The Saudi Export-Import Bank signed a memorandum of understanding (MoU) with the Italian Export Credit Agency (SACE) which aims to empower Saudi exporters and international investors and enhance the Saudi-Italian trade exchange.
The agreement envisages establishing a framework for mutual reinsurance to enhance the presence of Saudi exports in Italian markets.
Italy-Saudi exports
It also aims to open new avenues for cooperation in the areas of professional development, transfer of knowledge of best practices in export credit, and cooperation in international projects that utilise the Saudi and Italian resources in line with the economic goals of the two parties.
The memo was signed by EXIM Bank CEO Saad bin Abdul Aziz Alkhalb and SACE CEO Alessandra Ricci at her agency’s headquarters in Rome.
Alkhalb hailed the agreement as a step forward in the bank’s efforts to improve and diversify Saudi non-oil exports and enhance their competitiveness, in addition to providing funding for Saudi exports and insurance services and export credit insurance with competitive advantages.
The memo falls within the bank’s endeavours to open new horizons for KSA exports and enhance their presence in international markets.
EXIM Bank is one of the main pillars in supporting the kingdom’s exports and increasing their impact on the development of the national economy, in line with the targets of the Kingdom’s Vision 2030 to increase the value of non-oil exports from 16 percent to 50 percent of the non-oil GDP.
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