Saudi Export-Import Bank (Saudi EXIM) signed a memorandum of understanding with the United Kingdom's national export credit agency (UKEF) for reinsurance arrangements to support Saudi exporters in meeting their needs for capital goods and raw materials from the United Kingdom.
This agreement comes as part of the Bank's efforts to strengthen its partnerships with international export credit agencies, to ensure sustainable flow of critical raw materials and capital goods, and to enhance the efficiency of export activities for local enterprises.
The agreement was signed by Saudi EXIM Bank CEO H.E. Eng. Saad AlKhalb, and Mr. Tim Reid, CEO of UK Export Finance.
On this occasion, Saudi EXIM CEO, H.E. Eng. Saad AlKhalb, said:
“This memorandum reflects the Bank's strategic approach to building high-quality institutional partnerships with international export credit agencies, contributing to the expansion of reinsurance solutions and enhancing the efficiency of credit risk management related to supply chains," adding that this cooperation with UK Export Finance comes as an extension of the Bank's ongoing efforts to enable national enterprises to access reliable production inputs, thereby supporting the sustainability of their export activities across various sectors with greater confidence and security."
Through this agreement, Saudi EXIM Bank further advances its role as a champion of Saudi non-oil exports while expanding its network of international partnerships, in line with the goals of Vision 2030 to diversify the national economy and strengthen the Kingdom's position in global trade.
