RIYADH: Saudi Arabia’s Public Investment Fund has signed agreements worth up to $9.5 billion with two World Bank Group institutions to unlock investment, support economic development and create jobs in the Kingdom and across emerging markets.
A $6 billion agreement with International Finance Corp. explores co-financing opportunities on projects in sectors including infrastructure, energy, transport, tourism and healthcare, while also promoting knowledge sharing and encouraging private investment.
A $3.5 billion deal with the Multilateral Investment Guarantee Agency will explore providing credit guarantees to facilitate financing for PIF portfolio companies operating in Saudi Arabia and other regional markets. The cooperation will focus on areas including decarbonization, the development of innovative industries and job creation.
PIF said the partnerships were aimed at supporting Saudi Arabia’s economic diversification and attracting private investment into strategic sectors.
As one of the world’s largest sovereign wealth funds the PIF plays a central role in financing and developing many of Vision 2030’s flagship projects.
