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

The two MoUs add to a series of strategic partnerships that PIF has concluded with leading international financial institutions to accelerate economic transformation and diversification in the Kingdom. PIF's financing strategy relies on a diverse range of funding resources and financial instruments.

The memorandum of understanding between PIF 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. The MoU also provides opportunities for knowledge transfer and exchange between the Fund and the Corporation, and supports enhancing private capital participation in projects managed by PIF portfolio companies, thereby contributing to the diversity and strength of the investment ecosystem as a whole and creating new job opportunities.

As for the memorandum of understanding between PIF and the Multilateral Investment Guarantee Agency, valued at up to $3.5 billion (equivalent to SAR 13.1 billion), it enables the Agency to explore opportunities to provide guarantees and instruments to facilitate financing activities for PIF companies investing in the Middle East and North Africa region. The MoU focuses on opportunities aligned with the priorities of both sides, including reducing carbon emissions, developing innovative industries, and creating quality job opportunities.

Rasees Al Saud, Director of Investor and Financial Institutions Relations at PIF, said: 'The two MoUs with two key institutions within the World Bank Group reflect PIF's strategic partnerships with major international financial institutions. Through the partnership with IFC and MIGA, PIF will enhance investment and partnership opportunities for its portfolio companies in local and international markets, contributing to the creation of quality job opportunities and supporting PIF's role in accelerating the transformation of the Saudi economy.'

John Gandolfo, Vice President and Head of Finance at IFC, said: 'IFC prioritizes catalyzing private capital to support productive investment, growth, and the creation of quality job opportunities. The partnership with PIF reflects the World Bank Group's goals of turning ambition into tangible impact, bringing together capital and investment opportunities through cross-border investments and knowledge exchange, strengthening linkages between the energy, food, and water sectors, and creating quality jobs in the private sector.'

For his part, Junaid Kamal Ahmad, Vice President for Operations at MIGA, said: 'Saudi Vision 2030 is stimulating investment and economic growth, and our strategic partnership with PIF aims to contribute to achieving its targets by attracting international investors, along with driving transformational projects that contribute to job creation and promoting broad-based economic growth in MIGA member countries.'

The Public Investment Fund is one of the most influential investment entities in the world, and under its long-term strategy, it continues to drive economic transformation in the Kingdom and achieve sustainable returns.