Türk Eximbank inks financing deal with Saudi Eximbank

ISTANBUL

Türkiye’s export credit bank Türk Eximbank signed a financing deal with the Saudi Eximbank on Thursday to increase the trade volume between the two countries and provide new financing to exporters.

The exporting companies will be offered favorable financing options to meet their raw material needs for non-oil products originating from Saudi Arabia, while also benefiting from financing support with maturities of up to two years and competitive pricing, according to a statement from Türk Eximbank.

The agreement carries strategic importance in terms of boosting the trade volume between Türkiye and Saudi Arabia, strengthening the competitiveness of Turkish companies in foreign trade activities and facilitating exporters’ access to financing.

The financing opportunities are expected to make a significant contribution, particularly to medium- and large-scale companies operating in export-oriented sectors such as industry, textiles, machinery, chemicals and food.

Through this agreement, exporters will be able to finance the procurement of raw materials and semi-finished goods needed in their production processes at favorable costs.

In a statement last month, Türk Eximbank General Manager Ali Güney said the bank had provided $25.4 billion in support to Türkiye’s exports in the first half of the year. He noted that to offer exporters long-term and cost-effective financing, the bank secured $5.2 billion from international capital markets and financial institutions during the period, of which $1.1 billion came from sustainability-linked sources.

According to the bank, the first-half support comprised $12.5 billion in loans and $12.9 billion in insurance.