PIF, Bpifrance sign $10bn MoU to enhance mutual cooperation

user icon
GHADA.ISMAIL
calender icon
Dec 5, 2024
article image

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.”


Share

Related News

Aramco Ventures, Olayan Group participate in Emerald AI $150mn Series A round
News
Calendar Icon
August 26, 2026
Aramco Ventures, Olayan Group participate in Emerald AI $150mn Series A round
Read More
HUMAIN, Microsoft team up to scale AI in Saudi Arabia
News
Calendar Icon
August 26, 2026
HUMAIN, Microsoft team up to scale AI in Saudi Arabia
Read More
Kafalah guarantees exceed SAR 100bln as SME financing expands
News
Calendar Icon
August 26, 2026
Kafalah guarantees exceed SAR 100bln as SME financing expands
Read More
HUMAIN pacts with Mistral to advance sovereign AI in Saudi Arabia
News
Calendar Icon
August 26, 2026
HUMAIN pacts with Mistral to advance sovereign AI in Saudi Arabia
Read More
Tencent Cloud partners with TruKKer to expand Saudi operations
News
Calendar Icon
August 26, 2026
Tencent Cloud partners with TruKKer to expand Saudi operations
Read More
Saudi Arabia, BIE sign See Agreement for Expo 2030 Riyadh
News
Calendar Icon
August 26, 2026
Saudi Arabia, BIE sign See Agreement for Expo 2030 Riyadh
Read More
NTT DATA to participate in LEAP 2026, showcase AI-powered intelligent infrastructure
News
Calendar Icon
August 26, 2026
NTT DATA to participate in LEAP 2026, showcase AI-powered intelligent infrastructure
Read More
Saudi Arabia signs SAR 1.6bn deal to develop 4th Jeddah Port Terminal
News
Calendar Icon
August 25, 2026
Saudi Arabia signs SAR 1.6bn deal to develop 4th Jeddah Port Terminal
Read More
Jeddah to host Saudifood Show, Saudifood Manufacturing next September
News
Calendar Icon
August 25, 2026
Jeddah to host Saudifood Show, Saudifood Manufacturing next September
Read More
Saudi Arabia signs $5bn Credit Line Agreement with France
News
Calendar Icon
August 25, 2026
Saudi Arabia signs $5bn Credit Line Agreement with France
Read More