RIYADH — 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 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 financial markets, international markets, and various projects of common interest, as per this agreement. It is important to note that Japan is one of Saudi Arabia's biggest trade partners. Both G20 countries have benefited mutually since they first established diplomatic relations in 1955 through bilateral trade and extensive cooperation.
