Overview

China Eximbank provides a RMB-denominated loan to Saudi National Bank for trade financing and other purposes

Commitment Year•2023Country of Activity•Saudi ArabiaDirect Recipient Country of Incorporation•Saudi ArabiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 15, 2023

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

State-owned Banks

Saudi National Bank (SNB) (SNB AlAhli) (Formerly The National Commercial Bank (NCB))

Loan description

China Eximbank provides a RMB-denominated loan to Saudi National Bank for trade financing and other purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

On March 15, 2023, it was announced that the Export-Import Bank of China issued a RMB-denominated loan to Saudi National Bank (SNB) — a majority state-owned Saudi commercial bank — for trade financing and other purposes. The proceeds were to be used by the borrower for, among other purposes, supporting the capital needs of trade between China and Saudi Arabia. This was the first cooperation between China Eximbank and a Saudi financial institution and was expected to promote financial integration and trade between China and Saudi Arabia under the Belt and Road Initiative (BRI).

Staff comments

1. Saudi National Bank is majority-owned by the Saudi Government through its Public Investment Fund and the General Organization for Social Insurance (GOSI). 2. This loan appears to be separate from a October 2023 RMB-denominated loan from China Eximbank to SNB for unspecified purposes. Record ID#101412 captures that loan.