ACWA Power, a leading developer, investor and operator of power generation, desalinated water and green hydrogen plants, signed on Monday a Memorandum of Understanding (MoU) with Saudi Export-Import Bank (Saudi EXIM).
The agreement involves knowledge transfer in credit issuance, with the objective of facilitating and growing Saudi exports and overseas investments by Saudi institutions and organizations.
The MoU will also bolster the growth of local content and Saudi exports in international projects and capital investments overseas, which will, in turn, create new jobs and foster economic growth in the Kingdom and abroad.
“Saudi EXIM is working to expand its partnerships with local and international entities to support and diversify innovative financing products and credit solutions that meet the objectives of our partners and beneficiaries,” said Eng. Saad al-Khalb, the CEO of Saudi EXIM.
“These developments will enhance the competitiveness of Saudi products, increase the economic impact of non-oil exports on the GDP, and reinforce the growth of the alternative economy in support of the Vision 2030 goals of building a prosperous and sustainable economy.”
“ACWA Power is a national champion with extensive expertise in project finance, including working with export credit agencies from across the world,” said ACWA Power Chairman Mohammad Abunayyan.
“We have firsthand experience in driving knowledge transfer and using it effectively to build national project financing capabilities.”
“We value this agreement with Saudi EXIM and look forward to partnering with their teams on our projects, as we continue on delivering solutions that create economic benefits within the country and support the ambitious Saudi Vision 2030 goals,” he added.
Saudi EXIM provides export financing, guarantees, credit insurance and other facilities to enhance confidence in Saudi exports and facilitate entry into new markets.
The organization was conceptualized under the framework of Vision 2030, under the directives of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, to diversify the Kingdom’s economy, expand its non-oil exports, and increase the ability of Saudi companies to compete in global markets in diverse sectors.
