Export Development Canada (EDC), Canada’s export credit agency, and the Saudi EXIM Bank, the Kingdom of Saudi Arabia’s public finance institution, have signed a Memorandum of Understanding (MOU) to promote bilateral trade and investment cooperation between Canada and Saudi Arabia.
The MOU, signed in Ottawa, establishes a framework for collaboration between EDC and the Saudi EXIM Bank, to facilitate the export of goods and services, support joint projects and enhance economic cooperation across priority sectors. The agreement will enable both institutions to explore financing and insurance solutions, and knowledge sharing, with a focus on sectors of mutual interest, such as advanced manufacturing, clean technologies, agri-food, digital industries and natural resources, prioritizing critical minerals.
Canada and Saudi Arabia maintain strong and growing trade ties. In 2024, bilateral trade reached approximately $4.1 billion and the relationship experienced a notable strengthening of trade relations as the Kingdom of Saudi Arabia achieved the status of Canada’s largest trading partner in the region. Canadian exports to Saudi Arabia include machinery, pharmaceuticals and medical instruments. This renewed strengthening has paved the way for deeper cooperation with Canadian exporters, in sectors like clean tech, artificial intelligence, healthcare, and infrastructure.
Through this new partnership, underpinned by a shared vision for sustainable growth and innovation, EDC and Saudi EXIM Bank will pursue business opportunities in Canada and Saudi Arabia and support joint projects globally. This partnership will help facilitate the exchange of market intelligence, best practices and training, and seeks to foster deeper cooperation between both countries.
Quotes
“Canada’s trade and investment relationship with Saudi Arabia reflects our shared commitment to shared economic growth and trade diversification. As our largest two-way merchandise trading partner in the Middle East and North Africa region, Saudi Arabia plays a vital role in advancing Canadian commercial interests abroad. We are proud to support this strategic partnership between our two export credit agencies, EDC and the Saudi EXIM Bank. This greater cooperation will help provide the momentum Canadian companies need to expand to the market and contribute their business expertise to its ambitious Vision 2030 goals.” The Honourable Maninder Sidhu, Minister of International Trade
“EDC’s partnership with Saudi EXIM Bank marks an important step in expanding opportunities for Canadian exporters and investors in the Kingdom of Saudi Arabia and beyond. By leveraging Canada’s strong country-to-country economic ties and working closely with Saudi EXIM, EDC can create new pathways for Canadian exporters to access transformative projects and share best practices with this strategically important market. This partnership is a testament to EDC and Saudi EXIM’s commitment to help our exporters benefit from our respective sectoral strengths and benefit from greater trade diversification.” EDC’s President and CEO, Alison Nankivell
About Saudi EXIM Bank
The Saudi Export-Import Bank (Saudi EXIM) is a government-owned financial institution established in 2020 to promote the development and diversification of Saudi Arabia’s non-oil exports. Operating under the supervision of the National Development Fund, Saudi EXIM provides a range of financial solutions—including export financing, guarantees, and credit insurance—to empower Saudi exporters and enhance their global competitiveness. The Bank plays a pivotal role in supporting the Kingdom’s Vision 2030 by facilitating access to international markets, mitigating export risks, and fostering strategic partnerships with local and global financial institutions. Headquartered in Riyadh, Saudi EXIM is committed to driving sustainable economic growth through trade. www.saudiexim.gov.sa.
Saudi EXIM Bank (contact)
info@saudiexim.gov.sa
8004333330
