Saudi Export-Import Bank has announced the signing of a Memorandum of Understanding with HSBC Bank Middle East and Saudi British Bank (SABB), which allows for additional aspects of cooperation in the provision of credit lines to support the export of products and services. Saudis and their entry in regional and global markets.
The memorandum of understanding aims to benefit from the international experience possessed by the three banks in supporting local exporters and facilitating their business through credit insurance services against commercial and non-commercial risks.
The agreement also aims to provide financing and credits to the buyer in case of international contracts, project financing, direct financing for small and medium-sized enterprises and letters of guarantee, as well as favoring the transfer of knowledge between interested parties and the regulation of related activities and the sharing of market information and international relations that bring in highlights the commercial and political risks surrounding commercial activities.
Saad bin Abdulaziz Al-Khalb, CEO of Saudi Export-Import Bank, said the Memorandum of Understanding with HSBC and SABB is evidence of the bank’s commitment and continued efforts to increase export support for products and services. non-oil Saudis, and to strengthen cross-border trade.
Al-Khalb said: “The agreement represents a further step in building more effective partnerships with national and international financial institutions, with which the bank works to provide financing and credit solutions. in in line with the Kingdom’s Vision 2030 goals and aspirations to develop non-oil exports and build a vibrant and sustainable alternative economy “.
For his part, Stephen Moss, regional CEO of HSBC Bank, Middle East, North Africa and Turkey, said: “The Kingdom’s Vision 2030 represents one of the most ambitious economic transformation programs in the world and through HSBC’s global network, which covers 90% From global trade, trade flows and capital movements, we are in an ideal position to play our role in supporting the goals of this ambitious vision to achieve sustainable development and the development of the Saudi economy and open opportunities for our clients to benefit from our financing, investment and exchange solutions to support growth of Saudi companies and exporters “.
For his part, Tony Krebs, Chief Executive Officer of SABB Bank, said: “Our partnership with Saudi Export-Import Bank enhances our capabilities in export financing and risk reduction for clients to support the Kingdom’s Vision 2030. and diversify Saudi exports “.
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