Saudi Arabia’s Finance Ministry signed an agreement on Thursday to appoint five local banks as primary dealers in local government securities, the ministry said. The five institutions are Alinma Bank, Bank al-Jazira, National Commercial Bank, Samba Financial Group and Saudi British Bank, a ministry statement said. Minister of Finance Mohammed Al Jadaan pointed out that the agreement fits within the Financial Sector Development Program (FSDP) strategy as a mean to achieve the Vision 2030 goals. The agreement will expand the investor base in the primary market to secure the Kingdoms domestic debt financing requirements, support the development of the secondary market by increasing the liquidity of local government securities, and provide advice to the Debt Management Office on the development of debt capital markets in the Kingdom to become a regional hub. The minister stated that this agreement reflects the FSDPs pillars and objectives by enabling financial institutions to support the growth of the private sector in developing an advanced financial market capable of attracting fintech companies. He pointed out that the Ministry of Finance considers the private sector as a fundamental pillar in the development process as the Kingdom seeks to develop its general financial system. Fahad Al-Saif, DMO president, pointed out that this agreement represents part of a clear strategy in the short-, medium- and long-term to support the states public finances efficiently, which is an essential component part of the office’s function. He stated that, it would raise the efficiency of financial transactions in local government securities through the establishment of clear and transparent frameworks for its clients, and enhance the level of transparency within financial institutions between primary and secondary securities dealers.