The Public Investment Fund (PIF) and Bpifrance Assurance Export, represented by the French Treasury office in Riyadh, have signed a memorandum of understanding (MoU) to strengthen the bilateral partnership and cooperation.
Under the agreement, Bpifrance Assurance Export will provide financing support of up to $10 billion to PIF and PIF portfolio companies, the Saudi Press Agency said on Thursday.
According to a PIF press release, the five-year MoU aims to boost collaboration between PIF and Bpifrance Assurance Export, focusing on projects supporting Saudi Vision 2030.
PIF is tasked with transforming and diversifying the Saudi economy by driving the growth of new sectors, companies, and jobs. As a key driver of Vision 2030 and a prominent global investor, PIF is a leader in its sector.
The MoU aligns with PIF’s strategy to grow global financial collaboration, promote and strengthen cooperation, and build long-term partnerships.
Princess Rasees Saud Mohammed, 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 and exchange knowledge and experience, resulting in mutually beneficial outcomes.”
Denis Le Fers, General Director of Bpifrance Assurance Export General Director, said: “This agreement will mutually benefit both countries by strengthening Franco-Saudi commercial relationships, increasing trade flows, and developing opportunities for French companies to forge new partnerships, while also contributing to the development of Saudi Vision 2030”.
