PIF, Bpifrance sign $10B MoU

The Public Investment Fund (PIF) and Bpifrance Assurance Export, represented by the French Treasury office in Riyadh, signed today, Dec. 5, a memorandum of understanding (MoU) to enhance bilateral partnership and cooperation.

The agreement encompasses financing support services valued at up to $10 billion for PIF and its portfolio companies.

In a statement received by Argaam, PIF said the five-year MoU aims to enhance collaboration with Bpifrance, which specializes in supporting French export financing. The agreement focuses on companies and projects aligned with Saudi Vision 2030.

This non-binding MoU aligns with its strategy to enhance global financial cooperation and build long-term partnerships, the statement added.

Rasees AlSaud, Head of Financial Institutions and Investor Relations at PIF, said: “The MoU is a milestone in PIF’s strategy to further strengthen its range of strong relationships with leading international financial institutions.”

“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,” she added.