RIYADH: A $25 million credit agreement between the Saudi Export-Import Bank and a prominent South African financial institution was one of the key deals finalized at a dedicated business forum in Johannesburg.
The partnership with Standard Bank Group will provide additional financial backing to companies in the Kingdom, facilitating trade with South Africa.
The agreement was formalized during the Saudi-South African Business Forum, where 420 business leaders and officials convened to explore avenues for enhancing economic collaboration between the two nations, with a particular focus on the mining industry, as reported by the Saudi Press Agency.
According to Bloomberg, Naif Al-Shammari, Deputy CEO of Saudi EXIM, highlighted that the deal with Standard Bank Group will strengthen trade connections between the two countries.
Additionally, a memorandum of cooperation was inked between the Saudi Export Development Authority and Skytower Development Co.
The estimated trade volume between Saudi Arabia and South Africa for 2023 stands at approximately $3.5 billion.
The high-profile Saudi delegation at the forum was spearheaded by the Minister of Commerce and Chairman of the National Competitiveness Center, Majid bin Abdullah Al-Qasabi. The event was jointly organized by the NCC, the Federation of Saudi Chambers, and the South African Ministry of Trade and Industry, as per the Saudi Press Agency.
One session at the forum focused on mining sector cooperation, while another examined the potential for expanding the economic partnership between the Kingdom and South Africa.
The forum also aligned with the Kingdom's pledge to fortify its trade and economic ties with the African continent, a commitment made by the Crown Prince and Prime Minister of Saudi Arabia during the Saudi-African Summit in Riyadh last November.
