RIYADH — Minister of Industry and Mineral Resources and Chairman of the Export-Import Bank (EXIM Bank) Bandar Alkhorayef said that the bank’s has become operational and its executive committee has approved seven loans worth SR310 million, in addition to rescheduling three loans valued at nearly SR216 million. In a press statement, the minister said that the bank held its first board of directors’ meeting followed by the executive committee meeting to kick off the bank’s operations and governance. “Efforts are underway to activate the bank’s role in supporting export activities of the private sector. The bank is currently in the preparation phase of its initial launch, through attracting competent professionals and forging partnerships with local and international financial and insurance firms,” he said. Alkhorayef emphasized that the bank aims to support and finance export activities of Saudi and foreign exporters in the industrial or commercial sectors. Meanwhile, Dr. Naif Al-Shammari, acting CEO of the bank, said that the bank strives to promote Saudi exports and enhance its competitiveness by providing financing services in order to boost the confidence of Saudi exporters with their entry into new markets and to reduce the risks of Saudi importers. The bank also provides integrated financing and credit solutions targeting all stages of the export process such as export financing and guarantees and ensuring export credit. He noted that there is an initiative to promote export financing that emanates from the stimulus plan for the private sector, which preceded the launch of the Saudi EXIM Bank and resulted in approving financing to more than 40 source entities with a value of up to SR5 billion, of which more than SR3.5 billion has already been disbursed. Saudi Arabia announced earlier plans to establish an export and import bank with SR30 billion in capital to boost exports and support industrial and mining projects. Subsequently, the Council of Ministers approved the regulations of EXIM Bank in February this year.