National Debt Management Center signs deal with Japan’s credit agency

SourceSaudi Gazette
CountrySaudi Arabia

Saudi Gazette reportRIYADH — Saudi Arabia’s National Debt Management Center (NDMC) has signed a memorandum of cooperation with Japan’s Nippon Export and Investment Insurance (NEXI). The agreement was signed by Fahad Al-Saif, Chief Executive Officer of the NDMC, and Atsuo Kuroda, chairman, and CEO of NEXI.Finance Minister Mohammed Al-Jadaan, who is also the chairman of the NDMC’s Board of Directors, explained that the agreement was signed during the fifth Saudi-Japan Vision 2030 ministerial meeting on Dec. 15 last year. The agreement aims to expand the opportunities for financing government projects implemented by Japanese companies in Saudi Arabia.

He pointed out that this agreement will contribute to creating a comprehensive framework for cooperation between the NDMC and NEXI in attracting financial institutions to finance various strategic projects in a number of sectors with competitive lending terms and a flexible financing structure. He also noted that NEXI will be one of the key partners in achieving the NDMC’s strategic financing goals in alternative funding.Al-Saif mentioned that NEXI will provide new financing solutions by working more...