print PRINT

INTERNATIONAL > Middle East

Japan to provide financial support to Saudi Arabia, Africa through trade insurance  

  • December 16, 2020
  • , Nikkei
  • JMH Summary

Nikkei wrote that Nippon Export and Investment Insurance (NEXI), a state-owned export credit agency that provides insurance to cover political and commercial risks that cannot be covered by private insurance, has signed a memorandum of understanding with the finance ministry of Saudi Arabia on its plan to provide loans worth one to three billion dollars to the country. The paper speculated that the plan is intended to strengthen Japan’s energy security by boosting economic cooperation with Saudi Arabia, which is Japan’s largest crude oil supplier. 

 

In a related development, Asahi wrote that NEXI and Mitsubishi UFJ Bank will provide a loan of $520 million to the African Export-Import Bank to help seven nations, including Egypt, Nigeria, and South Africa, to procure drugs and medical equipment to fight the coronavirus outbreak. The paper speculated that the loan is intended to block China’s moves to dominate investment in the region. 

  • Ambassador
  • Ukraine
  • OPINION POLLS
  • COVID-19
  • Trending Japan