The Ministry of Finance, represented by the National Debt Management Center (NDMC), has successfully raised Export Credit Agency (ECA) financing of approximately SAR 1 billion covering the procurement of 842 buses for King Abdulaziz Public Transport Project (Riyadh Buses) in Saudi Arabia.
On this occasion, H.E. the Minister of Finance, Mr. Mohammed Al-Jadaan, stated that financing is part of the Ministry’s strategy to support the continuity and completion of major developmental projects in the Kingdom; aiming to increase the private sector's contribution by providing the necessary financing for priority sectors, and encouraging projects owners in the public and private sector to adopt similar-financing sources.
The President of the National Debt Management Center, Mr. Fahad Al-Saif, indicated that ECA-backed financing has been used for the first time by the Ministry through German Export Credit Agency “Euler Hermes” with two international banks in US Dollar; for the purpose of supplying German-made buses.
Mr. Al-Saif emphasized that the Center strives to empower the major strategic government projects in all sectors through securing the necessary funding in a manner that serves the Kingdom’s Vision 2030.