2024-08-04 16:29:43
Saudi Arabia’s sovereign wealth fund has signed preliminary agreements worth up to $50 billion with six Chinese financial institutions.
Bloomberg reported that “memoranda of understanding were concluded with six Chinese financial institutions to enhance capital flows in both directions through both debt and equity.”
She pointed out that “memoranda of understanding were signed with the Agricultural Bank of China, Bank of China, China Construction Bank, China Export and Credit Insurance Corporation, China Export-Import Bank, and the Industrial and Commercial Bank of China.”
The Saudi Public Investment Fund said in a statement: “The agreements were signed with the Agricultural Bank of China, Bank of China, China Construction Bank, China Export and Credit Insurance Corporation, China Export-Import Bank and the Industrial and Commercial Bank of China.”
“The documents cover areas of cooperation such as encouraging two-way capital flows through debt and equity,” the statement said.
According to the fund, “the relationship between Beijing and Riyadh in the energy sector is particularly strong. China is the largest customer of Saudi Arabia’s crude oil, and the two countries have cooperated extensively in building factories and projects for other commodities, such as solar energy and petrochemicals.”
Last updated: August 4, 2024 – 11:54
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2024-08-04 16:29:43