RIYADH — The Saudi Export-Import Bank (EXIM Bank) has signed a memorandum of understanding with Japanese Sumitomo Mitsui Banking Corporation (SMBC) with the aim of providing more financial solutions to support trade between exporters and importers in Saudi Arabia and Japan in a way that enables them to perform exportation and importation processes easily with fewer risks.

The memorandum stipulates supporting joint finance projects, developing all financial transactions, providing buyer credit finance, discuss opportunities to secure financial guarantees or letters for beneficiaries with credit competency from Saudi exporters or Japanese buyers, innovating solutions that can increase opportunities to finance purchases and implementing projects related to Saudi and Japanese exports.

This cooperation is part of EXIM Bank's continuous efforts to increase the volume of national products' exports through holding strategic partnerships with international and local finance corporations, discuss means to develop the Saudi economy through utilizing the expertise of Japanese institutions in the fields of financing and credit, and increase the financing and credit capabilities of the bank to support Saudi exporters.

The CEO of Saudi EXIM Bank Eng. Saad Bin Abdulaziz Al-Khalb and head of the Europe, Middle East and Africa sector at SMBC Keiichiro Nakamura, co-signed the memorandum as part of the bank's efforts in holding more strategic agreements and partnerships around the world, in a way that conforms to the goals and aspirations of the Kingdom Vision 2030 to increase the presence of Saudi products and services in international markets and support investment opportunities.

Al-Khalb noted that the bank seeks to diversify and expand its partnerships with local and international financing and credit corporations, innovate attractive financing and credit solutions that meet the aspirations of partners and beneficiaries and enable Saudi banks of supporting exporting non-oil national products. — SPA