The Saudi Export-Import Bank and the Kenya Development Corporation (KDC) signed an addendum to extend a memorandum of understanding for an additional three years until December 2029, on the sidelines of the first meeting of the Saudi-Kenyan Political Consultations Committee held at the Ministry of Foreign Affairs headquarters in Riyadh, in the presence of His Royal Highness Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs, and His Excellency Dr. Musalia Mudavadi, Prime Minister and Cabinet Secretary for Foreign Affairs of the Republic of Kenya.

The renewal of the memorandum, signed by the CEO of the Saudi Export-Import Bank, Engineer Saad bin Abdulaziz Al-Khalb, and the Director General of the Kenya Development Corporation, Nour Ratiemo, aims to continue enhancing cooperation between the two sides, contributing to the development of trade and investment exchange between the Kingdom and the Republic of Kenya, as an extension of the partnership launched between the two sides on the sidelines of the Saudi-Arab-African Economic Conference in 2023; with the goal of strengthening cooperation, exchanging expertise, developing trade exchange, and enhancing opportunities for exporters, thereby contributing to the achievement of developmental and economic targets in both countries.

On this occasion, the CEO of the Saudi Export-Import Bank affirmed that the successful trade and investment cooperation between the Kingdom and Kenya embodies the strength of the relationship between the two countries, and reflects the keenness of both sides to continue building on what has been achieved in recent years, enhancing opportunities for economic cooperation, exchange of expertise, development of trade exchange, and boosting opportunities for exporters in both countries.

His Excellency said: 'The African continent represents one of the promising markets for Saudi exports, and the continuation of the partnership comes in implementation of the bank's strategy aimed at expanding its network of partnerships with regional and international financial and development institutions, opening new horizons for exporters in the Kingdom and Kenya, and enhancing the access of Saudi products and services to global markets.'

It is noteworthy that the Saudi Export-Import Bank focuses on implementing its strategy aimed at building effective partnerships with financial and development institutions around the world, in order to grow non-oil Saudi exports and enhance their competitiveness in regional and international markets, striving to achieve sustainable development goals and strengthen the national economy.