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.