Saudi Export Import Bank (Exim) has signed a MoU with Sumitomo Mitsui Banking Corporation (SMBC) to increase the provision of financial tools for both Saudi and Japanese importers and exporters.

Exim, a subsidiary of the National Development Fund, added that SMBC will get involved in joint financing and the development of trade, export and project finance transactions, provide credit lines to buyers, explore securitization or letters of credit to creditworthy Saudi exporters and Japanese importers.

It would also create “financial solutions that further facilitate export/import deals and projects pertaining to Saudi-Japanese trade”, a statement by Exim said.

SMBC added this MoU was part of the bank’s effort to be involved on a global level for Saudi exporters, increase Saudi exports through strategic partnerships with national and international financial institutions, build national lending and credit capabilities using expertise provided by the Japanese institution, and bolster Saudi EXIM’s own lending and credit assets to help national exporters.

Saad Alkhalb, Chief Executive Officer of Saudi EXIM, said of the MoU, “This should boost the competitiveness of Saudi products, increase the non-petroleum share of the gross domestic product, and create a more diverse alternative economy.”

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.