The Saudi Export-Import Bank (Saudi EXIM) has signed a $25 million line of credit agreement with Abu Dhabi Islamic Bank - Egypt (ADIB Egypt). The agreement aims to enhance the access of Saudi non-oil exports to the Egyptian market and foster trade opportunities between the two countries.
The agreement was signed by Dr. Naif Al-Shammari, Deputy CEO of Saudi EXIM, and Mr. Mohamed Ali, CEO and Managing Director of ADIB Egypt, at the bank's headquarters in Cairo, with the attendance of senior executives from both parties.
The agreement seeks to enhance trade exchange between the two countries, strengthen collaboration between Saudi EXIM and Egyptian financial institutions, create new business opportunities for Saudi exporters, and offer credit facilities to Egyptian importers to encourage the importing of Saudi products and services.
On the occasion, Dr. Naif Al-Shammari stated, “The line of credit agreement is part of the bank's strategy to enhance partnerships with regional and international financial institutions, by providing credit solutions that support the growth of Saudi non-oil exports and improve their competitiveness regionally and globally. This agreement aligns with the bank's efforts to enable Saudi non-oil exports to expand into various global markets."
The agreement took place during a visit by a Saudi EXIM delegation to Egypt, led by Dr. Naif Al-Shammari, to strengthen the collaboration with Egyptian financial institutions. The visit aimed to provide effective credit tools to local exporters and international buyers in Egypt.
During the visit, Dr. Al-Shammari met with Mr. Tarek ElKhouly, Deputy Governor of the Central Bank of Egypt, to discuss collaboration opportunities with Egyptian banks. The discussions focused on enhancing bilateral trade and overcoming any barriers that hinder the growth of Saudi non-oil exports in the Egyptian market. Additionally, the Saudi EXIM delegation held meetings with senior executives from ADIB Egypt, Banque du Caire (BDC), and the National Bank of Egypt (NBE), to review existing partnerships and explore additional opportunities for collaboration to meet shared objectives.
