PIF signs MoUs for up to $9.5 billion with the World Bank Group’s private sector arms IFC and MIGA

• A $6 billion MoU between PIF and IFC focuses on exploring co-financing opportunities across eligible projects within PIF’s portfolio
• A $3.5 billion MoU between PIF and MIGA will facilitate investment opportunities that will drive economic development across Saudi Arabia and other regional markets

PIF, together with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), two member institutions of the World Bank Group (WBG), today announced the signing of two Memorandums of Understanding (MoUs) to facilitate overall economic development, help create quality jobs, and support investment opportunities with PIF portfolio companies in Saudi Arabia and other emerging markets.

The MoUs add to a series of strategic partnerships PIF has established with leading international financial institutions to accelerate Saudi Arabia’s economic diversification and overall transformation. PIF’s capital-raising strategy leverages a diverse range of funding sources and financial instruments.

The MoU between PIF and IFC focuses on eligible projects in sectors that are mutually strategic for both institutions including infrastructure, energy, transportation, tourism and health care. It also promotes knowledge exchange between PIF and IFC and encourages private capital to participate in projects managed by PIF portfolio companies, contributing a diverse and robust investment ecosystem and helping create new job opportunities.

The MoU between PIF and MIGA will explore opportunities for MIGA to provide credit enhancement guarantees to facilitate financing activities of PIF’s portfolio companies investing in the Middle East and North Africa. The MoU focuses on mutual priorities including decarbonization, the development of innovative industries and high-value job creation.

Rasees Al Saud, Head of Financial Institutions and Investor Relations, Global Capital Finance, at PIF, said: “These MoUs with key member institutions of the World Bank Group reflect PIF’s strong strategic partnerships with leading international financial institutions. By partnering with IFC and MIGA, we will expand investment and partnership opportunities for PIF’s portfolio companies domiciled locally, regionally and globally, creating high-value jobs and contributing to PIF’s mandate to further accelerate the economic transformation of Saudi Arabia.”

John Gandolfo, Vice President and Chief Financial Officer at IFC, added: “Catalyzing private capital to support productive investment, growth, and the creation of quality jobs are core priorities for IFC. This partnership reflects the World Bank Group's vision to translate ambition into results, connecting capital with opportunities through cross-border investments and knowledge exchange to strengthen the Energy–Food–Water nexus and create quality private sector jobs.”

Junaid Kamal Ahmad, Vice President of Operations at MIGA, said: “Saudi Arabia’s Vision 2030 is anchored around catalyzing investment and economic growth. Our partnership with PIF aims to support one of the central engines driving Vision 2030 – attracting international investors and promoting transformative projects that support job creation and economic growth across our member countries.”

PIF is one of the world’s most impactful investors, with a long-term investment strategy to further drive the economic transformation of Saudi Arabia and deliver sustainable financial returns.