RIYADH, 16 Feb. – Saudi EXIM Bank has signed a memorandum of understanding (MoU) for cooperation with the Nigerian EXIM Bank (NEXIM), the bank announced on Wednesday.
The MoU with the NEXIM comes as an extension of Saudi EXIM's ongoing effort to foster partnerships with national and international financial institutions for the benefit of Saudi Arabia's non-petroleum exports and strengthen cross-border trade.
The MoU was signed at Saudi EXIM's headquarters in Riyadh by its CEO, His Excellency Eng. Saad Alkhalb, and his counterpart at NEXIM, Mr. Abubakar A. Bello, with top executives from both sides present.
The MoU covers areas of cooperation to grow and diversify Saudi non-petroleum exports to Nigeria, secure funding and insurance for Saudi exports at competitive terms, and enhance confidence in Saudi non-petroleum products and services across the African continent.
“We are pleased to sign this MoU with NEXIM as we press on with our efforts to forge partnerships that add value to Saudi non-petroleum exports in new and existing markets," said Eng. Alkhalb. “In a world that is increasingly trending toward alliances and a free market economy, we are keen on leveraging the formidable ties that NEXIM has in Africa. This partnership will benefit not only Saudi exporters but also foreign importers who require comprehensive funding and insurance solutions that minimize the risk of defaults and plug shortages in finance, thus enhancing the competitiveness of Saudi non-petroleum exports and increasing mutual trade between Saudi Arabia, Nigeria and its allies in Africa."
As a key enabler of Saudi exports, Saudi EXIM works to support the efforts of the Custodian of the Two Holy Mosques' government to empower and enhance Saudi non-petroleum exports and their contribution to national economic growth. A key target of Vision 2030 is to increase the share of the Kingdom's non-petroleum exports in the non-oil GDP from about 16 percent to at least 50 percent by 2030.
