Under the patronage of H.E. Bandar bin Ibrahim Al-Khorayef, Minister of Industry and Mineral Resources and Chairman of the Board of Directors at Saudi EXIM Bank, the bank has signed a Memorandum of Understanding (MoU) with the Brazilian Development Bank. The agreement aims to outline guiding principles for fostering cooperation and strengthening relations between the two parties to enhance the export of products and services in both countries, explore joint financing opportunities, and exchange information. This initiative seeks to boost economic collaboration and trade exchange between Saudi Arabia and Brazil, expanding the reach of Saudi non-oil exports in Brazilian markets.
The MoU was signed by H.E. Eng. Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank, and Mr. Nelson Barbosa, Director of Planning and Institutional Relations at the Brazilian Development Bank, in Rio de Janeiro, Brazil. The signing ceremony took place during an official delegation visit to Brazil led by the Minister of Industry and Mineral Resources, aimed at discussing avenues of cooperation and strengthening economic and trade ties between the two nations.
The MoU covers several areas of collaboration, including promoting communication and cooperation between companies in Saudi Arabia and Brazil to increase business and investment opportunities. It also focuses on exploring optimal avenues for cooperation to support joint projects and initiatives, exchanging information and expertise on export credit policies and practices, and identifying financing opportunities. Additionally, the agreement includes exchanging insights and knowledge on implementing new product development projects, conducting joint research and studies on topics of mutual interest, and providing comprehensive information on economic conditions, buyers, and banks in both countries.
Commenting on the occasion, H.E. Eng. Saad Al-Khalb stated, “The Brazilian market is one of the most important and promising markets for local exporters. This MoU serves as a driving force for the development of trade relations, joint investment projects, and further opportunities for collaboration among commercial enterprises and financial institutions in both nations. Without a doubt, this will enhance the growth of Saudi non-oil exports and strengthen Saudi markets, which have been among the fastest growing and most diversified markets in recent years."
