Evonik Tasnee Marketing Signs an Export Credit Insurance Policy with Saudi EXIM Bank

Evonik Tasnee Marketing Company (an affiliate of Tasnee) has signed an Export Credit Insurance (ECI) Policy with the Saudi Export-Import Bank (EXIM Bank), which allows the company to secure payments on international exports, and enables it to cover the risks of non-payment of the same value of products and services issued to international buyers. This contributes to the spread of Saudi exports, and increase its chances to access new markets at the regional and international levels.

The policy was signed on Wednesday, August 23, 2023 by HE Eng. Saad A. Al-Khalab, CEO of EXIM Bank, and Eng. Abdulmuhsin Al-Muhaideb, General Manager of Evonik Tasnee Marketing Company, in the presence of Eng. Yasser Al-Daajani, Tasnee VP Commercial & Business and the board member of Evonik Tasnee Marketing Company. The signing ceremony was held in the headquarters of the Saudi Export-Import Bank in Riyadh.

HE Eng. Al-Khalab explained that the agreement comes as a continuation of the EXIM Bank’s effective role in supporting the export activities of national facilities, and enabling Saudi exports to expand and spread in the most competitive global markets, expressing his happiness in cooperation with «Evonik Tasnee Marketing», as one of the leading companies worldwide, in marketing super-absorbent polymer products produced by the Saudi Acrylic Polymers Company, with an annual production capacity of 80,000 tons.

Eng. Al-Muhaideb stressed the importance of the agreement, praising the positive role of the Saudi EXIM Bank, its active initiatives and the wide opportunities it provides to national companies, enabling them to increase their export activities, access new international markets, and supportive and enabling credit facilities for emerging sectors.

It is worth noting that the Export Credit Insurance Policy provided by the Saudi EXIM Bank provides Saudi exporters with coverage against the risks of non-payment of the international buyer, and gives many advantages, including expanding the customer base in the current markets by using the insurance cover and access to new markets, and developing the relationship and trust with importers, in addition to increasing competitiveness with international buyers.