The Saudi Export-Import Bank has signed an MoU with the Export-Import Bank of the US, focusing on fostering comprehensive collaboration, strengthening economic ties, and advancing trade relations between the two countries. The MoU was signed on the sidelines of the 2024 Future Minerals Forum held in Riyadh, from Jan. 9 to 11.

The MoU outlines a framework for cooperation, collaboration, and sharing of expertise and resources between the two entities. Through this agreement, Saudi EXIM and US 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 US.

The signing of MoU is part of the Saudi EXIM’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.

Saad Al-Khalb, CEO of Saudi EXIM Bank, said the signing of the agreement is part of the bank’s commitment to contributing 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 and the US. He reaffirmed the bank’s commitment to the ongoing collaboration to achieve common economic objectives, broaden trade and investment cooperation, and capitalize on promising opportunities, particularly in strategic sectors outlined by Vision 2030, such as mining, petrochemicals, manufacturing, renewable energy, tourism, financial services, healthcare, and more.

Chair and President of US EXIM Reta Jo Lewis said: “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 US has always been strategically important and we aim to further enhance and solidify this bond.”