UBA,Saudi EXIM Bank sign MoU to boost economic ties

Joy Agwunobi

UBA has sealed a partnership with Saudi Export-Import Bank (Saudi EXIM) to boost economic cooperation and trade between Saudi Arabia and Africa. A Memorandum of Understanding (MoU) was signed by both parties at the Saudi and Arab African Summits to promote cooperation and business growth between the two entities.

The MoU highlighted the commitment of both UBA and Saudi EXIM to strengthening economic cooperation and finding new growth opportunities, with a focus on promoting trade through the export of goods and services between Saudi Arabia and Africa.

Under the MoU, UBA and Saudi EXIM will collaborate on joint projects, facilitate the export of goods and services from Saudi Arabia, and explore opportunities for co-financing, co-insuring, co-guarantee, and reinsurance. This is a key component of the MoU, as it will help expand trade and investment opportunities and foster new economic partnerships.

The MoU outlines a framework for cooperation on specific joint projects, with each party determining the terms and conditions of its support in line with its own policies, procedures, and national legislation. The parties will also share information and best practices on export credit policies and practices, and hold meetings, conferences, seminars, and workshops to share knowledge and experience.

Oliver Alawuba,UBA’s chief executive officer, expressed excitement about the partnership, which will create opportunities for the two companies to identify and support joint projects and collaborations in exporting goods and services. He also emphasised the importance of the partnership in promoting economic growth and development.

 Alawuba said UBA is excited to partner with Saudi EXIM Bank in a promising partnership that will benefit businesses and economies in both regions. The agreement, he explained,will not only facilitate the export of goods and services, but will also reinforce UBA’s 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 and UBA with presence in 20 African countries, providing the necessary vehicle for deepening this engagement. The partnership also expands our access to Asia and the Middle East, where the Bank recently opened a subsidiary in Dubai,” he added.

Saad Al-Khalb, CEO of Saudi EXIM, said the partnership will create a dynamic platform to promote the export of innovative Saudi goods and services to African economies. This, he added, will diversify Saudi Arabia’s exports, support industrial growth, and expand the country’s global footprint in Africa. He also said the partnership will contribute to the socioeconomic development of African countries and help them to grow and prosper.