RIYADH — The National Debt Management Center (NDMC) on behalf of Saudi Arabia's finance ministry has executed the signing of a long-term financing agreement with Korea Trade Insurance Corporation (K-Sure).

The agreement was signed by Saudi Finance Minister Mohammed Al-Jadaan and by the chairman of K-SURE Lee In-ho on Dec. 22, 2020.

Al-Jadaan said that the agreement comes within the framework of cooperation witnessed between two G20 members — Saudi Arabia and South Korea.

Fahad A. Al-Saif, CEO (NDMC), stated that the financing provided amounts to $3 billion and attracted very strong interest from international banks across geographies. The transaction has been closed with 10 international banks.

The financing provided will be used for strategic government projects in line with the Kingdom’s Vision 2030 program. This cooperation is expected to lead to the arrangement of meetings between service providers from South Korea and the owners of major future projects with the aim of securing financing on these projects.

Al-Saif also said that this agreement is the second of its type, following the earlier signing of an Euler Hermes financing agreement in July 2020. — SG