Saudi EXIM Bank and Africa Finance Corporation sign MoU to enhance export activities in the Middle East and Africa

By Oke Peter
Washington DC – The Saudi Export-Import Bank (Saudi EXIM) and Africa Finance Corporation (AFC), Africa’s leading infrastructure solutions provider, have signed a Memorandum of Understanding (MOU) to collaborate on initiatives to boost exports in both the Kingdom of Saudi Arabia and AFC’s member countries. This MoU, signed on the sidelines of the ongoing 2024 IMF/World Bank Annual Meetings, will also promote exchange of information, technical expertise and knowledge sharing between both institutions.

His Excellency Eng. Saad Al-Khalb commented: “The MoU with the Africa Finance Corporation comes as part of the bank’s commitment to enhancing international economic and trade relations. The agreement will cover several areas of cooperation, including exploring opportunities to support joint projects between companies in the Kingdom and the member countries of Africa Finance Corporation (AFC), by providing credit solutions that support companies and institutions of all sizes and activities. It will also pave the way for local investors to benefit from promising investment opportunities in Africa, thereby enhancing the flow of non-oil Saudi exports to expand into various African markets, in line with empowering the non-oil national economy and creating a diverse and inclusive economy in line with Saudi Vision 2030.”

Samaila Zubairu, President & CEO of AFC, commented on the partnership:
“Strategic partnerships are vital for economic transformation, and in today’s world, no nation can tackle sustainable development alone. As such, AFC is pleased to partner with the Saudi Exim Bank, marking a major milestone in strengthening ties between Africa and Saudi Arabia. Leveraging our collective expertise and resources, we aim to contribute significantly to driving industrialization, facilitating trade and creating jobs for a dynamic economic ecosystem that benefits both regions.”

It is worth noting that the Saudi Export-Import Bank is a development bank affiliated with the National Development Fund, working to contribute to diversifying the economic base of the Kingdom by enhancing the efficiency of the export system for non-oil national products and services, addressing financing gaps, and reducing export risks. This supports the growth of the non-oil national economy in line with Saudi Vision 2030.

At the heart of AFC’s mission is a commitment to delivering impactful solutions for Africa, across its core sectors of power, natural resources, transport and logistics, heavy industry, and technology. The Corporation has an unwavering commitment to realising transformative projects across Africa including infrastructure projects such as the Red Sea Power Wind Farm in Djibouti, the Arise IIP industrial zones and the Lobito transport corridor that are reshaping the landscape, fostering sustainable development for local communities, and altering the economic trajectory of countries.

About the Saudi Export-Import Bank
The Saudi Export-Import Bank (Saudi EXIM) was established to achieve the objectives of Saudi Vision 2030 related to enhancing the non-oil economy, developing and diversifying the export of non-oil Saudi products, and increasing their competitiveness in global markets across various sectors. This is accomplished by providing financing services, guarantees, and credit insurance with competitive advantages to enhance confidence in Saudi products. It is one of the development banks and funds affiliated with the National Development Fund.

About AFC
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception.