Saudi Arabia, Italy sign MoU to increase trade exchange

Saudi Arabia, Italy sign MoU to increase trade exchange

ROME — The Saudi Export-Import Bank signed a memorandum of understanding with the Italian Export Credit Agency (SACE) which aims to empower Saudi exporters and international investors and enhance the Saudi-Italian trade exchange. The memo falls within the bank’s endeavor to open new horizons for Saudi exports and enhance the presence of Saudi products in international markets. The memo was signed by EXIM Bank CEO Eng. Saad Alkhalb and SACE CEO Alessandra Ricci at her agency’s headquarters in Rome. The agreement aims at establishing a framework for mutual reinsurance in a way that enhances the presence of Saudi products in Italian markets, and it opens horizons for cooperation in areas of professional development, transfer of knowledge of best practices in export credit, and cooperation in international projects that utilize the Saudi and Italian resources in line with the economic goals of the two parties. Alkhalb hailed the agreement as a step forward in the bank’s efforts to improve and diversify Saudi non-oil exports and enhance their competitiveness, in addition to providing funding for Saudi exports and insurance services and export credit insurance with competitive advantages. He also underlined the bank’s efforts to realize the Saudi Vision 2030 by increasing the