TheCable

United Bank for Africa (UBA) Plc says it signed a memorandum of understanding (MoU) with the Saudi Export-Import Bank (Saudi EXIM) to strengthen business growth.

In a statement on Thursday, UBA said the partnership was signed on the sidelines of the Saudi-Africa summits in Saudi Arabia.

According to the bank, the agreement will foster economic cooperation and trade relations between the two entities.

“The partnership between UBA Group and Saudi EXIM Bank outlines the guiding principles for developing cooperation and relations between the two banks, with a primary focus on promoting trade through the export of goods and services between the Kingdom of Saudi Arabia and the African markets,” UBA said.

“Apart from collaborating in these areas, both institutions will also ensure sustained participation in the development of the African economy through intercontinental business relationships that will be facilitated by the new partnership.

“The MoU will also work towards supporting joint projects and collaboration involving the export of goods and services from Saudi Arabia and exploring opportunities to co-finance, co-insure, co-guarantee, and reinsurance projects jointly undertaken by companies from both regions.

“It will also facilitate the exchange of information and know-how in the field of export credit policies and practices.

“Also, the exchange of information will be facilitated by both institutions, while technical know-how in the field of export credit policies and practices will also be shared.”

Speaking on the partnership, Oliver Alawuba, UBA’s chief executive officer (CEO), expressed enthusiasm about the collaboration.

He said through the partnership, both companies will Identify and support joint projects and collaboration in the area of exportation of goods and services.

“We are happy to join hands with Saudi EXIM Bank in a partnership that holds great promise for businesses and economies in both regions,” Alawuba said.

“This agreement will not only facilitate the export of goods and services but also solidify our commitment to intercontinental business relationships and contribute to the development of the African economy.

“This relationship is particularly promising, considering that Saudi Arabia is deliberate in deepening economic cooperation with Africa.”

On his part, Saad Al-Khalb, CEO of Saudi EXIM, said the collaboration sets in motion, “a dynamic platform that will propel the export of innovative Saudi goods and services, catalyze industrial growth, and magnify our global footprint across the rich tapestry of African economies”.

“This, we believe, will not only augment Saudi Arabia’s export diversification but also contribute significantly to the socio-economic fabric of the African nations we will serve together,” Al-Khalb said.

Saudi EXIM is a premier export credit agency in the Kingdom of Saudi Arabia, that focuses on promoting non-oil exports and enhancing its competitiveness across various sectors in global markets.

The agency provides financing services, guarantees and credit insurance with competitive advantages to enhance confidence in Saudi products.