Search Site

Trends banner

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

Saudi EXIM Bank signs deals with African banks and institutions worth $185m

Saudi EXIM Bank has signed multiple agreements and memoranda of understanding (MoUs) with African banks and financial institutions on the sidelines of the Saudi-Arab-African Economic Conference recently held in Riyadh.
  • Saad Al-Khalb, the CEO of the Saudi EXIM Bank, signed Line of Credit agreements worth $185 million to finance Saudi exports of goods and services
  • The agreements aim to support African economies, enhance trade and economic exchange between Saudi Arabia and African countries

Riyadh, Saudi Arabia – Saudi EXIM Bank has signed multiple agreements and memoranda of understanding (MoUs) with African banks and financial institutions on the sidelines of the Saudi-Arab-African Economic Conference recently held in Riyadh.

Saad Al-Khalb, the CEO of the Saudi EXIM Bank, signed Line of Credit agreements worth $185 million to finance Saudi exports of goods and services, the first of which was with the National Bank of Egypt, worth $150 million. The second, worth $10 million, was with the Nigerian Export-Import Bank. The third agreement, worth $25 million, aims to finance importers of Saudi goods and services from West Africa through the ECOWAS Bank for Investment and Development (part of the Economic Community of West African States).

Eng. Al-Khalb also signed memoranda with the Kenya Development Foundation, the United Bank of Africa (UBA), the Eastern and Southern African Trade and Development Bank, and the Bank of Africa.

The agreements aim to support African economies, enhance trade and economic exchange between Saudi Arabia and African countries, create commercial opportunities, facilitate the access of Saudi products to new markets, and enhance their competitiveness.

“We are pleased with the impressive success achieved by the two summits, and the launch of several projects and initiatives to support trade and economic cooperation between Saudi Arabia and Africa,” Eng. Al-Khalb said. “These agreements and memorandums of understanding reaffirm the Kingdom’s commitment to establish strong economic relations with African countries to achieve sustainable development and facilitate promising investment opportunities.”

He added: “At EXIM Bank, we focus on enhancing the remarkable development in the industrial sector and supporting Saudi non-oil exports to improve their competitiveness in foreign markets, especially in Africa, which represents a suitable market for expansion.”