Saudi Exim Bank, Trafigura sign $500m credit facility deal
INDUSTRIAL NEWS
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 $500 million.
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.
The agreement was signed by Dr. Naif Al-Shammari, Deputy CEO of Saudi Exim and Christophe Salmon, CFO of Trafigura In the presence of Jeremy Weir, Executive Chairman and CEO of Trafigura.
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.
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, said its top official;.
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," he noted.
“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 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,” he added.
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.-TradeArabia News Service
