On the sidelines of the IMF and World Bank Annual Meetings, the Saudi Export-Import Bank (Saudi Exim) signed an accession agreement with the International Finance Corporation (IFC), a member of the World Bank Group, for joint cooperation in the areas of trade finance, development, and insurance, contributing to enabling local exporters to access new markets around the world.
The agreement was signed by Saudi EXIM Bank CEO H.E. Eng. Saad A. AlKhalb, and IFC Regional Director Mr. Khawaja Aftab Ahmed, in the presence of senior executives from both sides.
Under this agreement, Saudi EXIM joins the IFC's Master Cooperation Agreement (MCA). Signed with several development and regional banks worldwide, the MCA is a platform for future co-financing of projects and trade finance facilities with shared objectives of promoting sustainable development and enhancing trade flows.
This partnership will enable Saudi EXIM to access IFC's extensive global co-financing platform, expand its participation in international syndicated transactions, and strengthen its institutional framework by aligning with global standards for development finance.
Commenting on the signing, H.E. Saad A. AlKhalb stated:
“This agreement marks an important milestone in expanding Saudi EXIM's strategic partnerships with international development financial institutions, reinforcing Saudi Arabia's position as a global hub for trade and investment. It also contributes to the objectives of Vision 2030 by driving economic diversification and promoting Saudi non-oil exports. We are pleased to partner with the IFC and look forward to jointly providing innovative and sustainable financing solutions for domestic exporters."
Mr. Khawaja Aftab Ahmed stated:
“Saudi EXIM plays a central role in advancing Saudi Arabia's Vision 2030, fostering export and investment growth to support the Kingdom's economic diversification. We are excited to join our forces to broaden its global presence, leveraging international partnerships, and empowering Saudi companies to compete globally and foster sustainable growth through cross-border investments."
Saudi EXIM is participating in the IMF and World Bank Annual Meetings with a delegation headed by H.E. Eng. Saad A. AlKhalb, to hold bilateral meetings with leading development and financial institutions to strengthen strategic relations, explore new avenues for collaboration in co-financing and investment, and advance the Bank's global role as a key enabler of Saudi non-oil exports.
