Saudi Arabia’s Public Investment Fund (PIF) is further reinforcing its pivotal role as a catalyst for economic transformation through new deals worth up to $9.5 billion with two World Bank Group institutions.
This major step paves the way for greater private-sector participation, sustainable economic growth, and job creation in the Kingdom and beyond.
How Will the Partnerships Accelerate Economic Diversification?
Supporting Saudi Arabia’s Vision 2030 ambitions, PIF has entered into a $6 billion agreement with the International Finance Corp. (IFC) to explore co-financing opportunities in sectors central to the Kingdom’s economic diversification, such as infrastructure, energy, transport, tourism and healthcare. The partnership also seeks to foster knowledge sharing and encourage greater private-sector participation.
Meanwhile, a $3.5 billion deal with the Multilateral Investment Guarantee Agency (MIGA) will test the use of credit guarantees to unlock financing for PIF portfolio companies operating in Saudi Arabia and beyond. This collaboration underscores the Kingdom’s commitment to building a resilient, future-ready economy by backing projects centered on decarbonization, industrial innovation and job creation.
The Strategy Behind the Partnerships
Commenting on the new deals, the PIF said that the partnerships aim to accelerate Saudi Arabia’s economic diversification by attracting private investments into the Kingdom’s vital sectors.
According to Rasees Al Saud, Head of Financial Institutions and Investor Relations at PIF’s Global Capital Finance division, the collaborations stand as a testament to the fund’s commitment to broadening its scope of international financial partners and creating new investment opportunities for portfolio companies both within the Kingdom and abroad.
John Gandolfo, IFC’s vice president and chief financial officer, said the partnership will leverage private capital and international expertise to strengthen cross-border investment and promote knowledge exchange, while boosting the energy-food-water nexus and expanding employment opportunities in the private sector.
Advancing Vision 2030 Through Global Investment
Shining the spotlight on the broader significance of the collaboration, Junaid Kamal Ahmad, MIGA’s vice president of operations, said the agreement will strengthen Saudi Arabia’s Vision 2030 ambitions by attracting international investment to transformative projects and promising sectors, and accelerating economic diversification.
Recognized as one of the world’s most impactful investors, PIF employs its long-term investment strategy to drive Saudi Arabia’s economic transformation, unlock new growth opportunities and deliver sustainable financial returns.
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