Saudi debt management center inks MoU with Japan firm

The National Debt Management Center (NDMC) signed, on Dec. 15, 2020, a memorandum of cooperation with Nippon Export and Investment Insurance (NEXI).

The agreement was signed by Fahad Al-Saif, CEO of NDMC and Atsuo Kuroda, CEO of NEXI, it said in a statement.

The signing of the memorandum falls in line with the 5th Saudi Japan 2030 Ministerial Meeting, Mohammed Al-Jadaan, chairman of the board of directors of NDMC, said.

The memorandum aims to expand the opportunities of financing government projects implemented by Japanese companies in the Kingdom.

Al-Jadaan pointed out that the agreement will contribute to creating a comprehensive framework for cooperation between NDMC and NEXI in attracting financial institutions to 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 NDMC’s strategic financing goals in alternative funding.

“NEXI will provide new financing solutions by working on innovative financing structures of export credit loans, and by providing support in a manner that is best suited to the requirements of the projects,” Al-Saif said.

Moreover, the two parties will, in particular, exchange views and information pertaining to finance markets, international markets and various projects of common interest, as per the memorandum, he added.

Japan is one of the Kingdom’s biggest trade partners. Both G20 countries have benefited mutually since they first established diplomatic relations in 1955 through bilateral trade and extensive cooperation.