RIYADH -- Saudi Export-Import Bank (Saudi EXIM Bank) has signed a memorandum of understanding with the Arab Bank for Economic Development in Africa (BADEA) with the aim of establishing a general framework for cooperation and coordination to support the commercial financing sector.

The agreement is to provide some financial products that encourage international banks and commercial financing institutions to support and finance export orders via financing private sector projects and trade operations.

The memorandum was signed by CEO of Saudi EXIM Bank Eng. Saad bin Abdulaziz Al-Khalb and BADEA Managing Director Dr. Sidi Ould Tah.

Under the memorandum, BADEA will finance private sector operations through direct or indirect funds, in addition to financing commercial operations in a bid to increase the level of commercial exchange between Arab and African countries and to boost exports.

Al-Khalb stressed that Saudi EXIM Bank aspires to enhance cooperation with commercial banks and local and international financial institutions and offer comprehensive financial services to support the export of Saudi products, help fill the gap of finance and reduce exportation risks.

This falls within joint efforts to support the exportation of Saudi non-oil products, contribute to diversifying the economic base of the Kingdom and serve several basic national sectors.

Under the memorandum, activities on cooperation and exchanging information related to the private sector and business opportunities will be developed in a way that contributes to realizing goals and enhancing mutual benefits. -- SPA