Public Investment Fund and US Export-Import Bank Sign $15 Billion Memorandum

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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) for the purchase of US goods and services for eligible PIF portfolio companies.

The memorandum aligns with the fund's other partnerships with several leading export credit institutions in priority markets. PIF's financing strategy draws on multiple financing sources and instruments.

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

Under the memorandum, PIF and EXIM will explore cooperation opportunities in several sectors, including advanced technologies, aerospace, infrastructure, future mobility, water security, and minerals for advanced manufacturing. The two sides intend to strengthen supply chains and drive digital and industrial innovation, while continuing to enable long-term economic development in the Kingdom and the United States.

Rasees Al Saud, Head of Investor and Financial Institution Relations at PIF, said: "The partnership with EXIM will enable us to enhance cooperation in strategic sectors, unlock new opportunities for partnerships between US and Saudi companies, and develop the exchange of information and expertise between them, supporting long-term sustainable growth. The memorandum also reflects the strength of the partnerships between PIF and leading global financial institutions."

For his part, John Yovanovich, President and Chairman of the US Export-Import Bank EXIM, said: "The partnership with PIF through this memorandum contributes to the goals of the 'Buy American, Build the Future' framework, and aligns with EXIM's role as a key economic tool that drives American innovation globally and enhances manufacturing efforts in both the Kingdom and the United States."

Sarah Whitten, Chief Commercial Officer at EXIM, said: "At EXIM, we are committed to enhancing supply chain resilience and increasing opportunities for American exporters in sectors tied to the future of the global economy. This memorandum reflects our shared focus on strategic sectors, from advanced technologies to critical infrastructure, and supports US businesses, workers, and innovation."

PIF is one of the world's most influential investment institutions, and under its long-term strategy, it continues to drive economic transformation in the Kingdom and achieve sustainable returns.

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