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A boost for Saudi-African business

The parties will also promote the mutual exchange of information and expertise in the field of export credit policies and practices. (Image source: TBD Group)

The Eastern and Southern African Trade and Development Bank Group (TDB Group) and the Saudi Export–Import Bank (Saudi EXIM Bank) have signed an MoU to enhance cooperation and explore co-financing and investment opportunities between the two banks

The agreement, which was signed at the Arab-African & Saudi-African Summits’ Economic Conference, will establish a framework for both parties to collaborate on trade and project finance transactions to explore opportunities between the two while bolstering Saudi-African business.

These include financing to beneficiaries in TDB member states for the importation of Saudi goods and services, supporting projects in the TDB region requiring Saudi exports, and co-financing, co-insurance, co-guarantees and reinsurance to jointly support projects undertaken by companies from Saudi Arabia and TDB member states. The agreement also provides for the exploration of opportunities pertaining to TDB’s high-return and impact driven Class B or Class C shares, for Saudi investment companies and public authorities.

The parties will also promote the mutual exchange of information and expertise in the field of export credit policies and practices, sharing of best practices, and capacity building, particularly in the area of Islamic finance and private sector promotion in Africa.

“TDB Group leverages its strategic partnerships to broaden financing opportunities for its member states,” remarked Mary Kamari, TDB Group corporate affairs and investor relations executive. “Through the Agreement we signed today, TDB and Saudi EXIM bank are poised to develop joint initiatives for Saudi and African private sector to work closer together. They will also have the chance to sensitise Saudi investment companies and public authorities on opportunities to invest in TDB, to unlock additional impact while making attractive returns.” 

Saad Al-Khalb, CEO of the Saudi EXIM, added, “This MoU marks a significant milestone in our ongoing efforts to foster international trade and advocate economic development for both regions. By partnering with TDB, we aim to further amplify our impact, support multilateral investment, empower businesses, facilitate more efficient trade flows and create solutions which actively support both export and private sector entities.

“Saudi Arabia is currently witnessing more diversification, higher returns on investment, and new strategic alliances, which position the Kingdom as a key player on the international investment stage. We look forward to cooperating with diverse markets in Africa and developing lasting, purposeful relationships.”

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