The Public Investment Fund and the International Finance Corporation (IFC), a member of the World Bank Group, announced today the signing of a memorandum of understanding aimed at boosting 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.

The MoU adds to a series of strategic partnerships that the Public Investment Fund has made with leading international financial institutions, with the aim of accelerating economic transformation and diversification in the Kingdom.

Strategic Projects

The MoU between the Public Investment Fund and the International Finance Corporation, valued at up to $6 billion (equivalent to SAR 22.5 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.

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The MoU also provides opportunities for knowledge transfer and exchange between the fund and the institution, and supports enhancing private capital participation in projects managed by the fund's portfolio companies, contributing to diversifying and strengthening the investment ecosystem and creating new job opportunities. Rasees Al Saud, Director of Investor and Financial Institution Relations at the Public Investment Fund, said: 'The MoU with a key institution within the World Bank Group reflects the fund's strategic partnerships with major international financial institutions.'

Accelerating Transformation in the Saudi Economy

He added: 'Through the partnership with the International Finance Corporation, 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.' John Gandolfo, Vice President and Chief Financial Officer of the International Finance Corporation, said: 'The International Finance Corporation prioritizes stimulating private capital to support productive investment, achieve growth, and create quality job opportunities. He added: 'The partnership with the Public Investment Fund reflects the World Bank Group's goals of turning ambition into tangible impact, combining capital and investment opportunities through cross-border investments and knowledge exchange, strengthening links between the energy, food, and water sectors, and creating quality jobs in the private sector.' The Public Investment Fund is one of the most influential investment entities in the world, and through its long-term strategy, it continues to drive economic transformation in the Kingdom and achieve sustainable returns.