In order to expand cooperation and develop international trade between Ukraine and the Kingdom of Saudi Arabia, JSC Ukreximbank has entered into a Framework Agreement with Saudi Exim Bank with a total limit of US$ 25.0 million to facilitate the foreign economic activity of the bank's customers.
The signing ceremony took place on October 13, 2021 during the Berne Union General Annual Meeting in Budapest, Hungary. JSC Ukreximbank is a member of the Prague Club, which is part of the International Union of Credit and Investment Insurers (Berne Union), since October 2008.
On behalf of JSC Ukreximbank the Agreement was signed by Member of the Management Board Oleksandr Shchur and on behalf of Saudi Exim Bank by Abdullatif S. AlGhaith, Director General - Lending.
The Framework Agreement is the first agreement in the Ukreximbank history concluded with a bank of Saudi Arabia, one of the most important trading partners of Ukraine in the Middle East.
«The launch of our cooperation with Saudi Exim Bank will provide an impetus for further development of international cooperation between Ukraine and the Kingdom of Saudi Arabia, promote joint projects in various sectors of the economy and strengthen trade ties, which have been developing intensively in recent years» said Oleksandr Shchur, Member of the Management Board.
Note to editors:
Saudi Export-Import Bank (Saudi Exim Bank) was established in 2020 to provide export financing, guarantees, credit insurance and other facilities with competitive advantages to enhance confidence in Saudi exports and their entry into new markets in order to reduce risks and create added value for Saudi-made exports and imports.
Joint Stock Company "State Export-Import Bank of Ukraine" is a universal financial institution, 100% owned by the Cabinet of Ministers of Ukraine . It is always one of the largest Ukrainian banks, services a considerable proportion of export and import activities effected by Ukrainian state and private export enterprises, has the most extensive network of correspondent banks in the country, successfully cooperates with the International Bank for Reconstruction and Development, the European Bank for Reconstruction and Development, the European Investment Bank, the International Finance Corporation and other leading international financial organizations, foreign banks and financial institutions.