Saudi Arabia Offers Credit Deal To South Africa to Boost Trade [Financial Post (Toronto, Ontario, Canada)]
STANDARD BANK GRP SP/ADR (SGBLY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Saudi Export-Import Bank signed a $25 million credit agreement with South Africa's Standard Bank Group Ltd. to facilitate trade between the kingdom and the continent's largest economy. The deal will support the export of Saudi Arabian goods to Africa and “build bridges that will last far beyond today,” Naif Al-Shammari, Saudi Exim's deputy chief executive officer, said at a Saudi-South African Business Forum in Johannesburg on Monday. The trade-finance institution also signed an agreement with Absa Group Ltd., he said, without giving more details. The oil-rich kingdom is seeking to diversify its economy and is among nations that are investing in the continent. Saudi Arabia's Zahid Group is in talks to acquire Barloworld Ltd., an African distributor of Caterpillar Inc.'s equipment, Bloomberg reported in August, while ACWA Power, a Riyadh-based comp
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