December 13, 2017 / 7:54 AM / a year ago

Saudi to establish $8 billion export bank for industry, mining

DAMMAM, Saudi Arabia, Dec 13 (Reuters) - Saudi Arabia will establish an export bank with capital of $8 billion to support overseas sales by its industrial and mining projects, energy, industry and mineral resources minister Khalid al-Falih said on Wednesday.

“A bank for exports with a capital of 30 billion (riyals) will be established to encourage and support exports, and 5 billion riyals have been allocated as a first installment this year,” he said in a speech. (Reporting by Rania El Gamal and Reem Shamseddine; Writing by Andrew Torchia)

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