Jeddah: The Saudi Export-Import Bank (Saudi EXIM Bank) has signed a memorandum of understanding (MoU) with Japan's Mizuho Bank.

The Chief Executive Officer (CEO) of the Saudi EXIM Bank, Eng. Saad bin Abdulaziz Al-Khalb, and the Chairman of the Board of Directors of Mizuho Bank, Seiji Imai, attended the signing of the MoU. The MoU seeks to promote cooperation and participation between businesses in both countries in order to expand trade opportunities and job prospects, including Saudi exports of goods and services.

Additionally, it facilitates the exchange of expertise and information on export credit policies and procedures as well as their ideas on how to carry out initiatives to develop new products.

The MoU was signed during the Saudi-Japanese roundtable, which was held in Jeddah to enhance trade and investment ties and explore joint prospects between the Kingdom of Saudi Arabia and Japan.

Eng. Al-Khalb emphasized that the signing of the MoU reflects the Saudi EXIM Bank's effective role in forming international partnerships to support the growth and diversification of Saudi Arabia's non-oil exports and raise their level of competitiveness. He lauded Mizuho Bank for its skills, extensive network of international relations, and the significant contribution it makes by joining the network of financial institutions that supports the Saudi EXIM Bank's role in empowering Saudi exporters.

Notably, the Saudi EXIM Bank strives to support Saudi non-oil exports on the international market by bridging funding gaps and lowering risks faced by exporters to realize Saudi Vision 2030, which aims to grow the percentage of non-oil exports to 50% of GDP by 2030.