The Saudi Export-Import Bank and Sumitomo Mitsui Banking Corporation (SMBC) have signed an agreement under which the two will work toward providing more financial solutions to Saudi and Japanese exporters and importers, streamlining business and reducing risk for both sides.
In a statement, Saudi EXIM Bank said the MoU is the latest in a string of global deals that it is pursuing to help Saudi exports grow and become more competitive on a global level.
The MoU entails SMBC to get involved in joint financing and development of trade, export and project finance transactions, provide credit lines to buyers.
The SMBC will also explore securitization or letters of credit to creditworthy Saudi exporters and Japanese importers, and create financial solutions that further facilitate export/import deals and projects about Saudi-Japanese trade.
Saudi EXIM Bank said its cooperation with SMBC is part of its effort to be involved in doing business on a global level for Saudi exporters and increase Saudi exports through strategic partnerships with national and international financial institutions.
Building national lending and credit capabilities using expertise provided by the Japanese institution, and bolstering Saudi EXIM’s own lending and credit assets to help national exporters are other objectives of the partnership, the bank said.
Saad Alkhalb, Chief Executive Officer of Saudi EXIM, said the bank is working to broaden and diversify its partnerships with national and international financial and credit houses to create and provide competitive financing and credit solutions that enable other Saudi banks to fund non-petroleum exports.
