Saudi EXIM Bank strengthens ties with African financial institutions
Riyadh, Nov 9, 2023, During the Saudi-Arab-African Economic Conference in Riyadh, the Saudi EXIM Bank solidified various agreements and memoranda of understanding (MoUs) with African financial institutions. Eng. Saad Al-Khalb, the bank's CEO, oversaw the signing of Line of Credit agreements totaling USD $185 million to support Saudi exports, notably partnering with entities like the National Bank of Egypt, the Nigerian Export-Import Bank, and the ECOWAS Bank for Investment and Development.
Additionally, Eng. Al-Khalb initiated memoranda with key entities like the Kenya Development Foundation, the United Bank of Africa (UBA), the Eastern and Southern African Trade and Development Bank, and the Bank of Africa. These collaborative efforts aim to bolster African economies, foster trade between Saudi Arabia and African nations, create commercial opportunities, expand the reach of Saudi products in new markets, and augment their competitive edge.
Eng. Al-Khalb highlighted the significance of these agreements in strengthening economic ties between Saudi Arabia and Africa, underscoring the Kingdom's commitment to sustainable development and fostering investment prospects. Emphasizing the focus on enhancing the industrial sector's development and supporting Saudi non-oil exports, particularly in Africa, Al-Khalb expressed the bank's dedication to expanding partnerships with regional and global financial institutions, amplifying trade relations, and tapping into new markets for Saudi goods.