Saudi Ministry of Finance signs $3bln Korean financing agreement

The deal was closed with 10 international banks

  
Saudi Minister of Finance Mohammed al-Jadaan gestures as he speaks during a news conference to announce the country's 2021 budget, in Riyadh, Saudi Arabia December 15, 2020.

Saudi Minister of Finance Mohammed al-Jadaan gestures as he speaks during a news conference to announce the country's 2021 budget, in Riyadh, Saudi Arabia December 15, 2020.

REUTERS/Ahmed Yosri
 

JEDDAH: 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.

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