RIYADH: The Saudi Export-Import Bank (Saudi EXIM) has signed an accession agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to enhance cooperation in trade finance, development, and insurance.
The partnership aims to support Saudi exporters in reaching new global markets. The signing took place on the sidelines of the International Monetary Fund (IMF) and World Bank Annual Meetings, the Saudi Press Agency (SPA) reported on Thursday.
The agreement was signed by Saudi EXIM Bank CEO Eng. Saad A. AlKhalb and IFC Regional Director Khawaja Aftab Ahmed, in the presence of senior officials from both institutions.
Through this agreement, Saudi EXIM becomes a participant in the IFC’s Master Cooperation Agreement (MCA) — a framework established with development and regional banks worldwide to promote joint financing of projects and trade finance initiatives. The MCA seeks to advance sustainable development and boost international trade flows.
This collaboration will allow Saudi EXIM to leverage IFC’s extensive global co-financing network, broaden its involvement in international syndicated transactions, and enhance its institutional capabilities in line with global best practices for development finance.
Commenting on the signing, AlKhalb stated: “This agreement marks an important milestone in expanding Saudi EXIM’s strategic partnerships with international development financial institutions, reinforcing Saudi Arabia’s position as a global hub for trade and investment. It also contributes to the objectives of Vision 2030 by driving economic diversification and promoting Saudi non-oil exports. We are pleased to partner with the IFC and look forward to jointly providing innovative and sustainable financing solutions for domestic exporters.”
Aftab Ahmed stated: “Saudi EXIM plays a central role in advancing Saudi Arabia’s Vision 2030, fostering export and investment growth to support the Kingdom’s economic diversification. We are excited to join our forces to broaden our global presence, leveraging international partnerships, and empowering Saudi companies to compete globally and foster sustainable growth through cross-border investments.”
