Riyadh, September 30, 2021: Saudi Export-Import Bank (Saudi EXIM Bank) signed a memorandum of understanding (MoU) with the Arab Bank for Economic Development in Africa (BADEA) to establish a general framework for cooperation and coordination to support the commercial financing sector. The MoU aims to provide financial products that encourage international banks and commercial financing institutions to support and finance export orders by funding private sector projects and trade operations.
The agreement was signed by the CEO of Saudi EXIM Bank, His Excellency Eng. Saad bin Abdul Aziz Al-Khalb, and the Director General of BADEA, His Excellency Dr. Sidi Ould Tah. Under the terms of the agreement, BADEA will finance private sector operations through direct or indirect funds, in addition to financing commercial operations to raise the level of trade exchange between Arab and African countries and boost exports.
Al-Khalb asserted that Saudi EXIM Bank aspires to enhance its cooperation with commercial banks and local and international financial institutions to offer comprehensive financial services to support the export of Saudi products and help fill the financing gaps and reduce exportation risks. This comes as part of the joint efforts aimed to support the exportation of Saudi non-oil products, contribute to diversifying the economic base of the Kingdom, and serve several basic national sectors such as agriculture, aquaculture, and the service and industrial sectors, as the Bank strives to open up new markets for national products in various parts of the world.
The agreement also seeks to promote the exchange of information regarding the private sector and business opportunities in Africa, in a way that contributes to realizing common goals and enhancing mutual benefits.
Since its inception, the Saudi EXIM Bank has been working in accordance with an ambitious vision to become a leading financial institution that supports the private sector and helps Saudi banks provide financial and credit solutions that boost the export of Saudi non-oil products and directly contribute to the diversification of the alternative economy, as part of the objectives of the Kingdom's Vision 2030 and its aspirations to build a strong economy and achieve sustainable development.
