The Kenya Development Corporation (KDC) and the Saudi Export-Import Bank (Saudi EXIM Bank) held a strategic meeting today to advance the implementation of a Memorandum of Understanding (MoU) aimed at strengthening trade and investment ties between Kenya and the Kingdom of Saudi Arabia.
The meeting, chaired by Cabinet Secretary Hon. Lee Kinyanjui at the Ministry of Investments, Trade and Industry offices, focused on enhancing collaboration in key sectors including tourism, hospitality, agriculture, livestock, and insurance.
“We are excited about the opportunities this partnership presents between KDC and Saudi EXIM Bank. The two countries have complementary trade and investment priorities. Kenya is rich in agriculture, while Saudi Arabia brings financial muscle and oil resources. This collaboration will enhance access to finance for businesses, including SMEs,” said Hon. Kinyanjui.
KDC Director General, Ms. Norah Ratemo, expressed confidence in the partnership, describing it as a significant step toward boosting Kenya’s export competitiveness and unlocking new growth opportunities for local enterprises. She emphasized that the partnership would enhance KDC’s ongoing support for the entire livestock value chain.
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The Saudi delegation, led by H.E. Eng. Saad Al-Khalb, CEO of Saudi EXIM Bank, welcomed the collaboration and expressed readiness to work with KDC, which already has a strong legal and institutional framework.
“Some of the products we offer, such as insurance and supply chain support, align well with Kenya’s agri-business priorities,” said Eng. Al-Khalb.
The MoU signed between the two institutions establishes a framework for cooperation in areas such as export promotion, joint project financing, credit guarantees, knowledge exchange, and the development of private sector initiatives.
Through the MoU, both parties committed to promoting the export of goods and services from their respective countries, encouraging collaboration between Kenyan and Saudi businesses, supporting joint projects through co-financing, co-insurance, and reinsurance mechanisms, and facilitating the sharing of technical expertise and market information.
