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

UAE names 6 startups for inaugural Mastercard Lighthouse cohort
News
Calendar Icon
August 13, 2026
UAE names 6 startups for inaugural Mastercard Lighthouse cohort
Read More
AIREV partners with Qualcomm to bring sovereign AI to enterprises
News
Calendar Icon
August 13, 2026
AIREV partners with Qualcomm to bring sovereign AI to enterprises
Read More
Money20/20 Middle East 2026 gathers global fintech leaders in Riyadh next month
News
Calendar Icon
August 13, 2026
Money20/20 Middle East 2026 gathers global fintech leaders in Riyadh next month
Read More
Riyadh Air, barq partner to advance airline payment technology development
News
Calendar Icon
August 13, 2026
Riyadh Air, barq partner to advance airline payment technology development
Read More
Skyro expands into Saudi Arabia with Riyadh office, new Regional Chief
News
Calendar Icon
August 12, 2026
Skyro expands into Saudi Arabia with Riyadh office, new Regional Chief
Read More
Over 2K brands to participate in Global Health Exhibition next October
News
Calendar Icon
August 12, 2026
Over 2K brands to participate in Global Health Exhibition next October
Read More
Amazon launches ‘Youth Council’ to develop Emirati talent in UAE
News
Calendar Icon
August 12, 2026
Amazon launches ‘Youth Council’ to develop Emirati talent in UAE
Read More
SEMC pacts with Si-Ware to advance MEMS sensing technologies in Saudi Arabia
News
Calendar Icon
August 11, 2026
SEMC pacts with Si-Ware to advance MEMS sensing technologies in Saudi Arabia
Read More
Cobi raises $1mn pre-seed round to advance customer intelligence
News
Calendar Icon
August 11, 2026
Cobi raises $1mn pre-seed round to advance customer intelligence
Read More
Saudi CEOs occupy 13 spots on Forbes Middle East’s 2026 Top 100
News
Calendar Icon
August 10, 2026
Saudi CEOs occupy 13 spots on Forbes Middle East’s 2026 Top 100
Read More