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.”