NBB signs accord to boost Saudi exports: Bahrain

NBB signs accord to boost Saudi exports: Bahrain

The National Bank of Bahrain (NBB) has signed a memorandum of understanding with Saudi Export-Import Bank (Saudi EXIM) tasked with promoting the development and diversification of Saudi exports. The agreement between both banks will help facilitate trade flows between Saudi Arabia and other countries. The signing ceremony was held at Saudi EXIM head-office in Riyadh, in the presence of a number of representatives from both entities. As a result of the partnership, NBB will offer competitive financing rates to Bahraini companies importing goods from Saudi Arabia. Saudi-based clients of NBB will also be able to export their products through the provision of guarantees, credit insurance and more. In addition to fostering the growth of Saudi exports, the joint-agreement will contribute to driving economic growth in Saudi and facilitate trade flows between Bahrain, Saudi Arabia, and other countries. Commenting on the occasion, Saad Alkhalb, chief executive of Saudi EXIM Bank, said: “We are pleased to be signing with the National Bank of Bahrain to strengthen trade flows between Saudi Arabia and other countries. The MoU aligns with the bank’s role to empower Saudi exporters through strategic partnerships and bolster non-oil-based activities in Saudi Arabia. We are committed on the contribution to