The Saudi Export-Import Bank (Saudi EXIM) has signed 3 memoranda of understanding (MoU) with various entities on the sidelines of the 2024 Annual Meetings of the International Monetary Fund (IMF) and World Bank.
According to the Saudi EXIM, the deals aim basically to diversify Saudi Arabia’s economy and elevate the Kingdom’s non-oil exports. Furthermore, they foster the competitiveness of the Kingdom’s non-oil exports and open new avenues in the international markets.
The bank has inked the partnerships in Washington with the Africa Finance Corporation (AFC), IDB Invest, and the Development Bank of Latin America and the Caribbean (CAF). In line with Vision 2030, the deals will further accelerate the Kingdom’s pursuit to cut oil dependency and embark on untapped economic plans.
Saudi EXIM’s Chief Executive, Eng. Saad bin Abdulaziz Al-Khalb, led the signing ceremony alongside top executives from the partner institutions. Al-Khalb stated that the annual meetings of the International Monetary Fund (IMF) and the World Bank Group provide a promising opportunity to boost economic and trade relations.
“We are eager to expand our trade connections to achieve the bank’s objectives of enhancing the non-oil national economy and improving the competitiveness of non-oil Saudi exports in various global markets,” he added.
Moreover, the Chief Executive held numerous meetings and discussions with leaders and senior officials to bolster the international investment and trade relations.
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