RIYADH: The Saudi Export-Import Bank, also known as Saudi EXIM, approved loans worth SR1.7 billion ($450 million) in 2021, with 51 percent of the total financing given to small and medium enterprises, according to the bank’s CEO, Saad Alkhalb. The bank also reported a total revenue of SR39.48 million in 2021. Citing its annual report, Argaam reported that this financing helped Saudi products reach more than 50 countries including India, Germany, China, the US, Indonesia, etc. Out of the total, 24.5 percent of the loans were issued to the food products sector, followed by iron and steel, and rubber and plastics sectors with 10.5 percent and 8.4 percent respectively. Alkhalb added that the bank’s flexible financing products contributed to increasing the import of Saudi products through direct bank payment to suppliers, and pre-export financing through confirmed purchase orders for Saudi export production inputs. He further noted that the bank also issued guarantees, import financing, international supply chains, structural financing for international projects, and working capital financing. In its annual report, Alkhalb revealed that the bank also launched an insurance protection plan for Saudi exporters who face risks of non-payment by international buyers due to commercial reasons or geopolitical tensions.