Saudi Arabia, Italy sign MoU to set up reinsurance framework

Rome, Italy– The Saudi Export-Import Bank has signed a memorandum of understanding with the Italian Export Credit Agency (SACE) which aims to empower Saudi exporters and international investors and enhance the Saudi-Italian trade exchange.
The MoU was signed by EXIM Bank CEO Eng. Saad bin Abdul Aziz Alkhalb and SACE CEO Alessandra Ricci at her agency’s headquarters in Rome.
The agreement aims at establishing a framework for mutual reinsurance in a way that enhances the presence of Saudi exports in Italian markets, and it opens horizons for cooperation in the areas of professional development, transfer of knowledge of best practices in export credit, and cooperation in international projects that utilize the Saudi and Italian resources in line with the economic goals of the two parties.
Alkhalb hailed the agreement as a step forward in the bank’s efforts to improve and diversify Saudi non-oil exports and enhance their competitiveness, in addition to proving funding for the Saudi exports and insurance services and export credit insurance with competitive advantages, SPA reported.
He also underlined the bank’s efforts to realize the Saudi Vision 2030 through increasing the Kingdom’s non-oil economy by funding and insuring the export operations of the national products to the world, developing and diversifying the list of financial partners and benefiting from their services and international relations to enhance the presence of Saudi products in the European and global markets, and increasing opportunities for trade exchange between the Kingdom and Italy.
EXIM Bank is one of the main pillars in supporting Saudi exports and increasing their impact on the development of the national economy, in line with the targets of the Kingdom’s Vision 2030 to increase the value of non-oil exports from 16 percent to 50 percent of the non-oil GDP, SPA said.