RIYADH: The Saudi Export-Import Bank and Pakistan鈥檚 Bank Alfalah have inked a $15 million financing agreement, designed to enhance Kingdom鈥檚 exporters access to Pakistani markets and foster stronger trade and economic ties.

The new credit line deal seeks to increase the flow and competitiveness of the Kingdom鈥檚 non-oil exports as well as unveil new trade horizons between the two countries, the Saudi Press Agency reported.

This falls in line with Pakistan鈥檚 efforts to strengthen trade and investment ties with the Kingdom, with the Saudi government reaffirming its commitment in September to fast-track a $5 billion investment package for the Asian country.

This also aligns with Saudi EXIM鈥檚 goal of diversifying the Kingdom鈥檚 economy by offering financing and insurance products for non-oil exports in support of Vision 2030.

鈥淭he agreement comes within the bank鈥檚 efforts to strengthen strategic relations with international banks and financial institutions to provide financing solutions that contribute to the development of Saudi non-oil exports and enhance their competitiveness in Pakistani markets, by encouraging importers from Pakistan to import Saudi products and services, which opens up broad prospects for the development of trade and investment between the two countries, and creates more promising trade and investment opportunities,鈥� said General Director of the Finance Department at Saudi EXIM Bank Abdul Latif bin Saud Al-Ghaith.

The Group Head of Corporate, Investment Banking, and International Business at Bank Alfalah, Farooq Ahmed Khan, said: 鈥淭he agreement between Saudi EXIM Bank and Bank Alfalah Ltd. is a milestone in strengthening trade relations between the Kingdom and Pakistan.鈥�

He added: 鈥淭he financing line will enable Pakistani companies to access high-quality products in the Kingdom and will also enhance the volume of trade exchange between the two countries. 

鈥淲e at Bank Alfalah are proud to play a pivotal role in promoting trade and investment opportunities that are in line with the shared vision to strengthen and grow the economies of both countries.鈥�

In October, Saudi businessmen expressed hope for successful collaborations in Pakistan, saying the country鈥檚 economic stability and improved regulatory framework had made it an attractive investment destination, following the signing of over two dozen deals between companies from both nations.