Riyadh - Sharikat Mubasher: The Public Investment Fund (PIF) signed two memorandums of understanding (MoUs) with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), two member institutions of the World Bank Group (WBG), to facilitate overall economic development, help create quality jobs, and support investment opportunities with PIF portfolio companies in Saudi Arabia and other emerging markets.

In a recent statement, the sovereign fund revealed that the $6 billion MoU with IFC focuses on exploring co-financing opportunities across eligible projects within PIF’s portfolio.

Both parties will focus on eligible projects in sectors that are mutually strategic for both institutions, including infrastructure, energy, transportation, tourism, and healthcare. The MoU also promotes knowledge exchange between PIF and IFC and encourages private capital to participate in projects managed by PIF portfolio companies.

Rasees Al Saud, Head of Financial Institutions and Investor Relations for Global Capital Finance at PIF, stated that the MoUs reflect the 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,” he added.

For his part, John Gandolfo, Vice President and Chief Financial Officer at IFC, affirmed that the partnership with the PIF underscores 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.

On the other hand, the $3.5 billion MoU between the 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 (MENA) region. It focuses on mutual priorities including decarbonization, the development of innovative industries, and high-value job creation.

Junaid Kamal Ahmad, Vice President of Operations at MIGA, commented: “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.”

These MoUs reinforce the PIF’s position as 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.