Riyadh: Saudi Export-Import Bank (Saudi EXIM) has signed a reinsurance agreement with the African Trade and Investment Development Insurance (ATIDI) to strengthen export credit insurance coverage for local exporters to African markets. The agreement was signed by Saudi EXIM CEO Eng. Saad bin Abdulaziz Alkhalb and Chief Underwriting Officer of ATIDI Benjamin Mugisha, in the presence of Saudi Ambassador to the Republic of Kenya Saad bin Abdullah Al-Nofaia, in the Kenyan capital Nairobi.

According to Saudi Press Agency, the agreement forms part of the bank's ongoing efforts to strengthen its partnerships with international reinsurance and credit institutions, while enhancing the efficiency of local exporters' international trade activities. It also supports the growth of Saudi non-oil exports and promotes international economic and trade cooperation.

ATIDI is a leading multilateral financial institution serving the African continent, headquartered in Nairobi, Kenya. Through this agreement, Saudi EXIM Bank continues to advance its mission of enabling the growth of Saudi non-oil exports and expanding its network of international partnerships, in line with the objectives of Saudi Vision 2030 to diversify the national economy and strengthen the Kingdom's position in global trade.