Saudi finance ministry signs $3 bln financing deal with Korean firm

06/01/2021 Argaam

Signing of the agreement

The Ministry of Finance (MoF), represented by the National Debt Management Center (NDMC), signed a long-term financing agreement with Korea Trade Insurance Corporation (K-SURE) for a total value of $3 billion (SAR 11.3 billion).

 

The agreement was signed by Minister of Finance Mohammed Al-Jadaan from the Saudi side, and by the Chairman of K-SURE, Lee In-ho from the South Korean side.

 

Al-Jadaan said 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.

 

Fahad A. Al-Saif, CEO of NDMC, said that the financing provided 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 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.

 

Al-Saif also pointed out that this agreement is the second of its type, following the earlier signing of an Euler Hermes financing agreement in July 2020.

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