Albaraka Türk, one of Turkey’s leading banks, has signed a strategic collaboration agreement with Saudi Exim Bank for a value of 25 million dollars. The agreement, signed by Serhan Yıldırım, Deputy General Manager of Albaraka Türk, and Dr. Naif A. Alshammari, Deputy General Manager of Saudi Exim Bank, offers financing opportunities with competitive prices and terms of up to 2 years to Albaraka Türk customers in Turkey who are seeking raw materials from Saudi Arabia.
This collaboration signifies an important milestone in the constructive dialogue and mutual business visits between Turkey and Saudi Arabia, reflecting the leadership of the economy management. It is expected that the credit agreement will contribute to the officially declared bilateral trade volume of 30 billion dollars between the two countries.
Serhan Yıldırım, Deputy General Manager of Albaraka Türk, emphasized the bank’s commitment to supporting its customers’ foreign trade transactions. He stated, “Since our establishment, we have dedicated ourselves to facilitating our customers’ foreign trade transactions, and we aim to collaborate with similar institutions to facilitate their access to financing by 2024.”
This partnership offers Albaraka Türk customers the opportunity to obtain financing under competitive conditions for raw materials sourced from Saudi Arabia. With terms extending up to two years, this initiative is preparing to strengthen Turkish businesses engaged in cross-border trade.
This collaboration is in line with the goal of promoting economic growth and increasing the trade volume between Turkey and Saudi Arabia. The commitment to supporting businesses with appropriate financial solutions demonstrates collaborative efforts to strengthen the economic ties between the two countries.
In summary, the collaboration between Albaraka Türk and Saudi Exim Bank not only represents a financial alliance but also exemplifies the commitment to supporting economic relations and commercial growth between Turkey and Saudi Arabia.