Public Investment Fund signs two MoUs worth $9.5 billion

Logo of the Public Investment Fund

The Public Investment Fund, along with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA)—both part of the World Bank Group—announced today the signing of two memorandums of understanding aimed at boosting economic growth, contributing to the creation of quality job opportunities, and supporting investment opportunities with the fund's portfolio companies in the Kingdom's and region's markets.

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

The MoU between the Public Investment Fund and the International Finance Corporation, worth up to $6 billion (equivalent to SAR 22.5 billion), focuses on eligible projects in sectors of strategic priority for both parties in the Kingdom's and region's markets, 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 the fund's portfolio companies, contributing to the diversity and strength of the investment ecosystem and the creation of new job opportunities.

As for the MoU between the Public Investment Fund and the Multilateral Investment Guarantee Agency, worth up to $3.5 billion (equivalent to SAR 13.1 billion), it allows the agency to explore opportunities to provide guarantees and instruments to facilitate financing activities for the fund's 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 the Public Investment Fund, said: 'The two MoUs with two key institutions within the World Bank Group reflect the fund's strategic partnerships with major international financial institutions. Through the partnership with the International Finance Corporation and the Multilateral Investment Guarantee Agency, the fund will strengthen investments and partnership opportunities for its portfolio companies in local and international markets, contributing to the creation of quality job opportunities and supporting the fund's role in continuing to accelerate the transformation of the Saudi economy.'

John Gandolfo, Vice President and Head of Finance at the International Finance Corporation, said: 'The International Finance Corporation prioritizes catalyzing private capital to support productive investment, drive growth, and create quality jobs. The partnership with the Public Investment Fund reflects the World Bank Group's goals of turning ambition into tangible impact, combining capital with investment opportunities through cross-border investments and knowledge exchange, and strengthening linkages between the energy, food, and water sectors while creating quality private sector jobs.'

For his part, Junaid Kamal Ahmad, Vice President for Operations at the Multilateral Investment Guarantee Agency, said: 'Saudi Vision 2030 is driving investment and economic growth, and our strategic partnership with the Public Investment Fund aims to contribute to achieving its goals by attracting international investors, alongside driving transformative projects that create jobs and enhance broad-based economic growth in the agency's member countries.'

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.

Public Investment Fund investments

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