The Public Investment Fund and the US Export-Import Bank (EXIM), the US government agency specializing in export credit, today announced the signing of a memorandum of understanding aimed at enhancing financial cooperation and investment and trade opportunities.

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

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The memorandum of understanding aligns with the fund's other partnerships with a number of leading export credit institutions in priority markets, and the Public Investment Fund's financing strategy benefits from multiple financing sources and tools. The United States is the largest international market for the Public Investment Fund, and the value of purchases by the fund and its portfolio companies from the US market since 2017 has reached $65 billion, contributing $35 billion to the US GDP.

Advanced cooperation

Under the memorandum of understanding, the Public Investment Fund and the US Export-Import Bank will explore cooperation opportunities in a number of sectors, including advanced technologies, space and aviation industries, infrastructure, future mobility, water security, and minerals for advanced manufacturing. The two parties intend to enhance supply chains and drive digital and industrial innovation, while continuing to enable long-term economic development in the Kingdom and the United States. Recess Al Saud, Director of the Investor and Financial Institutions Relations Department at the Public Investment Fund, said: "The partnership with the US Export-Import Bank will enable us to enhance cooperation in strategic sectors, launch new opportunities for partnerships between American and Saudi companies, and develop the exchange of information and expertise between them, supporting long-term sustainable growth. The memorandum of understanding also reflects the strength of the partnerships that bring the Public Investment Fund together with leading global financial institutions."

Boosting manufacturing efforts in the Kingdom

For his part, John Yovanovich, CEO and Chairman of the Board of the US Export-Import Bank (EXIM), said: "The partnership with the Public Investment Fund through this memorandum contributes to achieving the goals of the 'Buy American, Build the Future Framework' initiative, and is consistent with EXIM's role as a key economic tool that contributes to leading American innovation globally and boosting manufacturing efforts in the Kingdom and the United States alike." Sarah Whitten, Chief Commercial Officer of EXIM, said: "At EXIM, we are committed to enhancing the resilience of supply chains and increasing opportunities for American exporters in sectors related to the future of the global economy. This memorandum reflects our shared focus on strategic sectors, from advanced technologies to critical infrastructure, and supports American businesses, workers, and innovation." 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.