CAF and Saudi EXIM Bank sign Memorandum of Understanding to promote cooperation

CAF-Development Bank of Latin America and the Caribbean and the Export-Import Bank of Saudi Arabia (Saudi EXIM Bank) have signed a Memorandum of Understanding (MOU) to enhance cooperation and strengthen economic ties between Saudi Arabia and Latin America and the Caribbean.

The MOU, signed by H.E. Saad A. Alkhalb, CEO of Saudi EXIM Bank, and Antonio Silveira, CAF's Vice President of Private Sector, outlines several key areas of collaboration. The agreement focuses on identifying and proposing projects of mutual interest, as well as supporting joint initiatives involving the export of goods and services. Both institutions will explore opportunities for co-financing, co-insurance, co-guarantees and reinsurance to facilitate these projects.

A crucial aspect of the partnership involves the exchange of information and best practices in export credit policies. The MOU also emphasizes the importance of knowledge sharing through various channels, including meetings, conferences and workshops. To further strengthen collaboration, both organizations will provide training opportunities and facilitate staff exchanges.

Antonio Silveira, CAF's Vice President for the Private Sector, said, "Latin American and Caribbean (LAC) sectors are dependent on growth that requires participation in international markets. The Kingdom of Saudi Arabia (KSA) and LAC have a complementary but limited trade relationship. LAC companies are positioning themselves as preferred partners for a range of products. This MoU between KSA EXIM bank and CAF will explore existing trade and investment links between KSA and LAC, assessing their potential and identifying new opportunities to strengthen the relationship."

Saad Al-Khalb said: "The MoU with CAF represents an important milestone in strengthening economic relations between the Kingdom of Saudi Arabia and Latin America and the Caribbean. This partnership is dedicated to enhancing sustainable development. By creating promising trade and investment opportunities for businesses and leveraging the unique strengths of both parties, we seek to elevate the bank's role in building connections and enriching economic and trade relations across a wide range of countries."

This collaboration is expected to open up new opportunities for trade and investment between Saudi Arabia and the Latin American and Caribbean regions. By leveraging the strengths of both organizations, the partnership seeks to promote economic diversification and sustainable development in the respective regions.