03 Jumada I 1443 - 7 December 2021
    
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Eye of Riyadh
Eye of Riyadh
Business & Money | Tuesday 26 October, 2021 9:50 am |
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Saudi EXIM Bank, Japan’s SMBC, Sign MoU

The Saudi Export-Import Bank and the Sumitomo Mitsui Banking

 

Corporation (‘SMBC’) have signed a Memorandum of Understanding (‘MoU’) that would

 

see the Japanese banking giant cooperating with Saudi EXIM with a view to providing

 

more financial solutions to Saudi and Japanese exporters and importers, streamlining

 

business, and reducing risk for both sides.

 

This MoU is the latest in a string of global deals that Saudi EXIM is pursuing to help

 

Saudi exports grow and become more competitive on a global level.

 

According to the MoU, SMBC will get involved in joint financing and development of

 

Trade, Export and Project Finance transactions, provide credit lines to buyers, explore

 

securitization or letters of credit to creditworthy Saudi exporters and Japanese

 

importers, and create financial solutions that further facilitate export/import deals and

 

projects pertaining to Saudi-Japanese trade.

 

Saudi EXIM’s work with SMBC is part of the bank’s effort to be involved in doing

 

business on a global level for Saudi exporters, increase Saudi exports through strategic

 

partnerships with national and international financial institutions, build national lending

 

and credit capabilities using expertise provided by the Japanese institution, and bolster

 

Saudi EXIM’s own lending and credit assets to help national exporters.

 

The MoU was signed by His Excellency Eng. Saad Alkhalb, Chief Executive Officer of

 

Saudi EXIM and Mr. Keiichiro Nakamura, Chief Executive Officer, SMBC Bank

 

International plc, Head of EMEA and Africa.

 

The MoU is part of Saudi EXIM’s drive for more agreements and strategic partnerships

 

all over the world, which go hand in hand with the objectives of Vision 2030, which

 

include boosting the global presence of Saudi products and services and creating and

 

finding more investment opportunities.

 

Eng. Alkhalb, Saudi EXIM’s CEO, said that the bank is working to broaden and diversify

 

its partnerships with national and international financial and credit houses, so as to

 

create and provide competitive financing and credit solutions that enable other Saudi

 

banks to fund non-petroleum exports. This, in turn, should boost the competitiveness of

 

Saudi products, increase the non-petroleum share of the gross domestic product, and

 

create a more diverse alternative economy as part of the Custodian of the Two Holy

 

Mosques’ government’s efforts to empower non-petroleum exports for a more

 

sustainable economy.

 

The Sumitomo Mitsui Banking Corporation offers financial products and services to a

 

wide variety of clients, from individuals to small and medium businesses, enterprises,

 

other financial institutions, and the Japanese government.

 

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