Beth: The Ministry of Finance in the Kingdom of Saudi Arabia, represented by the National Center for Debt Management, concluded the signing of a financing agreement with the Korean Commercial Insurance Company (KSURE) last week, where the Minister of Finance, Muhammad bin Abdullah Al-Jadaan, signed the agreement from the Saudi side, and from the Korean side, the CEO of the Korean company For Commercial Insurance Mr. Lee An Ho.

Al-Jadaan explained that the signing of the agreement comes within the framework of the registered cooperation between the Kingdom of Saudi Arabia and a member of the G20, the Republic of South Korea.

For his part, the CEO of the National Center for Debt Management, Mr. Fahad Al-Saif, confirmed that the National Debt Management Center coordinated and arranged the financing provided by the Korean Commercial Insurance Company, the financing provided, which is estimated at 3 billion US dollars, as the offering received wide interest by financial institutions. Pointing out that (10) banks from different countries participated in the financing, and Al-Saif added that the funding provided will be used to finance strategic government projects in the context of achieving the Kingdom's Vision 2030, and it is expected that cooperation will result in arranging meetings between service providers from Korea with the owners of major future projects with the aim of Finding attractive financing means for these projects, pointing out that this agreement is the second of its kind in the Kingdom after the signing of the first financing agreement with the German Export Credit Agency for the bus import project at the Riyadh Development Authority.