The Saudi Export-Import Bank (Saudi EXIM) has signed a memorandum of understanding (MoU) with the Compagnie Algérienne d’Assurance et de Garantie des Exportations (CAGEX), an export credit and guarantees company, to strengthen cooperation in export credit and the promotion of non-oil products and services.
The agreement aims to open new opportunities for collaboration between companies in both nations and bolster strategic partnerships in the export sector.
The MoU was signed on the sidelines of the 14th annual general meeting of AMAN UNION, held in Algiers, with the signing ceremony attended by Saudi EXIM Chief Executive Eng. Saad bin Abdulaziz Alkhalb and CAGEX chief executive Laich Zouhair.
The agreement reflects a commitment to enhancing regional economic cooperation and fostering integration among export credit agencies to advance the export credit insurance industry in the region. The MoU outlines areas of collaboration, including providing export credit services and sharing expertise through workshops and conferences.
Saudi EXIM, a subsidiary of the National Development Fund (NDF), plays a vital role in diversifying the Kingdom of Saudi Arabia’s economic base in line with its Vision 2030.
By offering tailored credit products to support the export of non-oil national products and services, the bank empowers Saudi exporters with customized solutions to facilitate export credit and strengthen the Kingdom’s global trade presence.
In October, Saudi EXIM signed three memoranda of understanding (MoUs) with the Africa Finance Corporation (AFC), IDB Invest, the private sector institution of the Inter-American Development Bank, and the Development Bank of Latin America and the Caribbean (CAF).
