Saudi ministry signs infrastructure financing deals with banks worth $6.65 billion

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Saudi Arabia’s finance ministry has signed financing agreements with local banks worth 25 billion riyals ($6.65 billion) to fund infrastructure projects due to start in 2023-2024, the National Debt Management Center said on Wednesday.

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Vision 2030, a roadmap drawn up by Crown Prince Mohammed bin Salman, was launched to develop the Kingdom’s strategic position, investment power and place at the center of the Arab world and the region.

In 2017, NEOM was announced by the Crown Prince as part of the Kingdom’s drive to diversify its oil-reliant economy.

The Crown Prince intends NEOM to be a futuristic, sustainable community joined together by The Line – a 170-kilometer stretch of car-free communities linked by public transport.

Saudi Arabia’s planned projects seek to highlight the Kingdom’s efforts toward economic, social, and cultural diversification in line with Vision 2030.

The infrastructure projects will strengthen areas of economic activity, create jobs and drive economic development.

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