Saudi PIF, Bpifrance Assurance Export Sign $10 Billion Memorandum of Understanding

Riyadh, December 05, 2024, SPA -- The Public Investment Fund (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, and for Bpifrance Assurance Export to provide financing support of up to $10 billion to PIF and PIF portfolio companies.
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.
According to the release, PIF is mandated to transform and diversify the Saudi economy, driving the growth of new sectors, companies, and jobs. As a catalyst of Vision 2030 and an impactful leading global investor, PIF is a leader in the sector. The MoU aligns with PIF’s strategy to grow financial collaboration globally, enhance cooperation, and build long-term partnerships.
Head of Financial Institutions and Investor Relations at PIF Princess Rasees Saud Mohammed 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.”
Bpifrance Assurance Export General Director Denis Le Fers 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, as well as contributing to the development of Saudi Vision 2030.”
-- SPA