20 Jumada II 1443 - 23 January 2022
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Eye of Dubai
Business & Money | Tuesday 26 October, 2021 9:50 am |

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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