Saudi EXIM Bank Signs Reinsurance Agreement with US Counterpart
The agreement aims at meeting the needs of local enterprises for capital goods and production inputs from the US.
Riyadh: The Saudi Export-Import Bank has signed a reinsurance agreement with its US counterpart, targeting to fulfill the requirements of domestic companies for capital goods and production inputs from the United States.
The accord was formalized during the 92nd annual conference of the Export-Import Bank of the US in Washington, DC between April 29 and 30.
This agreement is part of the bank's efforts to broaden international cooperation and establish strategic partnerships.
It aims to secure a stable flow of crucial raw materials and capital goods while bolstering credit coverage related to export activities and supply chains.
The signing ceremony was attended by Princess Reema bint Bandar bin Sultan bin Abdulaziz, the Saudi Ambassador to the US.
Representing the Saudi EXIM Bank, CEO Saad bin Abdulaziz Al-Khalb joined hands with John Jovanovic, president of the Export-Import Bank of the US.
Al-Khalb highlighted that this agreement marks a significant step in the bank's endeavor to expand its international partnerships and fortify its capacity to support local exporters.
He emphasized that cooperation with the US Export-Import Bank in reinsurance will enhance credit coverage efficiency, promote supply chain stability, and ensure the uninterrupted availability of vital goods and services.
Al-Khalb pointed out that this partnership aligns with the Saudi EXIM Bank's dedication to fostering growth in Saudi non-oil exports and unlocking fresh prospects for national products and services in international markets.
This move also supports the goals outlined in Saudi Vision 2030, which seeks economic diversification through the expansion of non-oil sectors.
Al-Khalb noted that the agreement further solidifies existing commercial partnerships and trade ties between the two nations.
As part of this collaboration, a roundtable meeting was held with the US bank and the Saudi-US Business Council to explore strategies for building enduring supply chains in areas such as mining, energy, and artificial intelligence.
The Saudi EXIM Bank remains committed to forging strategic alliances that enhance export-import ecosystem efficiency, facilitate trade with regional and global markets, and stimulate commercial and investment opportunities for Saudi exporters across various sectors.
The bank's primary focus is on establishing international partnerships aimed at bolstering the development and diversification of Saudi non-oil exports and increasing their global competitiveness.
The accord was formalized during the 92nd annual conference of the Export-Import Bank of the US in Washington, DC between April 29 and 30.
This agreement is part of the bank's efforts to broaden international cooperation and establish strategic partnerships.
It aims to secure a stable flow of crucial raw materials and capital goods while bolstering credit coverage related to export activities and supply chains.
The signing ceremony was attended by Princess Reema bint Bandar bin Sultan bin Abdulaziz, the Saudi Ambassador to the US.
Representing the Saudi EXIM Bank, CEO Saad bin Abdulaziz Al-Khalb joined hands with John Jovanovic, president of the Export-Import Bank of the US.
Al-Khalb highlighted that this agreement marks a significant step in the bank's endeavor to expand its international partnerships and fortify its capacity to support local exporters.
He emphasized that cooperation with the US Export-Import Bank in reinsurance will enhance credit coverage efficiency, promote supply chain stability, and ensure the uninterrupted availability of vital goods and services.
Al-Khalb pointed out that this partnership aligns with the Saudi EXIM Bank's dedication to fostering growth in Saudi non-oil exports and unlocking fresh prospects for national products and services in international markets.
This move also supports the goals outlined in Saudi Vision 2030, which seeks economic diversification through the expansion of non-oil sectors.
Al-Khalb noted that the agreement further solidifies existing commercial partnerships and trade ties between the two nations.
As part of this collaboration, a roundtable meeting was held with the US bank and the Saudi-US Business Council to explore strategies for building enduring supply chains in areas such as mining, energy, and artificial intelligence.
The Saudi EXIM Bank remains committed to forging strategic alliances that enhance export-import ecosystem efficiency, facilitate trade with regional and global markets, and stimulate commercial and investment opportunities for Saudi exporters across various sectors.
The bank's primary focus is on establishing international partnerships aimed at bolstering the development and diversification of Saudi non-oil exports and increasing their global competitiveness.