ACWA Power signs Memorandum of Understanding with Saudi EXIM Bank to develop and cooperate on knowledge sharing initiatives in the area of project finance

·    MoU entails the facilitation of knowledge sharing and product development through regular workshops and meetings

·   Agreement will also bolster the growth of local industrial projects and absorption of new technologies and products to grow Saudi exports and capital investments overseas

Riyadh, KSA; January 31, 2022: ACWA Power, a leading developer, investor and operator of power generation, desalinated water and green hydrogen plants, signed a Memorandum of Understanding (MoU) with Saudi Export-Import Bank (Saudi EXIM), in an extensive agreement that involves knowledge transfer in the realm of credit issuance, with the objective of facilitating and growing Saudi exports and overseas investments by Saudi institutions and organisations.

The MoU will also bolster the growth of local content and Saudi exports in international projects and capital investments overseas, which will, in turn, create new jobs and foster economic growth within the Kingdom and beyond.

Saudi EXIM provides export financing, guarantees, credit insurance and other facilities to enhance confidence in Saudi exports and facilitate entry into new markets. The organisation was conceptualized under the framework of Vision 2030, under the directives of the Custodian of the Two Holy Mosques, to diversify the Kingdom’s economy, expand its non-oil exports, and increase the ability of Saudi companies to compete in global markets in diverse sectors.

ACWA Power's mission is to reliably and responsibly deliver electricity and desalinated water at a low cost, thereby contributing effectively to the sustainable, social and economic development of the communities and countries it operates in.