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Saudi Arabia's Public Investment Fund (PIF) announced the signing of two Memorandums of Understanding (MoUs) with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA)—both members of the World Bank Group. The agreements aim to foster economic growth, create quality jobs, and bolster investment opportunities alongside PIF portfolio companies in the Kingdom and the broader region.

The MoUs add to a series of strategic partnerships forged by PIF with leading international financial institutions to accelerate Saudi Arabia’s economic diversification and transformation.

$6 Billion IFC Partnership

The MoU with the IFC, valued at up to $6 billion (SAR 22.5 billion), targets eligible projects in strategic priority sectors across the Kingdom and the region, including infrastructure, energy, transport, tourism, and healthcare. The agreement facilitates knowledge exchange and aims to mobilize private capital for projects managed by PIF's portfolio companies, further diversifying and strengthening the broader investment ecosystem while creating new job opportunities.

$3.5 Billion MIGA Agreement

The MoU with MIGA, valued at up to $3.5 billion (SAR 13.1 billion), will explore the provision of guarantees and risk mitigation tools to facilitate the financing activities of PIF companies investing across the Middle East and North Africa (MENA). This collaboration focuses on shared priorities, such as reducing carbon emissions, developing innovative industries, and generating high-quality employment.

Accelerating Economic Transformation

Rasees Al Saud, Director of Investor Relations and Financial Institutions at PIF, stated:

"These MoUs with two key institutions within the World Bank Group reflect PIF’s strategic partnerships with major international financial institutions. Through partnering with the IFC and MIGA, PIF will enhance investments and partnership opportunities for its portfolio companies in local and international markets, contributing to the creation of quality jobs and supporting PIF's role in continuing to accelerate the transformation of the Saudi economy."

John Gandolfo, Vice President and Treasurer at IFC, emphasized that the partnership aligns with the World Bank Group’s objectives to translate ambition into tangible impact by mobilizing private capital for productive investments, cross-border opportunities, and knowledge sharing.

Similarly, Junaid Kamal Ahmad, Vice President for Operations at MIGA, highlighted that the strategic partnership supports the goals of Saudi Vision 2030 by attracting international investors and driving transformational projects that spur broad-based economic growth across MIGA member countries.