The Ministry of Finance (MOF), represented by the National Debt Management Center (NDMC), has on 22nd December 2020 executed the signing of a long-term financing agreement with K-SURE.
The agreement was signed by His Excellency the Minister of Finance Mohammed Al-Jadaan from the Saudi side, and by the Chairman of K-SURE Mr. Lee In-ho from the South Korean side.
His Excellency Mr. Al-Jadaan, explained that the signing of the agreement comes within the framework of cooperation witnessed between two G20 members, the Kingdom of Saudi Arabia and Republic of South Korea.
The facility was arranged through the National Debt Management Center (NDMC). Mr. Fahad A. Al-Saif, CEO (NDMC), stated that the financing provided amounts to USD 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. Mr. 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.