The Saudi Export-Import Bank (Saudi EXIM) has entered into a reinsurance agreement with the African Trade and Investment Development Insurance (ATIDI) to further cover risks related to Saudi exports to African markets.
The agreement covers export credit operations and is intended to allow Saudi EXIM to transfer some of the risks associated with transactions carried out on the continent. The financial terms and amount of coverage have not been disclosed.
This operation is part of a series of reinsurance agreements concluded by Saudi EXIM with export credit agencies and international insurers. The bank notably signed an agreement with Euler Hermes, the German export credit agency, in January, followed by a protocol with UK Export Finance in February. In April, it also concluded a reinsurance agreement with the Export-Import Bank of the United States.
Based in Nairobi, ATIDI is a multilateral institution specialized in insuring trade and investment risks in Africa. The organization counts African states and financial institutions among its members and partners.
Established to finance and insure exports from the Kingdom, Saudi EXIM uses reinsurance to expand its capacity to cover credit risks internationally. Available information does not specify the volume of exports covered by the agreement with ATIDI.
