PIF and Bpifrance Assurance Export sign $10 billion memorandum of understanding

• MoU focuses on providing financing support for PIF and PIF portfolio companies
• The MoU aims to strengthen the relationship between PIF and Bpifrance Assurance Export through cooperation and sharing business experience

PIF and Bpifrance Assurance Export, represented by the French Treasury office in Riyadh, today announced the signing of a memorandum of understanding (MoU) to strengthen the bilateral partnership and cooperation between the two institutions, and for Bpifrance Assurance Export to provide financing support of up to $10 billion to PIF and PIF portfolio companies.

The MoU, which covers a five-year period, aims to boost collaboration between PIF and Bpifrance Assurance Export, focusing on projects supporting Saudi Vision 2030. As a catalyst of Vision 2030 and an impactful leading global investor, PIF is mandated to transform and diversify the Saudi economy, driving the growth of new sectors, companies and jobs.

The MoU is aligned with PIF’s strategy to further grow financial collaboration globally, enhancing cooperation and building long-term partnerships.

Rasees AlSaud, Head of Financial Institutions and Investor Relations at PIF, said: “The MoU is another milestone in PIF’s strategy to further strengthen its range of strong relationships with leading international financial institutions and export credit agencies. This MoU will unlock new opportunities for French and Saudi companies to build new collaborations, as well as exchange knowledge and experience, resulting in mutually beneficial outcomes.”

Denis Le Fers, General Director of Bpifrance Assurance Export, said: “This agreement will mutually benefit to both countries by strengthening Franco-Saudi commercial relationships, increase trade flows and develop opportunities for French companies to forge new partnerships, as well as contributing to the development of Saudi Vision 2030.”