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 Ministry of Finance and the National Debt Management Center (NDMC) Sign MOUs with Four International Financial Institutions to Join the Primary Dealers Program of the Government Local Debt Instruments


​Coinciding with the Future Investment Initiative conference, held in Riyadh between the 26th and 28th of October 2021, the Ministry of Finance and NDMC signed four memorandums of understanding with BNP Paribas, Citi, Goldman Sachs and J.P Morgan that aim to explore the possibility of joining the Primary Dealers' Program of the government local debt instruments.

The MOUs were signed by H.E. Abdulaziz AlFuraih, Chairman of the Steering Committee at the Ministry of Finance, Mr. Hani AlMedaini, acting CEO of NDMC and representatives of the financial institutions.

H.E. AlFuraih commented this step forward is an attestation of the efforts towards achieving the objectives of "Saudi Vision 2030" by expanding the investor base in the local primary market to secure the Kingdom's domestic debt financing needs and the goals of the strategy of the financial sector development program. Additionally, this step aims to support the development of the secondary market by increasing liquidity of government local debt instruments and attracting more foreign capital, in collaboration with the NDMC. His Excellency also highlighted that the Ministry of Finance seeks to support the development of the financial system as part of its strategic mission to support and develop the private sector in alignment with the objectives of the "Kingdom Vision 2030".

Mr. Hani AlMedaini, NDMC acting CEO, emphasized that the international institutions' interest in joining the Primary Dealers Program is a testimony to the strength of the Saudi economy. He added that this step contributes to developing of the local debt market and will attract more foreign capital.

By signing these memorandums, the NDMC aims to onboard the international financial institutions to join the local financial institutions that have been appointed previously to the Primary Dealer Program: Saudi National Bank, Saudi British Bank (SABB), Al Jazeera Bank, Alinma Bank and Al Rajhi Bank.​