Riyadh – Sharikat Mubasher: The Public Investment Fund (PIF) and Bpifrance Assurance Export, represented by the French Treasury office in Riyadh, announced signing a memorandum of understanding (MoU) to enhance bilateral collaboration and support between the two organizations.

Under this agreement, Bpifrance Assurance Export will provide up to $10 billion in financing support to PIF and its portfolio companies, according to a joint press release.

Spanning a five-year period, the MoU focuses on advancing projects aligned with Saudi Vision 2030. This partnership underscores PIF's commitment to transforming and diversifying Saudi Arabia’s economy by fostering growth across emerging sectors, creating new companies, and generating jobs.

As a cornerstone of Vision 2030 and a globally impactful investor, PIF is dedicated to forging strategic global partnerships. This MoU reinforces its strategy to expand international financial collaboration and build lasting alliances.

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 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.”