A partnership between Saudi Export-Import Bank (Saudi EXIM), a leading export credit agency in the Kingdom of Saudi Arabia, and United Bank for Africa (UBA) Plc aims to improve economic cooperation between the two countries’ economies and boost business growth.
In order to do this, yesterday saw the signing of a Memorandum of Understanding (MoU) by both organizations, which aims to promote trade and economic cooperation between them.
During the Saudi and Arab African Summits in Saudi Arabia, the Memorandum of Understanding was inked.
The main objective of the collaboration between UBA Group and Saudi EXIM Bank is to foster trade by exporting goods and services from the Kingdom of Saudi Arabia to African markets. The partnership lays out the guiding principles for the development of cooperation and ties between the two institutions.
In addition to working together in these areas, the new cooperation will enable both institutions to maintain ongoing involvement in the growth of the African economy by fostering transcontinental economic ties.
The MoU will also explore ways to co-finance, co-insure, co-guarantee, and co-reinsure projects jointly undertaken by businesses from both regions. Supporting cooperative initiatives and collaboration including the export of goods and services from Saudi Arabia is another goal of the agreement.
Additionally, it will make it easier for people to share experiences and best practices in the area of export credit policies and practices through meetings, conferences, seminars, and workshops. It will also make it easier for people to train one another’s staff members and, when mutually advantageous, arrange staff exchanges.
Oliver Alawuba, the chief executive officer of UBA, expressed his excitement about the alliance and clarified that both businesses will use it to identify and develop cooperative initiatives and collaboration in the field of exporting goods and services.
“We are pleased to collaborate with Saudi EXIM Bank in an endeavor that has enormous potential for the economies and businesses of both areas,” he declared. In addition to making it easier to export goods and services, this agreement will strengthen our ties to international trade and support the growth of the African economy.
Saad Al-Khalb, the CEO of Saudi EXIM, stated: “By combining our strengths, we are launching a dynamic platform that will accelerate the export of cutting-edge Saudi products and services, spark industrial growth, and expand our global footprint throughout the rich fabric of African economies.” We think this will not only help Saudi Arabia diversify its exports but also make a big difference in the socioeconomic conditions of the African countries we work with.
