The Ministry of Finance has secured $500m in new development financing to support health and education projects in collaboration with Deutsche Bank, ABC, and the Arab Investment and Export Credit Guarantee Corporation (DHAMAN). This is part of the ministry’s efforts to diversify its funding sources and use innovative and sustainable instruments that meet environmental and governance standards.
According to a statement issued by the ministry today, this is the first time that development financing is backed by a guarantee from a multi-party financial institution, which reflects the increasing role of international institutions in enabling low-cost financing.
The Ministry of Finance thanked the international and regional banks that participated in the financing, as well as its partners Deutsche Bank, ABC, and DHAMAN. The ministry said that these partnerships help diversify its funding sources by using innovative financing tools that are supported by multi-party partners, as well as international and regional banks.
