TDB AND SAUDI EXIM BANK TO COLLABORATE ON BOLSTERING SAUDI-AFRICAN BUSINESS
Media Contacts:
Anne-Marie Iskandar
Senior Communications Officer
Corporate Affairs and Investor Relations
Trade and Development Bank
Anne-Marie.Iskandar@tdbgroup.org
Saudi EXIM Bank
Turki Almgbas
Corporate Communications Director
tmgbas@saudiexim.gov.sa
Riyadh, 9 November 2023 – The Eastern and Southern African Trade and Development Bank Group (TDB Group) and the Saudi Export–Import Bank (Saudi EXIM Bank) have signed an MoU during the Arab-African & Saudi-African Summits’ Economic Conference, to enhance cooperation and explore co-financing and investment opportunities between the two banks, and bolster Saudi-African business.
The Agreement establishes a framework for both parties to collaborate on trade and project finance transactions through several financing modalities. These include financing to beneficiaries in TDB member states for the importation of Saudi goods and services, supporting projects in the TDB region requiring Saudi exports, and co-financing, co-insurance, co-guarantees and reinsurance to jointly support projects undertaken by companies from Saudi Arabia and TDB member states.
The Agreement also provides for the exploration of opportunities pertaining to TDB’s high-return and impact driven Class B or Class C shares, for Saudi investment companies and public authorities.
Additionally, the parties will promote the mutual exchange of information and expertise in the field of export credit policies and practices, sharing of best practices, and capacity building, particularly in the area of Islamic finance and private sector promotion in Africa.
Admassu Tadesse, TDB Group President Emeritus and Managing Director said that “TDB Group is pleased to embark upon this partnership with Saudi EXIM Bank. We look forward to working together to scale-up collaboration on transformative projects and transactions through a wide array of financing structures which can advance economic and trade cooperation between Saudi Arabia and our region, and ultimately contribute to its sustainable development.”
Mary Kamari, TDB Group Corporate Affairs and Investor Relations Executive said that: “TDB Group leverages its strategic partnerships to broaden financing opportunities for its member states. Through the Agreement we signed today, TDB and Saudi EXIM bank are poised to develop joint initiatives for Saudi and African private sector to work closer together. They will also have the chance to sensitize Saudi investment companies and public authorities on opportunities to invest in TDB, to unlock additional impact while making attractive returns.”
“This MoU marks a significant milestone in our ongoing efforts to foster international trade and advocate economic development for both regions,” stated Eng. Saad Al-Khalb, CEO of the Saudi EXIM “By partnering with TDB, we aim to further amplify our impact, support multilateral investment, empower businesses, facilitate more efficient trade flows and create solutions which actively support both export and private sector entities.”
“Saudi Arabia is currently witnessing more diversification, higher returns on investment, and new strategic alliances, which position the Kingdom as a key player on the international investment stage. We look forward to cooperating with diverse markets in Africa and developing lasting, purposeful relationships.”
About TDB
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a regional development finance institution with investment-grade ratings and assets totaling USD 8.4 billion. TDB serves 25 economies in its region, with the mandate to finance and foster trade, regional economic integration, and sustainable development.
TDB is part of TDB Group, which also comprises the Trade and Development Fund (TDF), Eastern and Southern African Trade Advisers Limited (ESATAL), TDB Captive Insurance Company (TCI), and the TDB Academy.
About Saudi EXIM Bank
It was established in 2020 with the aim of promoting Saudi non-oil exports and enhancing its competitiveness across various sectors in global markets. This is done by providing financing services, guarantees and credit insurance with competitive advantages to enhance confidence in Saudi products and increase the contribution of non-oil industries to 50% by 2030 from the current percentage of 16%, which is a major goal of the Kingdom’s Vision 2030. The Export-Import Bank is one of the development funds that are supervised by Saudi National Development Fund.
