Saudi Exim, Arab Bank for Economic Development, in Africa, Co-sign MoU

The Saudi Export-Import Bank (EXIM) co-signed a memorandum of understanding (MoU) with the Arab Bank for Economic Development, in Africa, aimed at developing a general framework for cooperation and coordination between them, in order to support the commercial financial sector, by providing products that encourage international banking and commercial financial institutions to support and finance export requests, by financing private sector projects and trade finance operations.

The memorandum of understanding was signed by His Excellency the CEO of the Bank, Eng. Saad bin Abdulaziz Al-Khalb and the CEO of the Arab Bank for Economic Development in Africa, Dr. Sidi Ould Al-Tah..

Under the memorandum, the bank will finance private sector operations through direct or indirect financing, in addition to financing commercial operations to raise the level of trade exchange between Arab and African countries and boost exports.

The bank looks forward to strengthening cooperation with commercial banks and local and international financial institutions and providing integrated financial services that support the export of Saudi products, help bridge financing gaps and reduce export risks, as part of joint efforts to enable the export of Saudi non-oil products, and contribute to diversifying the economic base, Al-Khalb said.

The economy of the Kingdom of Saudi Arabia, is serving many national essential sectors; such as: agricultural products, fish farming, the service sector, and the industrial sector, and the bank is striving to open new markets for national products around the world, he added.

According to the memorandum, cooperation and information exchange activities related to private sector projects and business opportunities in Africa will be developed, thus contributing to achieving goals and promoting mutual benefits.

The Saudi Export-Import Bank has been working since its establishment according to an ambitious vision to be a leading financial institution that supports the private sector and enables Saudi banks to provide financial and credit solutions, that increase the export quotas of Saudi non-oil products, and directly contribute to diversifying the alternative economy, as one of the objectives of the Kingdom’s Vision 2030 and its aspirations to build a strong economy and sustainable development.