Saudi Arabia’s National Centre for Privatisation and PPP (NCP) signed a collaboration agreement with the Industrial and Commercial Bank of China (ICBC), which has total assets of $5 trillion, to attract foreign investments.

This is the sixth agreement signed with local and international banks, NCP Chief Executive Officer Mohannad Basodan said in a recent statement.  

The agreement will have a positive impact in reaching potential investors from ICBC’s client base interested in exploring the attractive privatisation and PPP opportunities in Saudi Arabia, he added.

ICBC has more than 8 million corporate clients and 650 million retail customers.

In April, NCP approved 200 projects for privatisation and co-development with the private sector under the PPP model in 17 sectors to attract more local and foreign investments.

Late last year, Saudi Arabia identified 59 initiatives to generate 143 billion Saudi riyals ($42 billion) of revenues (cumulatively) via asset sales and PPP by 2025, NCP said in a report titled “Privatisation Program 2025”.

(Writing by P Deol; Editing by Anoop Menon)