RIYADH: To encourage investment, promote economic growth, and generate employment in the Kingdom and in emerging markets, Saudi Arabia’s Public Investment Fund has inked contracts worth up to $9.5 billion with two World Bank Group organizations.
In addition to fostering knowledge exchange and private investment, a $6 billion deal with the International Finance Corp. will explore co-financing potential for projects in industries like infrastructure, energy, transportation, tourism, and healthcare.
In order to improve financing for PIF portfolio firms operating in Saudi Arabia and other regional markets, a $3.5 billion agreement with the Multilateral Investment Guarantee Agency will investigate offering credit guarantees. Decarbonization, the growth of new sectors, and the creation of jobs will be the main areas of cooperation.
According to PIF, the collaborations were intended to help Saudi Arabia diversify its economy and draw in private capital for key industries. The PIF, one of the biggest sovereign wealth funds in the world, is essential to the development and funding of many of Vision 2030’s major initiatives.
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