Saudi Arabia’s Public Investment Fund (PIF) has signed a memorandum of understanding (MoU) with Bpifrance Assurance Export to foster financial cooperation between both entities.
According to the agreement, Bpifrance Assurance Export will provide financing support of up to $10 billion to PIF and its portfolio companies over the next five years.
Saudi Vision 2030
Therefore, the deal aims basically to develop projects and sectors outlined by Saudi Vision 2030 to diversify the Kingdom’s economy and cut oil dependency.
“As a key driver of Vision 2030 and a leading global investor, PIF is mandated to transform and diversify the Saudi economy,” the press release stated.
Crucial Step
In the same context, Rasees Al-Saud, head of Financial Institutions and Investor Relations at PIF, described the agreement as a crucial step in boosting international financial collaboration.
“This MoU marks another significant milestone in PIF’s strategy to deepen its relationships with leading global financial institutions and export credit agencies. It will open new doors for French and Saudi companies to collaborate, exchange expertise, and achieve mutually beneficial outcomes,” Al-Saud added.
Supporting Financial Collaboration
Furthermore, the deal perfectly aligns with PIF’s strategy to accelerate the growth of financial collaboration globally and sign long-term partnerships.
“This agreement will strengthen Franco-Saudi commercial ties, increase trade flows, and create opportunities for French companies to form new partnerships. It will also contribute to the realization of Saudi Vision 2030,” Denis Le Fers, director general of Bpifrance Assurance Export, stated.
It is worth mentioning that the current MoU comes after a state visit by French President Emmanuel Macron to Saudi Arabia few days ago.
The President’s visit came on the heels of an official invitation from Saudi Crown Prince Mohammed bin Salman to deepen the bilateral relations, according to Arab News.
In the light of this, the visit emphasized the strong bilateral ties and mutual commitment to bolstering cooperation across sectors, in line with both Saudi Vision 2030 and France 2030.
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