The Public Investment Fund, the International Finance Corporation, and the Multilateral Investment Guarantee Agency, both part of the World Bank Group, announced today (Friday) the signing of two memoranda of understanding aimed at enhancing economic growth, contributing to the creation of quality job opportunities, and supporting investment opportunities with the fund’s portfolio companies in the markets of the Kingdom and the region.

Energy is among the targeted sectors in the memorandum of understanding with the International Finance Corporation

The two memoranda of understanding come within a series of strategic partnerships that the Public Investment Fund has established with leading international financial institutions to accelerate economic transformation and diversification in the Kingdom. The fund's financing strategy relies on a diverse range of financing resources and financial instruments.

The memorandum of understanding between the Public Investment Fund and the International Finance Corporation, valued at $6 billion, focuses on eligible projects in sectors of strategic priority for both parties in the markets of the Kingdom and the region, including infrastructure, energy, transport, tourism, and healthcare.

The memorandum also provides opportunities for knowledge transfer and exchange between the fund and the corporation, and supports enhancing private capital participation in projects managed by the fund's portfolio companies, contributing to the diversity and strength of the overall investment ecosystem and the creation of new job opportunities.

The memorandum of understanding signed with the Multilateral Investment Guarantee Agency amounts to $3.5 billion, and allows the agency to explore opportunities to provide guarantees and tools to facilitate financing activities for the fund's companies investing in the Middle East and North Africa region. The memorandum also focuses on opportunities aligned with the priorities of both sides, including reducing carbon emissions, developing innovative industries, and creating quality job opportunities.

For her part, the Director of Investor and Financial Institution Relations at the Public Investment Fund, Rasees Al Saud, affirmed that the two memoranda of understanding with two key institutions within the World Bank Group reflect the fund's strategic partnerships with major international financial institutions.

The partnership will enhance the fund's role in accelerating the transformation of the Saudi economy

She added that through this partnership, the fund will enhance investments and partnership opportunities for its portfolio companies in local and international markets, contributing to the creation of quality job opportunities and supporting the fund's role in continuing to accelerate the transformation of the Saudi economy.

For his part, Vice President and Chief Financial Officer of the International Finance Corporation, John Gandolfo, said that the corporation prioritizes stimulating private capital to support productive investment, achieve growth, and create quality job opportunities.

He pointed out that the partnership with the Public Investment Fund reflects the World Bank Group's objectives of turning ambition into tangible impact, combining capital with investment opportunities through cross-border investments and knowledge exchange, strengthening links between energy, food, and water sectors, and creating quality jobs in the private sector.

For his part, Vice President of Operations at the Multilateral Investment Guarantee Agency, Junaid Kamal Ahmed, affirmed that Saudi Vision 2030 is driving investment and economic growth, noting that the strategic partnership with the fund aims to contribute to achieving its objectives by attracting international investors, along with advancing transformative projects that create jobs and promote broad-based economic growth in the agency's member countries.

It is noteworthy that the Public Investment Fund is one of the most prominent and influential investment entities in the world, and is working within its long-term strategy to continue driving economic transformation in the Kingdom and achieving sustainable returns.