Saudi EXIM Bank Enhances African Trade with $185 Million in Agreements

Riyadh - Saudi EXIM Bank has bolstered its economic ties with Africa by signing several agreements and memoranda of understanding (MoUs) with African banks and financial institutions. These signings occurred at the recent Saudi-Arab-African Economic Conference held in Riyadh.

According to Saudi Press Agency, Eng. Saad Al-Khalb, CEO of Saudi EXIM Bank, signed Line of Credit agreements totaling USD $185 million. These funds are earmarked to finance Saudi exports of goods and services. The agreements include a $150 million deal with the National Bank of Egypt, a $10 million agreement with the Nigerian Export-Import Bank, and a $25 million arrangement with the ECOWAS Bank for Investment and Development to finance importers of Saudi goods and services from West Africa.

Furthermore, Al-Khalb signed memorandums with several institutions, including 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 agreements aim to bolster African economies, enhance trade relations, create commercial opportunities, facilitate the entry of Saudi products into new markets, and improve their competitiveness.

Eng. Al-Khalb emphasized the significance of these agreements, stating they underscore the Kingdom’s commitment to fostering robust economic relations with African nations and supporting sustainable development and investment opportunities. He highlighted EXIM Bank's focus on enhancing industrial development, supporting Saudi non-oil exports, and expanding into the African market, which offers ample opportunities for growth.

He also noted that these partnerships align with the bank’s strategy to establish more collaborations with regional and international financial institutions, thereby increasing trade exchange and opening new markets for Saudi products.