https://arab.news/7nge8
RIYADH: A $25 million credit agreement involving the Saudi Export-Import Bank and a major South African financial institution was among the deals struck at a special business forum in Johannesburg.
The arrangement with Standard Bank Group will see companies in the Kingdom given extra funding support to trade with the African country.
The deal was signed during the Saudi-South African Business Forum, which saw 420 business leaders and officials discuss how to boost economic ties between the nations – with an emphasis on the mining sector, the Saudi Press Agency reported.
Bloomberg cited Naif Al-Shammari, Saudi EXIM’s deputy chief executive officer, as saying that the agreement with Standard Bank Group will bolster trade links between the two countries.
Another memorandum of cooperation was signed between the Saudi Export Development Authority and Skytower Development Co.
Commerce between Saudi Arabia and South Africa was estimated at about $3.5 billion in 2023.
The high-level Saudi delegation attending the forum was led by the Minister of Commerce and Chairman of the National Competitiveness Center, Majid bin Abdullah Al-Qasabi, and was organized by the NCC in collaboration with the Federation of Saudi Chambers and the South African Ministry of Trade and Industry, according to SPA.
One panel at the event addressed cooperation in the mining sector, while the another discussed expanding the economic partnership between the Kingdom and South Africa in light of promising opportunities.
It also introduced the mechanisms used by relevant authorities to resolve challenges facing the business sector.
The forum also falls in line with the Kingdom’s commitment to strengthening its trade and economic relations with the African continent, which was announced by the Crown Prince and Prime Minister of Saudi Arabia at the Saudi-African Summit held in Riyadh last November.