NCDM Co-ink MoUs with BNP Paribas, Citi, Goldman Sachs and JP Morgan

National Center for Debt Management (NCDM), of the Ministry of Finance, co-signed memorandums of understanding with BNP Paribas, Citi, Goldman Sachs and JP Morgan in conjunction with the Future Investment Initiative

This step comes to study the possibility of these institutions joining as primary customers of local government debt instruments, in the primary customers program..

The memos were signed by the Ministry of Finance, Chairman of the Steering Committee Abdulaziz Al-Fraih, and from the National Center for Debt Management, the designated CEO Hani Al-Madini, and representatives of financial institutions concerned.

These notes translate the trend towards achieving the goals of the Kingdom’s Vision 2030, by seeking to expand the base of investors, in the primary market to secure the requirements for financing the Kingdom’s domestic debt and achieve the objectives of the strategy of the Financial Sector Development Program, Al-Fraih explained.

That falls in line with the context of supporting the development of the secondary market, by increasing the liquidity of local government debt instruments and attracting more foreign capital, and cooperating with NCDM, noting that part of the Ministry of Finance strategic mission, is to support and develop the private sector, in line with the objectives of the Kingdom’s Vision 2030, which seeks to support the development of the financial sector.

For his part, the CEO of the National Center for Debt Management pointed out that the willingness of these institutions to join the program, confirms the strength of the Saudi economy, which is full of opportunities, adding that this step contributes to developing the local debt market and attracting more foreign capital.

By signing these memoranda, the center aims to encourage the joining of these international financial institutions to the local financial institutions, that previously joined the primary customers program, namely: the Saudi National Bank, SABB, Al Jazira Bank, Alinma Bank, and Al Rajhi Bank..