Riyadh – Mubasher: The Public Investment Fund (PIF) and Bpifrance Assurance Export, represented by the French Treasury office in Riyadh, inked a deal for providing up to $10 billion in financing to the fund’s portfolio companies.
The memorandum of understanding (MoU) aims to strengthen the bilateral partnership and cooperation between the two institutions, according to a press release.
Moreover, the five-year agreement will boost collaboration between PIF and Bpifrance Assurance Export, focusing on projects supporting Saudi Vision 2030. It aligns with the Saudi fund’s strategy to further grow financial collaboration globally and enhance cooperation.
Rasees Al Saud, Head of Financial Institutions and Investor Relations at PIF, noted: “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 to both countries by strengthening Franco-Saudi commercial relationships, increase trade flows and develop opportunities for French companies to forge new partnerships, as well as contributing to the development of Saudi Vision 2030.”
Last October, the PIF created Smart Accommodation for Residential Complexes Company (sarcc) to expand development projects in Saudi Arabia.
