Saudi Exim Signs Agreements Worth $150 Mn with NBE

Saudi Export-Import Bank signed a cooperation agreement worth $150 mn with the National Bank of Egypt on Thursday during the Saudi Arabian-Arab-African Economic Conference in Riyadh.

Additionally, a $10 mn financing agreement was inked with the Nigerian Export-Import Bank, and $25 mn for financing Saudi product and service imports from West African countries through the ECOWAS Investment and Development Bank affiliated with the Economic Community of West African States.

The total value of agreements signed by the Saudi Export-Import Bank with African banks and financial institutions reached $185 mn, aimed at financing Saudi exports.

These agreements aim to enhance trade and economic exchange between the Kingdom and African countries, elevate cooperation between the Saudi Export-Import Bank and African financial institutions, and create new business opportunities for Saudi exporters and African importers.

The Saudi Arabian-Arab-African Economic Conference commenced on Thursday with the participation of officials from the Kingdom, Arab and African nations, leaders in finance, business, and investment from the public and private sectors, trade unions, and international organizations.

In pursuit of the conference’s goal to strengthen the Saudi-Arab-African partnership in various economic and investment aspects, diverse agreements and investments will be signed, focusing on crucial areas such as achieving food security, bolstering agricultural, industrial, mining, and trade partnerships. This includes enhancing environmental trade between the Kingdom and the African continent, providing a platform for exporters and importers on both sides.