The National Bank of Bahrain (NBB) has signed a Memorandum of Understanding with Saudi EXIM– Saudi Export-Import Bank tasked with promoting the development and diversification of Saudi exports. The agreement between both banks will help facilitate trade flows between the Kingdom of Saudi Arabia and other countries. The signing ceremony was held at Saudi EXIM Head Office in Riyadh, in the presence of a number of representatives from both entities.

As a result of the partnership, NBB will offer competitive financing rates to Bahraini companies importing goods from Saudi Arabia. NBB’s Saudi-based clients will also be able to export their products through the provision of guarantees, credit insurance and more.

In addition to fostering the growth of Saudi exports, the joint-agreement will contribute to driving economic growth in the Kingdom and facilitate trade flows between Bahrain, Saudi Arabia, and other countries.

Commenting on the occasion, His Excellency Eng. Saad Abdulaziz Alkhalb, CEO of Saudi EXIM Bank, said: “We are pleased to be signing with the National Bank of Bahrain to strengthen trade flows between Saudi Arabia and other countries. The MoU aligns with the bank’s role to empower Saudi exporters through strategic partnerships and bolster non-oil-based activities in the Kingdom. We are committed on the contribution to the Saudi Vision 2030 realisation, by investing in key partnerships to further enhance the Kingdom’s presence in global markets.”

On his end, Mansour A. Alsaghayer, CEO of NBB KSA, said: “We are confident that our partnership with Saudi EXIM Bank will lay the groundwork for a fruitful collaboration between our neighbouring countries. The financing scheme will also offer our Saudi-based clients trade solutions designed to boost exports in developing markets. We continue to play an active role in providing financial services to the Kingdom to further achieve the Saudi Vision 2030.”

Vineet Munot, Head of Transaction Banking at NBB, said: “Our collaboration with Saudi EXIM Bank will enable NBB to provide value-added trade solutions to our Client base. By leveraging on the leading industry position of both organisations, we hope to establish further business opportunities to develop trade flows in the region and beyond.”