Saudi EXIM and AFC to boost exports in MEA

The Saudi Export-Import Bank (Saudi EXIM) and Africa Finance Corporation (AFC) have signed an MoU to collaborate on initiatives aimed at enhancing exports in the Kingdom of Saudi Arabia and AFC member companies

“The MoU with the Africa Finance Corporation comes as part of the bank’s commitment to enhancing international economic and trade relations,” remarked Saudi EXIM CEO, H.E. Eng. Saad Al-Khalb. “The agreement will cover several areas of cooperation, including exploring opportunities to support joint projects between companies in the Kingdom and the member countries of AFC, by providing credit solutions that support companies and institutions of all sizes and activities. It will also pave the way for local investors to benefit from promising investment opportunities in Africa, thereby enhancing the flow of non-oil Saudi exports to expand into various African markets, in line with empowering the non-oil national economy and creating a diverse and inclusive economy in line with Saudi Vision 2030.”

Confirmed on the sidelines of the 2024 IMF/World Bank Annual Meetings, the MoU will also promote the exchange of information, technical expertise and knowledge sharing between the two organisations.

Samaila Zubairu, president & CEO of AFC, added, "Strategic partnerships are vital for economic transformation, and in today’s world, no nation can tackle sustainable development alone. As such, AFC is pleased to partner with the Saudi Exim Bank, marking a major milestone in strengthening ties between Africa and Saudi Arabia. Leveraging our collective expertise and resources, we aim to contribute significantly to driving industrialization, facilitating trade and creating jobs for a dynamic economic ecosystem that benefits both regions.”