Saudi Arabia: Howden, Allianz Trade and Saudi EXIM Bank sign economic transformation agreement

Source: Middle East Insurance Review | Aug 2024

Howden, the global insurance intermediary group, and Allianz Trade, the world’s leading trade credit insurer, have announced the signing of an initial framework agreement with Saudi EXIM Bank to provide credit and political risk insurance to exporters willing to seize business opportunities in Saudi Arabia through its Vision 2030 plan.

As part of the initial agreement, brokered by Howden, Allianz Trade and Saudi EXIM Bank have agreed to work in partnership to provide dedicated non-payment insurance for international exporters and banks to facilitate the trade of non-oil products to the Kingdom.

The new insurance arrangements will de-risk the financing and trade flows required to support Saudi Arabia’s national industrial strategy, creating a global manufacturing hub. M

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