Riyadh: Qatar Development Bank (QDB) and the Saudi National Debt Management Center (NDMC) signed a letter of intent (LOI) at the NDMC's premises in Riyadh on Monday, with the aim of advancing cooperation and trade exchange between the two countries.

According to Qatar News Agency, this cooperation intends to support Qatari exports and promote their presence in the Saudi market. It enhances the financing of the purchase of products and services from Qatari exporters and contractors, particularly in the Engineering, Procurement, and Construction (EPC) sectors related to infrastructure projects in Saudi Arabia, QDB clarified in a statement.

The LOI was signed by CEO of Qatar Development Bank (QDB), Abdulrahman bin Hesham Al Sowaidi, and CEO of NDMC, Hani bin Medaini Al Medaini.

Under this letter, QDB plans to provide 5-year credit facilities worth USD 1 billion to Saudi institutions through arrangements by NDMC.

These facilities are expected to achieve substantial growth in the volume of Qatari exports to Saudi Arabia in the years ahead amid new development projects in Saudi Arabia's infrastructure.