The Saudi EXIM Bank has announced the signing of a Memorandum of Understanding (MoU) with the Development Bank of Kazakhstan to establish guiding principles for cooperation and bilateral relations and enhance the export of products and services between Saudi Arabia and Kazakhstan.
The MoU was signed by Dr. Naif bin Abdulrahman Al-Shammari, Deputy CEO of Saudi EXIM Bank, and Mr. Marat Yelibayev, Chairman of the Management Board of the Development Bank of Kazakhstan, on Wednesday, December 20, 2023, in Riyadh.
Commenting on the partnership, Al-Shammari stated that the MoU will facilitate the export of Saudi non-oil products into global markets. "The signing of this MoU exemplifies our efforts to leverage international partnerships to promote Saudi exports to regional and global markets. We aim to work closely with the Development Bank of Kazakhstan to harness promising opportunities, capitalizing on the excellence of the industrial sectors and quality of products of both countries. The collaboration will also support joint projects and provide finance and joint guarantee " he said.
Echoing similar sentiments, Mr. Yelibayev emphasized the MoU’s strategic role in supporting trade exchange between the two nations. This MoU will bolster exports between Saudi Arabia and Kazakhstan, create opportunities, and support joint projects that mutually benefit both entities."
Under the MoU, both banks have also agreed to exchange information, experiences, and best practices to enhance the development of services and products. The MoU will also facilitate collaborative research efforts and knowledge sharing to design export credit policies and practices as well as provide training opportunities for the workforce
