The Saudi Export-Import Bank and the Italian Export Credit Agency (SACE) have signed a memorandum of understanding that intends to strengthen trade relations between Saudi Arabia and Italy by empowering Saudi exporters and foreign investors.

The memo is part of the bank’s effort to expand the market opportunities for Saudi exporters and improve its position there. EXIM Bank CEO Eng. Saad bin Abdul Aziz Alkhalb and SACE CEO Ms. Alessandra Ricci both signed the document at the offices of her organization in Rome.

The agreement aims to create a framework for reciprocal reinsurance that will increase Saudi exports’ visibility in Italian markets. It also opens doors for cooperation in the fields of professional advancement, the sharing of best practices in export credit and participation in international projects that make use of Saudi and Italian resources in accordance with the respective parties’ economic objectives.

Eng. Alkhalb hailed the arrangement as a success in the bank’s initiatives to strengthen and diversify Saudi Arabia’s non-oil exports and increase their competitiveness, in addition to providing funding for Saudi exports and competitively advantageous insurance services and export credit insurance.

Additionally, the CEO highlighted the bank’s efforts to help Saudi Arabia achieve its 2030 Vision by expanding its non-oil economy, building a diverse list of financial partners and utilising their services, strengthening international ties to increase the presence of Saudi products in the European and global markets, and expanding opportunities for trade exchange between the Kingdom and other countries.

According to the goals of the Kingdom’s Vision 2030, which is to boost the value of non-oil exports from 16 percent to 50 percent of the non-oil GDP, EXIM Bank is one of the key pillars supporting Saudi exports and expanding their impact on the growth of the national economy.