Saudi Export-Import (EXIM) Bank signed a memorandum of understanding with Japan's Mizuho Bank to develop cooperation and enable exports in both countries, the Saudi Press Agency reported on January 15.

Mizuho Bank has an extensive international presence and long experience in financing trade and major projects, and providing integrated financial solutions to companies and institutions in various sectors, according to the statement.

The agreement was signed by Saad bin Abdulaziz Al-Khalb, chief executive of Saudi Export-Import Bank, and Yuki Mizunoi, regional president for the Middle East, Africa, Turkey, Central Asia and the Caucasus at Mizuho Bank, on the sidelines of the Saudi-Japan Ministerial Investment Forum held in Riyadh.

The memorandum aims to enhance cooperation in several areas including promoting exports of Saudi products and services, providing joint financing, insurance and guarantee services, reinsurance, and exchanging information and expertise in export credit fields, according to the statement.

The agreement will enable Saudi and Japanese companies to explore new investment and commercial opportunities, SPA said.

"The memorandum represents an important step in expanding the international partnerships of Saudi Export-Import Bank, and reflects our commitment to providing innovative credit solutions that enhance the competitiveness of Saudi non-oil exports and enable their presence in various global markets," Al-Khalb said.

Mizunoi said the signing reflects the bank's keenness to strengthen relations with leading financial institutions in Saudi Arabia. "Cooperation with Saudi Export-Import Bank opens new horizons to support international trade and investment between the two sides, and enables companies to implement projects with high added value in both markets," he said.

The agreement extends existing cooperation between the parties since 2023, with the new memorandum expanding the geographic scope to include enabling increased flow of Saudi non-oil exports to Asian, Central Asian and African markets, SPA said.