Iraqi Islamic Bank, Saudi EXIM Bank sign $20m credit line agreement

Baghdad (IraqiNews.com) – Recently, Saudi Arabia’s Export-Import (EXIM) Bank signed a new credit line contract with the Iraqi Islamic Bank for Investment and Development. The deal with worth $20 million which will be utilizied to finance Saudi exports to Iraq.

Humam Thamer Kazem, Managing Director of Iraqi Islamic Bank for Investment and Development and Saad bin Abdulaziz Al-Khalb, CEO of EXIM Bank signed the contract.

According to Saudi Press Office, EXIM’s CEO stated that the contract agreement is an extension of the strategic partnership with Iraqi Islamic Bank.

As a result of better relations between Iraq and the Kingdom of Saudi Arabia, the agreement will only open up new investment opportunities that will boost economic operations between the Arab countries.

Founded in 1993 and headquartered in Baghdad, Iraqi Islamic Bank operates 14 branches throughout Iraq.