Saudi PIF's $9.5B MoUs with IFC, MIGA target infrastructure, energy, tourism, and job creation in Saudi and emerging markets.
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Saudi Arabia's Public Investment Fund signed two memorandums of understanding with the World Bank Group's private sector arms, the International Finance Corporation and the Multilateral Investment Guarantee Agency, worth up to $9.5 billion. The agreements aim to support investment opportunities for PIF portfolio companies in Saudi Arabia and other emerging markets, the fund said in a statement.
The IFC MoU targets projects in infrastructure, energy, transportation, tourism, and health care. It also promotes knowledge exchange and encourages private capital to participate in projects managed by PIF portfolio companies. Under the MIGA MoU, the agency will explore credit enhancement guarantees to help finance PIF portfolio company activities in the Middle East and North Africa, focusing on decarbonization and high-value job creation.
Rasees Al Saud, head of financial institutions and investor relations at PIF, called the MoUs a reflection of the fund's "strong strategic partnerships" with leading international financial institutions. By working with IFC and MIGA, PIF aims to expand investment opportunities for its portfolio companies and contribute to Saudi Arabia's economic transformation, he said.
John Gandolfo, vice president and CFO at IFC, said the partnership "reflects the World Bank Group's vision to translate ambition into results" by connecting capital with opportunities through cross-border investments and knowledge exchange.
Junaid Kamal Ahmad, vice president of operations at MIGA, said Saudi Arabia's Vision 2030 is "anchored around catalyzing investment and economic growth." He noted that the partnership with PIF aims to support the central engine driving Vision 2030: attracting international investors and promoting transformative projects.
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