Hana Financial Group said Tuesday it has signed a preliminary agreement with Saudi Arabia's Export-Import Bank to expand financial cooperation and support South Korean companies participating in Saudi Arabia's national project.

Hana signed a memorandum of understanding with the EXIM bank at the headquarters of Saudi Arabia's National Development Fund in Riyadh on Monday, according to company officials.

Under the agreement, the two plan to strengthen bilateral cooperation, discover new global projects in the Middle East and provide funds and credit lines for global networks of Hana group and Saudi EXIM bank.

Hana has also discussed measures to beef up cooperation with Saudi's National Development Fund, including launching joint businesses with banks and funds under the NDF and making investments in connection to Saudi's Vision 2030 project, according to the officials.

The Vision 2030 refers to Saudi Arabia's national project aimed at achieving political, social and economic transformation to reduce the country's dependence on the oil industry and vitalizing private economy.

Hana plans to help South Korean companies planning or set to take part in Vision 2030, including a project to build an eco-friendly city named NEOM in Saudi Arabia's northwestern region, to gain better accessibility to the Middle East's finance.

The group will also provide financial assistance to the companies, in particular in the areas of green infrastructure, construction, and renewable energy.

"We will do our best to give financial assistance to South Korean companies so they will create a second and third wave in the Middle East," Lee Eun-hyung, Hana group's vice chairman, said. (Yonhap)

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