Saudi EXIM Bank and SABIC sign letter of credit insurance policy

 

RIYADH: The Saudi Export and Import Bank has signed an agreement to insure Saudi Basic Industries Corporation’s sales on a letter of credit basis across 40 countries against non-payment risks posed by the issuing banks, the bank said in a statement on Tuesday.

It is considered to be the largest policy ever issued in the Middle East and the first of its kind to be offered directly to exporters to insure unconfirmed LCs from issuing banks.

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