Dubai: The Saudi Export-Import Bank (Saudi EXIM) signed two memoranda of understanding with Absa Bank Limited and Standard Bank of South Africa Limited during the Saudi-South African Business Forum held in Johannesburg, as reported by the Saudi Press Agency.
These agreements are designed to enhance trade relations and increase the export of goods and services between Saudi Arabia and South Africa, aligning with the recent visit of minister of commerce Majid Al Kassabi to South Africa to strengthen economic ties.
Saudi EXIM has established a credit line of $25 million (Dh91 million) with Standard Bank to facilitate Saudi non-oil exports to South Africa and other African nations.
Standard Bank’s extensive presence in over 20 countries will open new market opportunities for Saudi exporters.
Absa Bank will also play a vital role by offering financial and insurance solutions to support Saudi trade across Africa.
With operations in more than 10 countries on the continent, Absa Bank aims to enhance the competitiveness of Saudi exports both regionally and globally.
