Saudi Arabia's Public Investment Fund (PIF) signed two memoranda of understanding worth $9.5 billion with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), both part of the World Bank Group, to boost economic growth, contribute to creating quality job opportunities, and support investment opportunities with PIF portfolio companies in the Kingdom's and the region's markets.

The two MOUs, announced on Friday, add to the strategic partnerships the fund has formed with leading international financial institutions to accelerate economic transformation and diversification in Saudi Arabia. Its financing strategy relies on a variety of funding sources and financial instruments.

The first MOU with the IFC, worth up to $6 billion (SAR 22.5 billion), focuses on eligible projects in strategic priority sectors for both parties in Saudi and regional markets, including infrastructure, energy, transport, tourism, and healthcare.

It also provides opportunities for knowledge transfer and exchange between the fund and the IFC, and supports enhancing private capital participation in projects managed by PIF portfolio companies, contributing to the diversity and strength of the overall investment ecosystem and creating new job opportunities.

The second MOU, worth $3.5 billion (SAR 13.1 billion), allows MIGA to explore opportunities to provide guarantees and instruments to facilitate financing activities for PIF companies investing in the Middle East and North Africa region, and focuses on aligning with both parties' priorities, including reducing carbon emissions, developing innovative industries, and creating quality jobs.

For her part, Reem Al-Saud, Director of Investor Relations and Financial Institutions at PIF, said the two MOUs 'reflect our strategic partnerships with major international financial institutions,' adding that they 'will enhance investment and partnership opportunities for PIF portfolio companies in local and international markets, contributing to the creation of quality jobs and supporting the fund's role in continuing to accelerate the transformation of the Saudi economy.'

For his part, John Gandolfo, Vice President and Head of Finance at the IFC, stressed that their top priority is 'mobilizing private capital to support productive investment, achieve growth, and create quality jobs,' explaining that the partnership with PIF 'reflects the World Bank Group's goals of turning ambition into tangible impact, combining capital with investment opportunities, through cross-border investments and knowledge sharing, and strengthening links between the energy, food, and water sectors, and creating quality jobs in the private sector.'

Meanwhile, Junaid Ahmad, Vice President for Operations at MIGA, stated that 'Saudi Vision 2030 is stimulating investment and economic growth,' noting that 'our strategic partnership with PIF aims to contribute to achieving its goals by attracting international investors and driving transformative projects that create jobs and promote broad-based economic growth in MIGA member countries.'

Saudi Arabia's Public Investment Fund is one of the most prominent and influential investment entities globally, and under its long-term strategy, it continues to drive economic transformation in the Kingdom and achieve sustainable returns.

"); googletag.cmd.push(function() { onDvtagReady(function () { googletag.display('div-gpt-ad-3341368-4'); }); }); }