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, on November 9, 2023, both organizations signed a Memorandum of Understanding (MoU) to promote trade and economic cooperation between them.
The Memorandum of Understanding was concluded in Saudi Arabia during the Saudi and Arab African Summits.
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.
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