Recently, the Export Import Bank and the National Bank of Saudi Arabia (hereinafter referred to as the Saudi National Bank) successfully launched the first RMB loan cooperation, and the loan funds will give priority to meeting the capital needs of China Saudi Arabia trade. This business is the first cooperation between Exim Bank and Saudi financial institutions.
This business is a concrete embodiment of the implementation of the Comprehensive Strategic Partnership Agreement between the People's Republic of China and the Kingdom of Saudi Arabia signed by the Export Import Bank during President Xi Jinping's visit to Saudi Arabia in December 2022. The RMB loan cooperation between the Export Import Bank and financial institutions in Arab countries for the first time is conducive to giving full play to the role of policy based finance, promoting the financing and trade of countries along the "Belt and Road", and achieving mutual benefit and win-win results.
The Saudi National Bank is the largest bank in Saudi Arabia. By the end of 2022, its total assets accounted for 29% of the assets of the local banking industry, and it is one of the most influential state-owned commercial banks in the Arab region.
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