RIYADH, Saudi Arabia--(BUSINESS WIRE)--The Saudi Export-Import (Saudi EXIM) Bank has signed an agreement with Trafigura, a market leader in the global commodities industry, to extend a three-year credit facility of USD 500 million.
In the presence of Mr. Jeremy Weir, Executive Chairman and CEO of Trafigura, the agreement was signed by Dr. Naif Al-Shammari, Deputy CEO of Saudi EXIM, and Christophe Salmon, CFO of Trafigura. This agreement shall facilitate the purchase of domestically produced commodities from the Kingdom of Saudi Arabia and enable Trafigura to connect Saudi producers to more than 156 markets worldwide.
Commenting on the agreement, Dr. Al-Shammari said: “Such credit facilities come as part of our ongoing efforts to expand the global reach of Saudi exports. Our collaboration with Trafigura aligns with Vision 2030 goals and will play a pivotal role in unlocking promising investment and trade opportunities between the Kingdom and countries worldwide. This strategic endeavor will pave the way for driving global economic growth and advancing international trade.”
“We are delighted to have signed this important finance agreement with Saudi EXIM Bank that will further develop our business relationships in the country,” said Mr. Jeremy Weir. “This will enhance the opportunities for Saudi producers of commodities such as copper, gold and downstream products to access global markets. We will facilitate this by harnessing our global resources, in-depth market knowledge and expertise in supply chain logistics.”
Aiming to grow Saudi non-oil exports and enhance their positioning in global markets across diverse sectors, the Saudi EXIM Bank provides financing services, guarantees, and export credit insurance.
About the Saudi EXIM:
It was established in 2020 with the aim of promoting Saudi non-oil exports and enhancing its competitiveness across various sectors in global markets. This is done by providing financing services, guarantees and credit insurance to enhance confidence in Saudi products and increase the contribution of non-oil industries to 50% by 2030 from the current percentage of 16%, which is a major goal of the Kingdom’s Vision 2030. The Export-Import Bank is one of the development funds that are supervised by Saudi National Development Fund.
Trafigura is a leading commodities group, owned by its employees and founded 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. Trafigura deploys infrastructure, market expertise and our worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. Trafigura invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through joint ventures H2Energy Europe and Nala Renewables.
The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, and our Impala Terminals joint venture. The Group employs over 12,000 people and is active in 156 countries.