A $10 million credit line has been established by Saudi EXIM Bank and Mauritanian Investment Bank to facilitate the expansion of Saudi Arabia's non-oil exports to Mauritania. The pact intends to improve Saudi exporters' competitiveness in African markets by offering financing options and strengthening economic ties between the two nations. The agreement supports the objectives of Saudi Vision 2030, which include maximizing export revenue and creating a diversified and sustainable economy.
"Riyadh, August 13, 2024." The Saudi EXIM Bank and the Mauritanian Investment Bank have established a ten million dollar credit line as a result of an increase in Saudi non-oil exports to Mauritania and improved commercial ties between the two nations.At the bank's Riyadh headquarters, the agreement was signed by Cheikhna Bashir, Head of International Affairs and External Relations at Mauritanian Investment Bank, and Eng. Abdulatif Al-Ghaith, Director General of Lending at Saudi EXIM Bank.According to Eng. Al-Ghaith, "this arrangement fits within the framework of the bank's efforts," the arrangement is in line with the bank's efforts to offer financing solutions that support the growth of Saudi non-oil exports and boost their competitiveness in African markets, particularly in Mauritania.Working together, the Kingdom will be able to boost exports in several key industries, which will open up new trade opportunities for Saudi exporters, encourage Mauritanian importers to buy Saudi products and services, and increase the number of opportunities for bilateral trade and investment. Furthermore, the EXIM Bank has negotiated a number of financing arrangements with major financial institutions in each of their individual nations, which are extended by this arrangement.Bashir clarified: "This agreement will play a pivotal role in enhancing opportunities and providing financing for Mauritanian clients who collaborate with local exporters in the Kingdom, which will positively reflect on mutual trade."As per Saudi Vision 2030, the accord is in harmony with the endeavors of the Saudi EXIM Bank to foster the growth of a diverse and enduring economy, with the ultimate objective of optimizing the financial gains from exports.