In a move aimed at fostering economic cooperation and trade relations, Africa’s Global Bank, United Bank for Africa (UBA) Plc, and Saudi Export-Import Bank (Saudi EXIM) have announced a landmark partnership. The collaboration was formalized through the signing of a Memorandum of Understanding (MoU) on November 9, 2023, during the Saudi and Arab African Summits held in Saudi Arabia.
The partnership outlines the guiding principles for developing cooperation and relations between the two financial institutions, with a primary focus on promoting trade through the export of goods and services between the Kingdom of Saudi Arabia and African markets.
Under the MoU, UBA and Saudi EXIM Bank commit to sustained participation in the development of the African economy, fostering intercontinental business relationships that will be facilitated by this new collaboration. The agreement also paves the way for supporting joint projects and collaboration, including co-financing, co-insuring, co-guaranteeing, and reinsurance projects jointly undertaken by companies from both regions.
The framework further facilitates the exchange of information and know-how in the field of export credit policies and practices, fostering collaboration through meetings, conferences, seminars, workshops, and staff training initiatives beneficial to both parties.
UBA’s Chief Executive Officer, Oliver Alawuba, expressed enthusiasm about the collaboration, highlighting its potential to identify and support joint projects and collaborations in the exportation of goods and services. Alawuba emphasized that the partnership aligns with UBA’s commitment to intercontinental business relationships and contributing to the development of the African economy.
He stated, “This relationship is particularly promising, considering that Saudi Arabia is deliberate in deepening economic cooperation with Africa, and UBA, with a presence in 20 African countries, provides the necessary vehicle for deepening this engagement.”
His Excellency Eng. Saad Al-Khalb, CEO of Saudi EXIM, echoed the sentiment, emphasizing that the partnership would propel the export of innovative Saudi goods and services, catalyze industrial growth, and expand the global footprint across African economies. He emphasized the positive impact on Saudi Arabia’s export diversification and the socio-economic fabric of African nations.
The collaboration between UBA and Saudi EXIM Bank represents a strategic alliance bridging continents, connecting people and businesses across Africa and the Middle East, reinforcing UBA’s commitment to facilitating cross-border payments, trade finance, and ancillary banking services.