Riyadh, Saudi Arabia — The National Debt Management Center (NDMC) completed the arrangement of a syndicated international loan worth $11 billion.
A total of 14 international financial institutions from Asia, the Middle East, Europe, and the US participated in the 10-year loan, NDMC said in a statement Sunday, according to Argaam.
It added that the arrangement came within the Kingdom’s medium-term public debt strategy to diversify funding sources and meet financing needs with fair pricing in the medium and long terms. The move is also based on an acceptable risk level.
Coming under the state-approved annual borrowing plan, this loan arrangement seeks to take advantage of market opportunities in order to implement alternative government financing operations that would enhance economic growth.
This includes financing development projects and infrastructure projects that are in line with the Saudi Vision 2030.
The success of this loan arrangement proves the Kingdom’s proactive trends to provide financing resources that achieve economic growth and diversification, NDMC said. In addition, it clearly proves the broad international interest and high confidence in Vision 2030, and the high flexibility of the local economy, the center noted.
