The National Debt Management Center (NDMC) signed last week a Memorandum of Cooperation with Nippon Export and Investment Insurance (NEXI). The agreement was signed by Mr. Fahad Al-Saif, Chief Executive Officer of the NDMC, and Mr. Atsuo Kuroda, Chairman and CEO of NEXI.
His Excellency Mohammed Al-Jadaan, Chairman of the NDMC's Board of Directors, explained that the signing of the Memorandum comes concurrently with the fifth Saudi-Japan Vision 2030 Ministerial Meeting. The Memorandum aims to expand the opportunities of financing government projects implemented by Japanese companies in the Kingdom of 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.
Mr. Al-Saif mentioned that 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. 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 this Memorandum.
It is important to note that 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.