Saudi Arabia's Public Investment Fund and the US Export-Import Bank announced on Friday the signing of a memorandum of understanding aimed at enhancing financial cooperation and investment and trade opportunities.

The memorandum provides a framework for supporting financing of up to $15 billion (over 56.2 billion Saudi riyals), aimed at purchasing US goods and services for eligible portfolio companies of the fund.

The memorandum aligns with the fund's other partnerships with leading export credit agencies in priority markets, and its financing strategy leverages multiple sources and financial instruments.

The United States is the fund's largest international market, with purchases and portfolio companies from the US reaching $65 billion since 2017, contributing $35 billion to US GDP.

Under the memorandum, the two sides will explore cooperation opportunities in several sectors, including advanced technologies, aerospace and aviation, infrastructure, future mobility, water security, and minerals for advanced manufacturing.

The two parties intend to strengthen supply chains and drive digital and industrial innovation, while continuing to enable long-term economic development in both countries.

For her part, Reisis Al Saud, Director of Investor and Financial Institution Relations at the fund, said that this partnership 'will enable us to enhance cooperation in strategic sectors, launch new opportunities for partnerships between US and Saudi companies, and develop the exchange of information and expertise between them, supporting sustainable long-term growth,' noting that it 'reflects the strength of the partnerships that bring the fund together with leading global financial institutions.'

In turn, John Yovanovich, President and Chairman of the bank, explained that the partnership 'contributes to the goals of the "Buy American, Build the Future" framework,' noting that it 'aligns with the bank's role as a key economic tool contributing to leading American innovation globally, and enhancing manufacturing efforts in the Kingdom and the United States alike.'

Furthermore, Sarah Whiten, Chief Commercial Officer of the bank, affirmed their commitment to enhancing supply chain resilience and increasing opportunities for US exporters in sectors linked to the future of the global economy, adding that the memorandum 'reflects our shared focus on strategic sectors, from advanced technologies to critical infrastructure, and supports businesses, labor, and innovation in the United States.'

The Saudi Public Investment Fund is one of the world's most influential investment entities, and under its long-term strategy, it continues to drive economic transformation in the Kingdom and achieve sustainable returns. Meanwhile, the US Export-Import Bank (EXIM) is the government agency specialized in export credit. "); googletag.cmd.push(function() { onDvtagReady(function () { googletag.display('div-gpt-ad-3341368-4'); }); }); }