Saudi EXIM Bank Signs $300 Million Credit Agreement with Glencore to Boost Mineral Exports

The Saudi Export-Import Bank (Saudi EXIM) has signed a $300 million credit facility agreement with Glencore to support Saudi Arabia's expanding mineral exports. The deal is part of efforts to boost Saudi non-oil exports by enabling the marketing of Saudi mineral products in over 156 global markets. The signing took place in Geneva, Switzerland, during an event titled "Saudi Arabia: A Crossroads for International Trade in Goods."

The agreement was signed by Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM, and Jyothish George, Head of Copper Marketing at Glencore. The Geneva roundtable, organized by Saudi EXIM alongside the Ministry of Industry and Mineral Resources, gathered representatives from financial and investment institutions to encourage international export businesses to consider the Saudi market.

The $300 million credit facility will be used to finance Glencore's purchases of minerals exported from Saudi Arabia, expanding their reach to more than 156 countries. The move aims to enhance the global presence of Saudi mineral exports and support their growth in international markets.

This agreement is part of Saudi Arabia's Vision 2030, which seeks to diversify the economy and reduce reliance on oil by bolstering other key sectors, such as mining. Saad Al-Khalb, CEO of Saudi EXIM, noted that initiatives like this are crucial to the development of the mining sector, with the goal of transforming Saudi Arabia into a global hub for mineral production and manufacturing.

Glencore's Jyothish George, Head of Copper and Cobalt Marketing, welcomed the partnership, stating that Saudi Arabia plays an important role in supplying critical minerals for global markets. He highlighted the potential of this agreement to enhance Saudi mineral exports through Glencore's extensive international network.