The Saudi Export-Import Bank (Saudi EXIM Bank) has signed an agreement with HSBC Bank Middle East and Saudi British Bank (SABB) to set up a framework of cooperation in the areas of trade & export financing and credit insurance.

The collaboration will also seek to capitalize on the banks’ global expertise and experience in providing export financing and working with credit insurance including: Export Credit Insurance to Saudi exporters against commercial and non-commercial risks, supply of Export Financing and Buyer’s Credit Financing in relation to international contracts, Project Financing, Small and Medium Enterprise-directed Financing, and also Letters of Credit Confirmation.

Areas of collaboration also include the fostering of knowledge transfer, mutual involvement in relevant events, activities, and the sharing of market intelligence and country reports to highlight commercial and political risks associated in international trade activities, reported Saudi Press Agency (SPA).

Commenting on the signing of the memorandum of understanding (MoU), Chief Executive Officer of Saudi EXIM Bank Saad Alkhalb, said: “In keeping with our commitment to drive efforts to develop and diversify Saudi Arabia’s non-oil exports and to enhance cross-border trade flows, our collaboration with HSBC and SABB represents a significant step towards achieving our objectives to build effective partnerships with national and international financial institutions. We look forward to working together to contribute to realizing Vision 2030’s goals.”

Regional Chief Executive Officer of HSBC Mena and Turkey Stephen Moss, said: “Vision 2030 is one of the world’s most ambitious economic transformation programs and HSBC – with a global network, covering more than 90% of world trade and capital flows – is well positioned to support the Kingdom’s aims for the sustainable growth and development of Saudi businesses and exporters with our financing, investment and transaction banking solutions.”

Managing General Director of SABB Tony Cripps added: “We are pleased to partner with Saudi EXIM to enhance our trade & export finance and risk mitigation capabilities for clients in support of Saudi Vision 2030 and the diversification of Saudi Exports.”