Saudi EXIM Strengthens Partnership with Kenya Development Corporation

In the presence of Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and Kenya’s Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs Dr. Musalia Mudavadi, the Saudi Export-Import Bank (Saudi EXIM Bank) and the Kenya Development Corporation (KDC) signed an addendum to extend a memorandum of understanding (MoU) for an additional three years, until December 2029. The signing took place on the sidelines of the first meeting of the Saudi-Kenyan Political Consultations Committee, held at the Ministry of Foreign Affairs headquarters in Riyadh.
 The MoU extension was signed by Saudi EXIM Bank CEO Eng. Saad bin Abdulaziz Alkhalb and KDC Director General Norah Ratemo. The extension of the MoU aims to further strengthen cooperation between the two parties in support of increased trade and investment between Saudi Arabia and Kenya. It builds on the partnership established on the sidelines of the Saudi–Arab–African Economic Conference in 2023 to enhance collaboration, facilitate the exchange of expertise, promote bilateral trade, and expand opportunities for exporters, contributing to the economic and development objectives of both countries.
 On this occasion, Alkhalb affirmed that the successful trade and investment cooperation between the Kingdom of Saudi Arabia and the Republic of Kenya reflects the strong relations between the two countries and demonstrates the shared commitment to building on the progress achieved in recent years. It also reinforces opportunities for economic cooperation, the exchange of expertise, the growth of bilateral trade, and the expansion of opportunities for exporters in both countries.
 He said: “Africa represents one of the most promising markets for Saudi exports. The continuation of this partnership reflects the bank’s strategy to expand its network of partnerships with regional and international financial and development institutions, creating new opportunities for exporters in both Saudi Arabia and Kenya, while enhancing the global reach of Saudi products and services.”
 Saudi EXIM Bank focuses on implementing its strategy of building effective partnerships with financial and development institutions worldwide to support the growth of Saudi non-oil exports and enhance their competitiveness in regional and international markets, contributing to sustainable development objectives and strengthening the national economy.