Riyadh – Mubasher: ​The Saudi Ministry of Finance, represented by the National Debt Management Center (NDMC), raised Export Credit Agency (ECA) financing of around SAR 1 billion for the purchase of 842 buses for King Abdulaziz Public Transport Project (Riyadh Buses).

The financing, part of the ministry’s strategy to support the continuity and completion of major developmental projects across the kingdom, aims to increase the private sector's contribution by offering the necessary financing for priority sectors, stated the Minister of Finance, Mohammed Al Jadaan.

For his part, the NDMC’s president, Fahad Al Saif, said the ECA-backed financing, the first of its kind in Saudi Arabia, has been used through German Export Credit Agency “Euler Hermes” with two international banks in US dollars to supply German-made buses.

“The centre 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,” Al Saif concluded.