Head of the KEXIM team Young-Whan Sul, senior Executive Director of KEXIM, and Riyadh Al Sharikh, Assistant Senior Executive Director of Banque Saudi Fransi, with other executives during the signing of agreement. The Export-Import Bank of Korea (KEXIM) and Banque Saudi Fransi (BSF) signed a Memorandum of Understanding for cooperating and working together for the development of human resources and financing of the industrial and commercial projects in Saudi Arabia. Under the MOU, both institutions would work to promote business opportunities in the two nations through exchange of ideas, information and supporting the Korean businesses which are seeking to invest resources in the Kingdom. KEXIM has been actively providing support toward the financing of the project in power, water and oil, gas and Petrochemical sectors and more recently had provided very large facilities to Saudi Aramco and Saudi Electricity Company respectively for the infrastructure projects carried out in the Kingdom, namely the Saudi Aramco Total Refinery Project and the Rabigh 6 Power Project. The total amount of direct loans and guarantees provided reached $1.49 billion, which clearly shows KEXIM willingness to support projects in the Kingdom. Banque Saudi Fransi is one of the leading banks in Saudi Arabia in financing industrial and commercial projects and is the leader in project financing in the Kingdom. It has financed projects done by both public and private sector companies and has acted as financial advisor to largest projects and as lead arranger of debt for most of them. Banque Saudi Fransi has also participated in KEXIM facilities for Saudi Projects benefitting from its guarantee scheme. At the occasion of the signing of MOU, the Head of the KEXIM team Young-Whan Sul, senior Executive Director of KEXIM, thanked BSF for its hospitality and said that they look forward to a strong long-term relationship with the bank. Riyadh Al Sharikh, Assistant Senior Executive Director of the bank, thanked KEXIM for the cooperation agreement and assured the bank's full future support and looked forward to exchange of expertise and development of business. – SG
