The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed a Memorandum of Understanding (MoU) to boost economic cooperation and trade between the two countries.
The agreement, signed in Rio de Janeiro by Saudi Exim Bank CEO Eng. Saad Alkhalab and Brazilian Development Bank Director of Planning and Institutional Relations Nelson Barbosa, outlines a framework for boosting exports of products and services, exploring joint financing opportunities, and expanding Saudi non-oil exports in the Brazilian market.
Minister of Industry and Mineral Resources and Chairman of the Saudi Exim Bank Bandar Alkhorayef witnessed the signing ceremony as part of his official visit to Brazil to discuss cooperation and strengthen bilateral ties.
Alkhalab highlighted the importance of the Brazilian market for local exporters.
The memorandum represents a significant step in developing trade relations, joint investment projects, and more opportunities for cooperation between commercial companies and financial institutions in both countries, he added.
It is expected to contribute to the growth of Saudi non-oil exports and the Saudi markets, which have experienced significant growth and diversification in recent years.
