The Saudi Export-Import Bank (EXIM) and the Japanese banking giant Sumitomo Mitsui Banking Corporation (SMBC) have signed a Memorandum of Understanding (MoU) to provide more financial solutions to both Saudi and Japanese traders.
This MoU is the latest in a line of global deals pursued by Saudi EXIM to help Saudi exporters and importers in growing their businesses, streamline operations, reduce risk, become more competitive on a global level.
According to the MoU, SMBC will get involved in joint financing and development of Trade, Export and Project Finance transactions, provide credit lines to buyers, explore securitization or letters of credit to creditworthy Saudi exporters and Japanese importers.
Saudi EXIM’s work with SMBC is part of the bank’s effort to be involved in doing business on a global level for Saudi exporters, increase Saudi exports through strategic partnerships with national and international financial institutions, build national lending and credit capabilities using expertise provided by the Japanese institution, and bolster Saudi EXIM’s lending and credit assets to help national exporters.
“The bank is working to broaden and diversify its partnerships with national and international financial and credit houses, to create and provide competitive financing and credit solutions that enable other Saudi banks to fund non-petroleum exports. This, in turn, should boost the competitiveness of Saudi products, increase the non-petroleum share of the gross domestic product, and create a more diverse alternative economy.”
The MoU is part of Saudi EXIM’s global push for more agreements and strategic partnerships, which align with Vision 2030’s goal of boosting the global presence of Saudi products and services, as well as developing and discovering new investment possibilities.
Sumitomo Mitsui Banking Corporation provides financial services to a wide range of customers, including individuals, small and medium businesses, enterprises, other financial institutions, and the Japanese government.