• Enhancing trade flows between Saudi Arabia and African countries.
• Elevating the level of cooperation between Saudi Exim Bank and African financial institutions.
• Creating new business opportunities for Saudi exporters and African importers.
Riyadh, 9 November 2023: Saudi EXIM Bank has signed multiple agreements and memorandums of understanding (MoUs) with multiple African banks and financial institutions on the sidelines of the Saudi-Arab-African Economic Conference, , which were recently held in Riyadh.
His Excellency Eng. Saad Al-Khalb, CEO of the Saudi EXIM Bank, signed Line of Credits agreements worth USD 185 million to finance Saudi exports of goods and services, the first of which was with the National Bank of Egypt, worth $150 million, while the second, worth $10 million, was with the Nigerian Export-Import Bank. The third agreement worth $25 million and aims to finance importers of Saudi goods and Services from West Africa through the ECOWAS Bank for Investment and Development (part of the Economic Community of West African States).
Eng. Al-Khalb also signed memorandums with the Kenya Development Foundation, the United Bank of Africa (UBA), the Eastern and Southern African Trade and Development Bank, in addition to an agreement with the Bank of Africa.
These agreements aim to support African economies, enhance trade and economic exchange between Saudi Arabia and African countries, create commercial opportunities, facilitate the access of Saudi products to new markets, and enhance their competitiveness.
Commenting on these agreements, His Excellency Eng. Al-Khalb said, "We are pleased with the impressive success achieved by the two summits, and the launch of several projects and initiatives to support trade and economic cooperation between Saudi Arabia and Africa. These agreements and memorandums of understanding reaffirm the Kingdom’s commitment to establish strong economic relations with African countries achieve sustainable development and the facilitate promising investment opportunities.”
He added: "At EXIM Bank, we focus on enhancing the remarkable development in the industrial sector and supporting Saudi non-oil exports to improve their competitiveness in foreign markets, especially in Africa, which represents a suitable market for expansion.”
Al-Khalb pointed out that cooperation with banks and African development institutions is in line with the bank’s interest in establishing more partnerships with regional and international financial institutions, increasing trade exchange, and opening new markets for Saudi products.
