SIECO signs MoU with International Development Bank to support Saudi exports to Iraq

Logo of Saudi Industrial Export Co.

Saudi Industrial Export Co. (SIECO) signed, on Oct. 24, a memorandum of understanding (MoU) with Iraq-based International Development Bank for Investment and Finance to provide the appropriate financial solutions and services for supporting Saudi exports to Iraq.

The MoU is valid for one year since the agreement signing date, SIECO said in a statement to Tadawul, noting that no financial impact is expected during the MoU term.

Any further developments in this regard will be announced in due course, SIECO said, adding there are no related parties to the deal.

International Development Bank was established in 2011 to become one of the most important leading banks at the local and regional levels with a global credit rating of (BB-).

It is a company registered in Iraq and licensed by the Central Bank of Iraq as a private commercial bank.

In 2019, the bank signed an MoU with International Finance Corporation (IFC), the investment arm of the World Bank, in the field of trade finance.

In early 2021, it led Iraqi banks by assets, which amounted to more than IQD 1.32 trillion. The bank’s assets grew by 19.71%, accounting for 10.61% of the Iraqi banking sector’s total assets.

It operates through 25 branches distributed across the Republic of Iraq, and has two representative offices in Lebanon and the UAE.

In October 2020, SIECO entered into an agreement with Saudi Exports Development Authority (SEDA) for the representation of Saudi companies in Iraq at a total value of SAR 14.42 million.