The Saudi Export-Import Bank (Saudi EXIM Bank) and the Kenya Development Corporation (KDC) have extended their memorandum of understanding (MoU) until December 2029 to support bilateral trade and investment.
The agreement was signed in the presence of Prince Faisal bin Farhan bin Abdullah, Saudi Minister of Foreign Affairs, and Dr. Musalia Mudavadi, Kenya’s Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs.
The signing took place on the sidelines of the first meeting of the Saudi-Kenyan Political Consultations Committee, held at the Ministry of Foreign Affairs headquarters in Riyadh.
The MoU extension was signed by Eng. Saad bin Abdulaziz Alkhalb, Saudi EXIM Bank Chief Executive Officer, and Norah Ratemo, KDC Director General.
According to Saudi EXIM Bank, the extension of the agreement strengthens cooperation between the two institutions in support of increased trade and investment between Saudi Arabia and Kenya.
The extended agreement builds on the partnership established during the Saudi-Arab-African Economic Conference in 2023. The agreement enhances cooperation, facilitates the exchange of expertise, promotes bilateral trade, and expands opportunities for exporters, supporting the economic and development objectives of both countries.
Eng. Saad bin Abdulaziz Alkhalb said that the continued trade and investment cooperation reflects the strong bilateral relationship between Saudi Arabia and Kenya and their shared commitment to expanding collaboration.
The partnership supports greater economic cooperation, facilitates the exchange of expertise, promotes bilateral trade, and creates more opportunities for exporters in both countries.
Alkhalb remarked that, “Africa represents one of the most promising markets for Saudi exports. The continuation of this partnership reflects the bank’s strategy to expand its network of partnerships with regional and international financial and development institutions, creating new opportunities for exporters in both Saudi Arabia and Kenya while enhancing the global reach of Saudi products and services.”
Saudi EXIM Bank stated that it continues to implement its strategy of building partnerships with financial and development institutions worldwide to support the growth of Saudi non-oil exports and enhance their competitiveness in regional and international markets. The bank noted that these efforts also contribute to sustainable development objectives and support the national economy.
