UK Export Finance (UKEF) said on Tuesday that it has signed a cooperation agreement with the Saudi Arabian export credit agency, Saudi Export-Import Bank (Saudi Exim).

UKEF said the agreement provides a general framework that will enable the two agencies to combine their financial support to help UK and Saudi businesses secure export contracts anywhere in the world.

It said UKEF can now support the export of products from Saudi Arabia through its collaboration with Saudi Exim where a transaction also involves substantial trading opportunities for UK exporters in third countries.

UK Export Finance CEO Louis Taylor said: "This partnership is a major boost to our trading relationship and to businesses in both countries. By working with other export credit agencies from around the world we can open doors to suppliers from other countries to contribute to international projects, making the projects even better and our offer even more attractive to overseas buyers."

Saudi Export-Import Bank CEO Saad Alkhalb said: "Saudi Arabia is diversifying its exports capability and intensely as part of Vision 2030 strategy. The two countries are already working closely together to strengthen trade ties to support the growth in export."

(Writing by D Madhura; Editing by Anoop Menon)