RIYADH: Among the agreements made at a special business summit in Johannesburg was a $25 million credit arrangement between the Saudi Export-Import Bank and a significant South African financial institution.
Through the agreement with Standard Bank Group, businesses in the Kingdom would receive further financial assistance to facilitate commerce with the African nation.
According to the Saudi Press Agency, the agreement was made at the Saudi-South African Business Forum, when 420 officials and business executives discussed ways to strengthen economic connections between the two countries, with a focus on the mining industry.
Saudi EXIM’s deputy CEO, Naif Al-Shammari, was quoted by Bloomberg as stating that the deal with Standard Bank Group will strengthen economic ties between the two nations. The Saudi Export Development Authority and Skytower Development Co. inked another cooperation pact.
In 2023, the expected value of trade between South Africa and Saudi Arabia was $3.5 billion. Additionally, the Kingdom is the top trading partner of South Africa in the region.Majid bin Abdullah Al-Qasabi, the Minister of Commerce and Chairman of the National Competitiveness Centre, led the high-level Saudi delegation that attended the forum, which was arranged by the NCC in association with the South African Ministry of Trade and Industry and the Federation of Saudi Chambers, according to SPA.
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