ACWA Power, Saudi Arabia-based power plant developer, has signed a Memorandum of Understanding (MoU) with the Kingdom’s leading financial agency, Saudi Export-Import Bank (EXIM Bank) to collaborate on knowledge sharing initiatives in the area of project finance.
As part of MoU, ACWA Power and EXIM Bank will jointly work on knowledge transfer in the area of credit issuance, with the objective of facilitating and growing Saudi exports and overseas investments by Saudi institutions and organizations.
The agreement will also strengthen the growth of local content and Saudi exports in global projects and capital investments overseas, which will, in turn, create new jobs and promote economic growth within the Kingdom and beyond.
“Saudi EXIM is working to expand its partnerships with local and international entities to support and diversify innovative financing products and credit solutions that meet the objectives of our partners and beneficiaries. These developments will enhance the competitiveness of Saudi products, increase the economic impact of non-oil exports on the GDP, and reinforce the growth of the alternative economy in support of the Vision 2030 goals of building a prosperous and sustainable economy.”
Saudi EXIM offers export financing, guarantees, credit insurance and other facilities to boost confidence in Saudi exports and facilitate entry into new markets. The organization was conceptualized under the framework of Vision 2030, to diversify the Kingdom’s economy, expand its non-oil exports, and improve the ability of Saudi companies to compete in global markets in diverse sectors.
ACWA Power’s mission is to reliably and responsibly deliver electricity and desalinated water at a low cost, thereby contributing effectively to the sustainable, social and economic development of the communities and countries it operates in.
Commenting on the collaboration, Mr. Mohammad Abunayyan, Chairman of ACWA Power, said, “As a Saudi national champion with extensive expertise in project finance, including working with export credit agencies from across the world, we have firsthand experience in driving knowledge transfer and using it effectively to build national project financing capabilities. We value this agreement with Saudi EXIM and look forward to partnering with their teams on our projects, as we continue on delivering solutions that create economic benefits within the country and support the ambitious Saudi Vision 2030 goals.”