For his part, Ahmed Waleed Ahmed expressed his happiness to start the partnership with the EXIM Bank through this agreement, which represents an additional opportunity to open credit lines that enrich the trade movement between the two brotherly countries, enhance the role of financing institutions in the region in supporting the economies of their countries and increase promising opportunities to support the export and import movement between the Kingdom and Iraq, especially in light of the increasing growth of trade between the two countries and the good reputation of Saudi non-oil products and the high quality that distinguishes them in the Iraqi and international markets.

 

[JonnyV]

Let me guess.  It’s Art Vandelay, the importer exporter from Vandelay Industries. 

Which one is Art?

Edited March 27, 2023 by JonnyV

[screwball]

did you here iran and iraq are now trading using emirates currency! 

[3n1]

9 minutes ago, screwball said:

did you here iran and iraq are now trading using emirates currency! 

 

would be great to hear iraq dropping the usd and using their own currency for trade and commerce nothing like doing a work around for the neighbors , iraq would of no doubt got spanked imo for trading with iran in usd ... thanks SB

[Hotcurl]

I don't know about the rest of you, but I'm more than ready to EXPORT my IQD  !!  ......

 

RV there yet ? ... 

Semper Fi 

[screwball]

Just now, 3n1 said:

 

would be great to hear iraq dropping the usd and using their own currency for trade and commerce nothing like doing a work around for the neighbors , iraq would of no doubt got spanked imo for trading with iran in usd ... thanks SB

considering how many countries are holding dinar....its clear they are keep the cards close to their chest....

[screwball]

its clear that they are trading in iran and i bet their own dinar for oil which would crush the USD....