The Public Investment Fund and the Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, today announced the signing of a Memorandum of Understanding aimed at enhancing economic growth and supporting investment opportunities with the Fund's portfolio companies in the markets of the Kingdom and the region.

The Memorandum of Understanding between the Public Investment Fund and the Multilateral Investment Guarantee Agency, worth up to $3.5 billion (equivalent to SAR 13.1 billion), allows the agency to explore opportunities to provide guarantees and necessary instruments to facilitate financing activities for the Fund's companies investing in the Middle East and North Africa region.

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The memorandum focuses on opportunities aligned with the priorities of both sides, including reducing carbon emissions, developing innovative industries, and creating high-quality job opportunities.

Attracting international investments

Reesis Al Saud, Director of Investor and Financial Institution Relations at the Public Investment Fund, said: 'The Memorandum of Understanding with a major institution within the World Bank Group reflects the Fund's strategic partnerships with major international financial institutions.' She added: 'Through the partnership with the International Finance Corporation and the Multilateral Investment Guarantee Agency, the Fund will enhance investments and partnership opportunities for its portfolio companies in local and international markets.' Junaid Kamal Ahmed, Vice President for Operations at the Multilateral Investment Guarantee Agency, said: 'Saudi Vision 2030 is stimulating investment and economic growth, and our strategic partnership with the Public Investment Fund aims to contribute to achieving its goals by attracting international investors, along with driving transformational projects that help create jobs and promote broad-based economic growth in the agency's member countries.'

The Public Investment Fund is one of the most prominent and 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.