Riyadh: The National Center for Privatization & PPP (NCP) signed a cooperation agreement with ICBC, the largest bank in the world in terms of total assets of about 5 trillion USD with more than 8 million corporate clients and 650 million retail customers.
The agreement was signed by Hani Alsaigh, NCP’s Vice President for Strategic Marketing and Knowledge Management and Jing Lin Guo, General Manager of ICBC in the presence of both the CEO of NCP Mohannad Basodan and the Chairman ICBC`s Board of Directors, Chen Siqing.
Mr. Basodan stated that this is the sixth agreement signed with local and international banks and this latest agreement will have a positive impact in reaching potential investors from ICBC`s client base interested to explore the attractive Privatization and PPP (P&PPP) opportunities in the Kingdom.
Moreover, Mr. Basodan pointed out that this agreement will grow the bank’s engagement in market sounding and further its engagement in financial advisory for PPP projects. In addition, both parties will increase cooperation and participation in organizing local and international events that explore opportunities and develop training and knowledge sharing to further numerous areas such as project finance, amongst others.
Mr. Basodan noted that the ICBC`s economic significance will reflect positively on supporting P&PPP as well as enhancing NCP`s role in supporting targeted sectors through new partnerships where banks and financial institutions play key role in the success of P& PPP projects in the Kingdom.