The Saudi Export-Import Bank (Saudi EXIM) has signed a Memorandum of Understanding (MoU) with the India Export-Import Bank (India EXIM). The agreement aims to enhance cooperation between the two banks, facilitating the export of products and services between Saudi Arabia and India, while strengthening their presence in their respective markets. Areas of cooperation include exporting products and services, exchanging information and expertise, supporting joint projects, exploring entrepreneurship opportunities, as well as financing, extending credit lines, and issuing guarantees.
The MoU was signed by H.E. Engineer Saad bin Abdulaziz AlKhalb, CEO of Saudi EXIM, and Mr. David L. Sinate, Chief General Manager of India EXIM. The signing took place during the Saudi-Indian Business Forum held on the sidelines of the ongoing G20 Summit in New Delhi, India. The forum included several bilateral meetings between companies and financial institutions from both countries, aiming to highlight investment partnerships across various sectors and create more opportunities for the private sector.
On this occasion, H.E. Engineer Saad AlKhalb commented: "This agreement comes as part of our ongoing efforts to expand export and import channels and facilitate trade exchanges across regional and global markets. Building upon the strategic partnership and historical trade relations between Saudi Arabia and India, trade and investment opportunities are growing across various fields. We will continue to pursue new strategic partnerships that will help bolster our extensive international network, diversify financing opportunities, and provide a wider range of guarantees, insurance, reinsurance, and other financial services. This will enhance the competitiveness of non-oil Saudi products, reduce repayment risks, bridge financing gaps for Saudi exports, and increase its access to new markets, thereby promoting trade between the Kingdom and the rest of the world."
