Riyadh, 19 January 2023: Saudi EXIM Bank has signed a Memorandum of Understanding (MoU) with its counterpart, the Korean Export-Import Bank (KEXIM), aimed at enhancing cooperation efforts between the two banks, increasing Saudi export financing opportunities, and diversifying its range financing and credit services sources. This agreement sees Saudi EXIM Bank continue to expand its local and international partner network, and in turn, support the export of Saudi products and services throughout the global market.
The MoU comes as part of the bank's ongoing efforts to foster greater cooperation with various financial institutions. These partnerships have and continue to play a key role in supporting develop and diversify Saudi exports, provide export financing and guarantee services, secure export credit with competitive advantages, and enhance confidence in Saudi exports and their potential to perform within various world markets.
His Excellency Eng. Saad Al-Khalb, CEO of the Saudi EXIM Bank, stated that their agreement with KEXIM is the latest in a series of ongoing and forthcoming cooperations with prestigious financial institutions around the world. KEXIM’s market-leading capabilities, expertise, make it an invaluable addition to Saudi EXIM Bank’s list of strategic partners.
Al-Khalb added that the agreement aims to enhance cooperation between the two parties, setting the stage for the future exchange of industry knowledge and expertise, including best effective credit practices, as well as mutual training opportunities. The agreement will pave the way for investment opportunities and trade flow between the two countries, continued cooperation with international credit institutions in support of non-oil Saudi exports, and enhanced trade exchange between the Kingdom of Saudi Arabia, the Republic of South Korea, and its extensive network of international partners.
Saudi EXIM Bank is a leading Saudi export enabler working in tandem with the government of the Custodian of the Two Holy Mosques to promote and enable non-oil exports and increase their impact on the development of the national economy, in line with the objectives of the Kingdom's Vision 2030 and its aspirations to increase the proportion of non-oil exports from 16% to 50% of the non-oil GDP.
