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Saudi EXIM Bank and Iraqi Islamic Bank for Investment and Development agree to a $20 million credit line.

Baghdad, Iraq — Saudi Export-Import Bank (EXIM) has signed a new credit line deal with the Iraqi Islamic Bank for Investment and Development. The transaction is worth $20 million and will be used to finance Saudi exports to Iraq.

The deal was signed by Mr. Humam Thamer Kazem, Managing Director of Iraqi Islamic Bank for Investment and Development, and H.E. Eng. Saad bin Abdulaziz Al-Khalb, CEO of EXIM Bank.

According to the Saudi Press Office, the contract arrangement represents a continuation of EXIM's strategic collaboration with Iraqi Islamic Bank.

The new agreement is an extension of our strategic partnership with the Iraqi Islamic Bank for Investment and Development that is aimed at creating investment opportunities for stronger trade between our countries, said H.E. Eng. Alkhalb

The deal will open up new investment prospects as a result of improved relations between Iraq and the Kingdom of Saudi Arabia.

These new investment opportunities will stimulate economic activity amongst Arab countries.

IF NEWS

 

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