Riyadh, December 21, 2023, The Saudi EXIM Bank has officially signed a Memorandum of Understanding (MoU) with the Development Bank of Kazakhstan, aiming to establish guiding principles for cooperation and bilateral relations. The primary objective of this collaboration is to enhance the export of products and services between Saudi Arabia and Kazakhstan.
The MoU was signed in Riyadh by Dr. Naif bin Abdulrahman Al-Shammari, Deputy CEO of Saudi EXIM Bank, and Marat Yelibayev, Chairman of the Management Board of the Development Bank of Kazakhstan.
Dr. Al-Shammari highlighted the significance of this partnership in facilitating the export of Saudi non-oil products to global markets. He emphasized that the MoU reflects the bank's commitment to leveraging international collaborations to promote Saudi exports on regional and global scales. The aim is to work closely with the Development Bank of Kazakhstan to explore opportunities, capitalize on the excellence of industrial sectors, and support joint projects through financing and joint guarantees.
Chairman Yelibayev emphasized the strategic role of the MoU in supporting trade exchange between Saudi Arabia and Kazakhstan, fostering opportunities, and backing joint projects that mutually benefit both entities.
As part of the MoU, the two banks have agreed to exchange information, experiences, and best practices to enhance the development of services and products. Additionally, collaborative efforts in research and knowledge sharing will be facilitated to design export credit policies and practices. The agreement also includes provisions for workforce training opportunities, further strengthening the ties between Saudi Arabia and Kazakhstan in economic and trade cooperation.
