Saudi EXIM Bank signs $185 mln deals with African banks, institutions

Logo of Saudi EXIM Bank

Saudi EXIM Bank signed 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, Saudi Press Agency reported.

Saad Al-Khalb, 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 at $150 million.

The second agreement worth $10 million was with the Nigerian Export-Import Bank.

The third deal 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).

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.

Commenting on the agreements, Al-Khalb said, "These agreements and MoUs reaffirm the Kingdom’s commitment to establish strong economic relations with African countries achieve sustainable development and the facilitate promising investment opportunities.”