JOHANNESBURG: The Saudi Export-Import Bank (Saudi EXIM) has signed two memorandum of understanding (MoU) with Absa Bank Limited and Standard Bank of South Africa Limited on the sidelines of the Saudi-South African Business Forum in Johannesburg, the Saudi Press Agency (SPA) reported on Thursday.
These agreements aim to enhance trade ties and expand the export of goods and services between Saudi Arabia and South Africa, as part of a broader effort to strengthen bilateral economic relations, as evidenced by the official visit of Minister of Commerce Dr. Majid Al-Kassabi to South Africa.
The Saudi EXIM has fixed a credit line of $25 million to Standard Bank to support Saudi non-oil exports to South Africa and other African nations. Standard Bank’s extensive network in over 20 countries will provide Saudi exporters with access to new markets.
Absa Bank will also play a vital role in providing financial and insurance solutions to support Saudi trade in Africa. With its presence in over 10 states on the continent, Absa Bank will help increase the competitiveness of Saudi exports regionally and internationally.
