Saudi EXIM Bank has signed a Memorandum of Understanding (MoU) with US EXIM, focusing on fostering comprehensive collaboration, strengthening economic ties, and advancing trade relations between the two nations. This MoU was signed on the sidelines of the 2024 Future Minerals Forum held in Riyadh, Saudi Arabia, from January 9 to 11.
The MoU additionally seeks to foster bilateral trade and strengthen economic ties between the two countries. The MoU outlines a framework for cooperation, collaboration, and sharing of expertise and resources between both entities. Through this agreement, Saudi EXIM and U.S. EXIM seek to facilitate trade financing, support exports, and promote investment opportunities in key sectors. The MoU also promotes knowledge and information sharing, capacity building, and the exchange of best practices, ultimately enhancing the competitiveness and growth of businesses in both Saudi Arabia and the United States.
The signing of the MoU is part of the bank’s initiative to establish guiding principles for enhancing cooperation and trade relations in the US market. This initiative focuses on facilitating the export and import of products and services, exchanging information and expertise, and offering support related to credit lines and facilities. These efforts aim to bolster the presence of Saudi non-oil exports in global markets, aligning with the objectives of the Kingdom’s Vision 2030 and increasing its contribution to the gross domestic product.
On the occasion, His Excellency Eng. Saad Al-Khalb, CEO of Saudi EXIM Bank, emphasized that the signing of this agreement is part of the bank’s commitment to contribute to accelerating global economic growth. This involves strengthening trade relations and enhancing the efficiency of export and import activities with global markets. Al-Khalb highlighted the solid foundations of cooperation and shared interests in the bilateral relations between the Kingdom of Saudi Arabia and the United States of America. He expressed the bank’s commitment to ongoing collaboration to achieve common economic objectives, broaden trade and investment cooperation, and capitalize on promising opportunities, particularly in strategic sectors outlined by the Kingdom’s Vision 2030, such as mining, petrochemicals, manufacturing, renewable energy, tourism, financial services, healthcare, and more.
Chair & President of U.S. EXIM, Reta Jo Lewis Esq. commented: “We are thrilled to have successfully inked a bilateral MOU with Saudi EXIM. This milestone paves the way for a mutually beneficial collaboration between our respective banks. The relationship between Saudi Arabia and the U.S. has always been strategically important and we aim to further enhance and solidify this bond”.
Saudi EXIM Bank is actively engaged in establishing strategic partnerships to improve the efficiency of the export and import system, facilitating trade exchanges with both regional and global markets. The bank is dedicated to encouraging trade and investment opportunities for Saudi exporters across diverse sectors. Its primary focus lies in fostering international partnerships to boost the development and diversification of Saudi non-oil exports, enhancing their global competitiveness.