Sumitomo Mitsui Banking Corporation (SMBC) and the Saudi Export-Import Bank (EXIM Bank) have signed a memorandum of understanding with the aim of providing more financial solutions to support trade between exporters and importers in Saudi Arabia and Japan in a way that enables them to perform exportation and importation processes easily with fewer risks.

The memorandum stipulates supporting joint finance projects, developing all financial transactions, providing buyer credit finance, discuss opportunities to secure financial guarantees or letters for beneficiaries with credit competency from Saudi exporters or Japanese buyers, innovating solutions that can increase opportunities to finance purchases and implementing projects related to Saudi and Japanese exports.

This cooperation is part of EXIM Bank’s continuous efforts to increase the volume of national products’ exports through holding strategic partnerships with international and local finance corporations, discuss means to develop the Saudi economy through utilizing the expertise of Japanese institutions in the fields of financing and credit,,and increase the financing and credit capabilities of the bank to support Saudi exporters.

Saudi Gazette