Saudi EXIM Bank And Shelter Afrique Sign MoU To Boost Urban Development In Africa

The Saudi Export-Import Bank (Saudi EXIM) has entered into a memorandum of understanding (MoU) with Shelter Afrique. This agreement aims to bolster housing, infrastructure, and urban development projects in African member states. It also seeks to explore joint financing opportunities that align with the development goals of both entities.

During the signing event in Nairobi, Kenya, Eng. Saad Al-Khalb, CEO of Saudi EXIM Bank, and Thierno-Habib Hann, Managing Director of Shelter Afrique, formalised the partnership. This took place during an official delegation visit by the bank aimed at enhancing cooperation with financial institutions and international organisations.

Eng. Saad Al-Khalb expressed that this MoU represents a crucial step towards expanding financial and investment cooperation in urban development and infrastructure projects. He stated, "The MoU with Shelter Afrique is a significant step toward expanding financial and investment cooperation in urban development and infrastructure projects."

The agreement is seen as part of Saudi EXIM's broader strategy to enhance international collaboration. It aims to expand strategic partnerships with African institutions to support Saudi non-oil exports and improve their competitiveness globally.

During the visit to Kenya, Al-Khalb met with Lee Kinyanjui, Cabinet Secretary for Investments, Trade, and Industry of Kenya. They discussed ways to boost bilateral cooperation and increase the flow of Saudi exports into Kenya.

Al-Khalb also engaged in discussions with leaders from various financial and insurance institutions. These meetings were part of the bank’s efforts to broaden its international partnerships and strengthen trade relations.

Focus on Sustainable Development

The MoU aims to develop innovative financing solutions that support sustainable development across Africa. It opens opportunities for local companies and exporters to engage actively in promising development projects on the continent.

This collaboration reflects Saudi EXIM's commitment to fostering sustainable growth through strategic partnerships. It highlights their focus on creating avenues for local businesses to participate in global markets effectively.

This initiative underscores Saudi EXIM's dedication to supporting non-oil exports by building strong international ties. The bank continues to seek opportunities that enhance its role in global trade while contributing positively to economic growth in partner regions.

With inputs from SPA