Arab News, Thursday, Jan 7, 2021 | Jamadi Al Awwal 23, 1442
Saudi Ministry of Finance signs $3bn Korean financing agreement
Saudi Arabia: The Ministry of Finance (MoF), represented by
the National Debt Management Center (NDMC), on Wednesday announced the signing
of a long-term financing agreement with the Korea Trade Insurance Corporation
(K-SURE).
The facility was arranged through the NDMC, and the agreement was signed by
Minister of Finance Mohammed Al-Jadaan and the chairman of K-SURE, Lee In-ho,
the Saudi Press Agency reported.
Al-Jadaan said that the signing was in line with the cooperation framework
between two G20 members.
CEO of NDMC, Fahad A. Al-Saif, confirmed the financing amounted to $3 billion
and said the transaction generated interest from lenders from around the world.
The deal was closed with 10 international banks.
This collaboration is expected to lead to meetings between South Korean service
providers and the owners of major potential projects, with the aim to secure
potential funding.
Al-Saif said that this agreement was the second of its kind, following the
signing of a financing agreement with the credit insurance company Euler Hermes
in July 2020.