Energy, Industry and Mineral Resources Minister Khalid Al-Falih announced the launch of a new export bank with SR30 billion ($8 billion) in capital to boost the Kingdom’s exports, the Saudi Press Agency (SPA) reported.

Khalid Al-Falih said SR5 billion was allocated to the new bank as the first capital payment. Stressing the importance of government funding for industrial and mineral projects, he said the capital of the Saudi Industrial Development Fund (SIDF) was increased from SR500 million to SR65 billion this year.

His remarks came at the annual Iktifaa forum organized by Saudi Aramco, in the presence of Eastern Region Gov. Prince Saud bin Naif. The forum is a platform to examine ways to streamline spending with a view to stimulating industrial and logistical development in the Kingdom and promoting national cadres.

In the next 10 years, Saudi Aramco will spend over SR1 trillion on its capital projects and operational purchases, Al-Falih said.