Riyadh – Mubasher: The Saudi Ministry of Finance (MoF), represented by the National Debt Management Center (NDMC), penned a long-term financing agreement with South Korea’s Korea Trade Insurance Corporation (K-SURE).

CEO of NDMC, Fahad A. Al-Saif, stated that the financing provided amounts to $3 billion and attracted very strong interest from international banks across geographies. The transaction has been closed with 10 international banks, according to a press release on Wednesday.

The agreement, the second of its type following the earlier signing of an Euler Hermes financing deal in July 2020, was signed by the Minister of Finance, Mohammed Al-Jadaan, and K-SURE’s Chairman, Lee In-ho.

The financing provided will be used for strategic government projects in line with the Kingdom's Vision 2030 programme.

“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,” the statement said.