Saudi Arabia's Public Investment Fund (PIF) signed two memoranda of understanding worth up to $9.5 billion (approximately 34 billion riyals) with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), both part of the World Bank Group, according to a statement on Friday.

The MOUs aim to boost economic growth and contribute to the creation of quality job opportunities, and they support investment opportunities with the fund's portfolio companies in Saudi Arabia and the region.

The MOUs add to a series of strategic partnerships that PIF has established 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 sources and financial instruments.

$6 billion for strategic priority sectors

The MOU between PIF and IFC, valued at up to $6 billion, focuses on eligible projects in sectors of strategic priority for both parties in the Kingdom and the region.

Among these projects are infrastructure, energy, transport, tourism, and healthcare.

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

$3.5 billion for guarantees and facilitation instruments

The MOU between PIF and MIGA, valued at up to $3.5 billion, 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 both parties' priorities, including reducing carbon emissions, developing innovative industries, and creating quality job opportunities.

Rasees Al Saud, Director of Investor and Financial Institutions Relations at PIF, said: "Through the partnership with IFC and MIGA, the fund will enhance 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 IFC, said: "The partnership with PIF reflects the World Bank Group's goals of turning ambition into tangible impact, bringing together capital and investment opportunities through cross-border investments and knowledge exchange, and strengthening links between the energy, food, and water sectors, and creating quality private sector jobs."