Johannesburg: The Saudi Export-Import Bank (Saudi EXIM) signed two memoranda of understanding with Absa Bank Limited and Standard Bank of South Africa Limited on the sidelines of the Saudi-South African Business Forum in Johannesburg.

These agreements aim to boost trade relations and expand the export of goods and services between Saudi Arabia and South Africa, part of a broader effort to strengthen bilateral economic ties, as evidenced by the official visit of Minister of Commerce Dr. Majid Al-Kassabi to South Africa.

The Saudi EXIM has allocated a credit line of $25 million to Standard Bank to support Saudi non-oil exports to South Africa and other African countries.

Standard Bank’s extensive network in over 20 countries will provide Saudi exporters with access to new markets.

Absa Bank will also play a crucial role in providing financial and insurance solutions to support Saudi trade in Africa. With its presence in over 10 countries on the continent, Absa Bank will help increase the competitiveness of Saudi exports regionally and internationally.