The Saudi Export-Import Bank (Saudi EXIM) and Africa Finance Corporation(AFC), Africa’s leading infrastructure solutions provider, have recently signed a Memorandum of Understanding (MOU) to collaborate on initiatives to boost exports in both the Kingdom of Saudi Arabia and AFC’s member countries.
According to Industry sources, this MoU is signed on the sidelines of the ongoing 2024 IMF/World Bank Annual Meetings, and will also promote the exchange of information, technical expertise, and knowledge sharing between both institutions.
His Excellency Eng. Saad Al-Khalb commented: “The MoU with the Africa Finance Corporation comes as part of the bank’s commitment to enhancing international economic and trade relations. The agreement will cover several areas of cooperation, including exploring opportunities to support joint projects between companies in the Kingdom and the member countries of Africa Finance Corporation (AFC), by providing credit solutions that support companies and institutions of all sizes and activities. It will also pave the way for local investors to benefit from promising investment opportunities in Africa, thereby enhancing the flow of non-oil Saudi exports to expand into various African markets, in line with empowering the non-oil national economy and creating a diverse and inclusive economy in line with Saudi Vision 2030.”
Samaila Zubairu, President & CEO of AFC, commented on the partnership: “Strategic Partnerships are
vital for economic transformation, and in today’s world, no nation can tackle sustainable development alone. As such, the AFC is pleased to partner with the Saudi Exim Bank, marking a major milestone in strengthening ties between Africa and Saudi Arabia. Leveraging our expertise and resources, we aim to contribute significantly to driving industrialization, facilitating trade, and creating jobs for a dynamic economic ecosystem that benefits both regions.”
Industry sources added that it is worth noting that the Saudi Export-Import Bank is a development bank affiliated with the National Development Fund, working to contribute to diversifying the economic base of the Kingdom by boosting the efficiency of the export system for non-oil national products and services, addressing financing gaps, and reducing export risks. This supports the growth of the non-oil national economy in line with Saudi Vision 2030.
Industry sources further added that AFC’s mission is a commitment to delivering impactful solutions for Africa, across its core sectors of power, natural resources, transport and logistics, heavy industry, and technology. The Corporation has an unwavering commitment to realizing transformative projects across Africa including infrastructure projects such as the Red Sea Power Wind Farm in Djibouti, the Arise IIP industrial zones, and the Lobito transport corridor that are reshaping the landscape, fostering sustainable development for local communities, and altering the economic trajectory of countries.
