Saudi Arabia to establish $8bn export bank

Saudi Arabia will establish an export bank with capital of $8 billion to support overseas sales by its industrial and mining projects, the country's energy, industry and mineral resources minister Khalid Al Falih said.

"A bank for exports with a capital of 30 billion [Saudi riyals] will be established to encourage and support exports, and 5bn riyals have been allocated as a first instalment this year," Reiuters cited the minister as saying.