Saudi Allocates $130m to support KSA-Iraq trade

Published May 25th, 2023 - 12:40 GMT
Saudi Allocates $130m to support KSA-Iraq trade
Trade volume between Iraq and Saudi exceeded SAR5 billion - Source: Shutterstock

ALBAWABA – Saudi Arabia announced the allocation of $130 million to support Saudi exporters and Iraqi importers, according to a statement by the Minister of Industry and Mineral Resources, Bandar al-Khorayef, on Thursday.

The allocation will be facilitated through three banks, with whom agreements have already been signed, the minister added.

In his statement, on the side-lines of the Saudi-Iraqi Economic Forum, Khorayef said that there are opportunities for industry in Saudi and expansion in the Iraqi market. In addition to integration prospects in the mineral resources sector between the two countries.

Trade volume between the two countries exceeded SAR5 billion, he added, highlighting that there are opportunities at hand that would double these figures.

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