ROME — The Saudi Export-Import Bank signed a memorandum of understanding with the Italian Export Credit Agency (SACE) which aims to empower Saudi exporters and international investors and enhance the Saudi-Italian trade exchange.

The memo falls within the bank’s endeavor to open new horizons for Saudi exports and enhance the presence of Saudi products in international markets.

The memo was signed by EXIM Bank CEO Eng. Saad Alkhalb and SACE CEO Alessandra Ricci at her agency’s headquarters in Rome.

The agreement aims at establishing a framework for mutual reinsurance in a way that enhances the presence of Saudi products in Italian markets, and it opens horizons for cooperation in areas of professional development, transfer of knowledge of best practices in export credit, and cooperation in international projects that utilize the Saudi and Italian resources in line with the economic goals of the two parties.

Alkhalb hailed the agreement as a step forward in the bank’s efforts to improve and diversify Saudi non-oil exports and enhance their competitiveness, in addition to providing funding for Saudi exports and insurance services and export credit insurance with competitive advantages.

He also underlined the bank’s efforts to realize the Saudi Vision 2030 by increasing the Kingdom’s non-oil economy by funding and insuring export operations of the national products to the global markets. By developing and diversifying the list of financial partners, the bank also aims to benefit from their services and international relations to enhance the presence of Saudi products in the European and other global markets, and increase opportunities for trade exchange between the Kingdom and Italy.

EXIM Bank is one of the main pillars in supporting Saudi exports and increasing their impact on the development of the national economy, in line with the targets of the Kingdom’s Vision 2030 to increase the value of non-oil exports from 16% to 50% of the non-oil GDP. — SPA