The Saudi Export-Import Bank (Saudi EXIM) has signed a memorandum of understanding (MoU) with Shelter Afrique to support housing, infrastructure, and urban development projects in African countries and to explore joint financing opportunities aligned with the development goals of both parties.

 

The MoU was signed by CEO of Saudi EXIM Bank Eng Saad Al-Khalb and Managing Director of Shelter Afrique Thierno-Habib Hann in Nairobi, the capital of Kenya, during the bank's official delegation visit aimed at strengthening cooperation with financial institutions and international organizations, and enabling Saudi non-oil exports in African markets, said a Saudi Press Agency report.

 

Al-Khalb said: “The MoU with Shelter Afrique is a significant step toward expanding financial and investment cooperation in urban development and infrastructure projects. It also contributes to developing innovative financing solutions that support sustainable development efforts across the African continent and open opportunities for local companies and exporters to actively participate in promising development projects.”

 

He affirmed that the MoU is an extension of the bank’s efforts to enhance international cooperation and expand strategic partnerships with African institutions, in support of Saudi non-oil exports and their competitiveness in global markets.

 

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

 

He also held a series of meetings with leaders of financial and insurance institutions, as part of the bank’s efforts to expand its international partnerships and reinforce trade relations, said the report.