United Bank for Africa (UBA) Plc has announced the signing of a memorandum of understanding (MoU) with the Saudi Export-Import Bank (Saudi EXIM) to fortify business growth.
The collaboration, formalized on the sidelines of the Saudi-Africa summits in Saudi Arabia, is geared towards enhancing economic cooperation and trade relations between the two entities.
According to UBA, the agreement delineates the guiding principles for fostering cooperation and relations, with a primary focus on promoting trade through the export of goods and services between Saudi Arabia and African markets.
Apart from trade promotion, both institutions commit to sustained participation in African economic development through intercontinental business relationships facilitated by the new partnership.
The MoU aims to support joint projects and collaboration involving the export of goods and services from Saudi Arabia, exploring opportunities for co-financing, co-insuring, co-guaranteeing, and reinsuring projects jointly undertaken by companies from both regions.
The collaboration will facilitate the exchange of information and know-how in the field of export credit policies and practices, with both institutions sharing technical expertise.
UBA’s CEO, Oliver Alawuba, expressed enthusiasm about the partnership, highlighting its potential to identify and support joint projects in the exportation of goods and services.
He emphasized the agreement’s significance in solidifying commitment to intercontinental business relationships and contributing to the development of the African economy.
Saad Al-Khalb, CEO of Saudi EXIM, noted that the collaboration establishes a dynamic platform to boost the export of innovative Saudi goods and services, catalyze industrial growth, and expand their global footprint across diverse African economies.
He believes this partnership will contribute significantly to the socio-economic fabric of the African nations involved.
Saudi EXIM, as a premier export credit agency in the Kingdom of Saudi Arabia, focuses on promoting non-oil exports and enhancing competitiveness in global markets by providing financing services, guarantees, and credit insurance with competitive advantages to boost confidence in Saudi products.