SABB's Deputy Managing Director Adel Al-Nasser received the award for "The Most Active Confirming Bank in the MENA Region" from Michael Essex, director of IFC's Middle East and North Africa Department, at a ceremony at SABB's head office in Riyadh.

Since June last year, IFC has provided SABB with more than 275 trade finance guarantees which helped support a number of businesses in sectors like chemicals, plastics, and steel import products from Saudi Arabia, helping increase trade flows.

Speaking at the ceremony, Walid Almurshed, IFC's country manager for Saudi Arabia, said: "Support from banks like SABB helps IFC meet its goal of increasing cross-border trade in order to support private sector growth, helping businesses expand. "SABB's contribution to our program has been remarkable." He added: "Our work creates jobs in emerging markets, generates tax revenues, improves corporate governance and environmental performance, and contributes to local communities. With the backing of banks like SABB, we can improve lives, especially for the people who most need the benefits of growth."

Al-Nasser said: "The partnership with IFC is proving rewarding from every angle. We help developing businesses and this helps us grow our own business. SABB is proud to gain such strong recognition as a major regional player in the trade finance field from one of the world's most prominent and influential financial institutions. It further demonstrates the important role SABB is playing in structuring complex trade finance solutions."

Launched in 2005, the IFC Global Trade Finance Program supports trade with emerging markets worldwide, seeking to increase developing countries' share of trade and promote cross-border flows of goods and services. The program has provided over $7 billion worth of guarantees to 189 issuing banks in 80 countries, and has held 77 training courses reaching 1,775 bankers in over 30 countries.