China Import and Export Bank has successfully landed in the first RMB loan cooperation with the National Bank of Saudi Arabia. Loan funds will give priority to meeting the capital needs of China Saudi trade.
According to the WeChat public account of "Import and Export Bank" on March 15th, this business is the first cooperation between China's import and export banks and Saudi financial institutions.
It is reported that this stroke business is the specific manifestation of the Import and Export Bank's implementation of the Chinese People's Republic of China and Saudi Arabia's comprehensive strategic partnership agreement signed during December last year.For the first time, import and export banks with RMB loan cooperation with financial institutions in the Arab countries will help give full play to the role of policy financial functions, promote the financial and trade unblocked by countries along the “Belt and Road”, and achieve mutual benefit and win -win results.
The National Bank of Saudi Arabia is the largest bank of Saudi Arabia. At the end of 2022, total assets accounted for 29%of the local banking assets. It is one of the most influential state -owned commercial banks in Arab countries.
