Saudi Export-Import Bank Signs MoU with Kazakh Development Bank

The Saudi Export-Import Bank signed a Memorandum of Understanding (MoU) yesterday with the Kazakh Development Bank, according to SABQ Online Newspaper.

The purpose of this MoU is to identify guiding principles for developing cooperation and relations between the two parties. This aims to enhance the export of products and services and increase trade exchange between Saudi Arabia and Kazakhstan.

Representation, Objectives

Dr. Naif bin Abdulrahman Al-Shamri, Deputy Executive President of the Saudi Export-Import Bank, represented the Saudi side at the signing. Conversely, Mr. Murat Yelibayev, Chairman of the Board, represented the Kazakh Development Bank.

Furthermore, Dr. Naif Al-Shamri stated that the memorandum extends the bank’s international partnerships. It seeks to grow Saudi non-oil exports and enhance their global market competitiveness, responding to increasing demand for Saudi-made products.

Plans and Prospects

Subsequently, he emphasized the bank’s plan to collaborate with the Kazakh Development Bank. This partnership will focus on enhancing industrial sector strengths and product quality. Additionally, it aims to support joint ventures and expand investment opportunities through shared financing and guarantees.

Emphasizing Mutual Benefits

Mr. Murat Yelibayev stressed the importance of cooperation with the Saudi Export-Import Bank to achieve strategic objectives in supporting trade exchange between the two countries. He noted that this MoU targets joint cooperation to enhance exports in both Saudi Arabia and Kazakhstan.

It aims to provide greater opportunities for cooperation in exporting products and services, encourage communication between companies in both countries to increase business and investment opportunities, and support joint projects that enhance economic growth for both parties.

Areas of Cooperation

The areas of cooperation include exchanging information, experiences, and best practices to develop new services and products.

It also involves conducting research and knowledge exchange for project implementation, organizing meetings, conferences, seminars, workshops, and other cooperation aspects that support the export of products and services.

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