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The Saudi Export-Import Bank has signed a Memorandum of Understanding with HSBC Bank Middle East (HSBC) and the Saudi British Bank, enabling more aspects of cooperation in providing credit facilities to support the export of Saudi products and services, and their access to regional and global markets.
The memorandum of understanding aims to capitalize on the international expertise of the three banks in supporting local exporters and facilitating their business through credit insurance services against commercial and non-commercial risks, providing financing and buyer credit at international contracts, project financing, and direct financing for small businesses Medium and letters of guarantee. In addition to stimulating knowledge transfer between the parties involved, organizing related activities and sharing market information and international reports, highlighting the commercial and political risks of global trading activities.
The CEO of the Saudi Export-Import Bank, Eng. Saad Al-Khalb, explained that the memorandum of understanding reaffirms the bank’s commitment and ongoing efforts to increase support for the export of Saudi non-oil products and services, as well as cross-border trade. The agreement also comes as an additional step to build more effective partnerships with financial institutions. The national and international, with which the Bank collaborates to provide financing and credit solutions, in line with the goals of the Kingdom Vision 2030, and its ambitions to develop non-oil exports and build a vibrant and sustainable alternative economy.
With HSBC’s global network, covering 90% of global trade, trade and capital flows, we are ideally placed to support the goals of this ambitious vision, achieve the sustainable development of the Saudi economy and its development, and to open opportunities for our clients, to take advantage of our financing, investment and exchange solutions, to support the growth of Saudi companies and exporters.