ROME, 25 Jan. – The Saudi EXIM Bank has signed a Memorandum of Understanding (MoU) with the Italian Export Credit Agency (SACE).
The new agreement, which is set to empower Saudi exporters and strengthen mutual trade with Italy, comes as part of the bank’s efforts to promote non-oil Saudi exports across new markets and enhance their overall global presence.
The agreement was signed at SACE's headquarters in Rome by His Excellency Eng. Saad Alkhalb, the Chief Executive Officer of Saudi EXIM, and Ms. Alessandra Ricci, the Chief Executive Officer and General Director of SACE.
The agreement aims to provide a framework for reciprocal reinsurance to enhance the presence of Saudi exports in Italian markets. It is also set to bolster collaboration in areas such as professional development, knowledge transfer, and export credit best practices. Furthermore, it will pave the way for joint cooperation on international projects that rely on Saudi and Italian resources and help meet the economic goals of both countries.
Eng. Alkhalb said that the bank’s MoU with a well-established financial institution of SACE’s caliber is set to help draw on its expertise in export credit and investment hedging. This MoU, he said, will export credit best practices and enhance the competitiveness of the non-oil Saudi exports with a range of products and services, such as financial cushions, letters of credit, export financing, and affordable credit insurance with competitive advantages.
Alkhalb added that Saudi EXIM strives to increase the value of Saudi Arabia’s non-petroleum economic segments, a key Vision 2030 objective, through export credit and insurance solutions that empower Saudi exports across global markets, as well as a network of financial partners whose services and international relations help enhance the presence of the non-oil Saudi exports in Europe.
Saudi EXIM is the key entity that supports Saudi exports and their contributions to the national economy. The bank’s efforts are in line with the Vision 2030 objective of increasing the non-oil GDP contribution of Saudi non-oil exports from 16% to at least 50% by the year 2030.
