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Riyadh- The Saudi Export-Import Bank (Saudi EXIM) has signed three memoranda of understanding with the Africa Finance Corporation (AFC), IDB Invest (the private-sector institution of the Inter-American Development Bank), and the Development Bank of Latin America and the Caribbean (CAF).
The agreements aim to develop non-oil Saudi exports and improve their competitiveness in global markets.
The memoranda were signed by Saudi EXIM Chief Executive Eng. Saad bin Abdulaziz Al-Khalb, along with AFC President and Chief Executive Samaila Zubairu, IDB Invest Chief Executive James Scriven, and CAF acting Vice President Antonio Silveira. The signing ceremony took place in Washington, D.C.
"The annual meetings of the International Monetary Fund (IMF) and the World Bank Group provide an excellent opportunity to strengthen economic and trade relations,” Eng. Al-Khalb said. “We are eager to expand our trade connections to help achieve the bank's objectives of enhancing the non-oil national economy and improving the competitiveness of non-oil Saudi exports in various global markets. This will open new opportunities for local exporters across different sectors, thereby increasing trade between the Kingdom of Saudi Arabia and the rest of the world."
The Saudi EXIM chief also engaged in extensive meetings with leaders and senior executives from government and international institutions focused on developing international trade, investment, and financial institutions. These discussions aim to foster the growth and sustainability of international trade and explore partnerships that can help improve access for non-oil Saudi exports to global markets.
Saudi EXIM is a development bank affiliated with the National Development Fund. It plays a crucial role in diversifying Saudi Arabia's economic base by enhancing the efficiency of the export system for non-oil national products and services. This is achieved by bridging financing gaps and reducing export risks, contributing to the growth of the non-oil national economy in line with the Kingdom's Vision 2030.
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