Italy's SACE SIMEST, Saudi Ministry of Finance sign MoU to strengthen commercial ties

SACE is setting up an office in Riyadh to promote Italian SME exports to the Kingdom

  
Image used for illustrative purpose.

Image used for illustrative purpose.

Gettyimages

SACE, Italy's export credit agency (CDP Group) announced on Friday that it has signed a Memorandum of Understanding with Saudi Arabia's Ministry of Finance to explore, strengthen and enhance trade and economic cooperation between the two countries, which includes transfer of capacity building and know-how to the Kingdom in support of its Vision 2030 programme.

SACE assisted the Saudi government with the establishment of the Saudi Exim Bank, according to a press statement issued by the Italian ECA.

The agreement was signed by Michal Ron, Head of SACE's International Business and Fahad A Alsaif, CEO of the ministry's Debt Management Office, the statement said.

It said SACE and the Ministry are discussing financial solutions aimed at facilitating Italian exports and agreed to share information on ongoing and new opportunities in the interest of both parties, including projects and initiatives in third countries involving companies from Italy and Saudi Arabia.

SACE is in the process of opening a representative office in Riyadh to assist Italian small and medium enterprises (SME) in gaining access to the Saudi market, the statement concluded.

(Writing by Syed Ameen Kader; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© Thomson Reuters Projects News 2020