Riyadh, July 24, 2026 – The Public Investment Fund (PIF) has signed two Memorandums of Understanding (MoUs) with the World Bank Group’s private sector arms, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), together valued at up to $9.5 billion. These agreements aim to support economic development, create quality jobs, and boost investment initiatives within Saudi Arabia and other emerging markets.
The first MoU establishes a $6 billion partnership between PIF and IFC. This agreement focuses on co-financing eligible projects across sectors of mutual interest, including infrastructure, energy, transportation, tourism, and health care. It will also encourage knowledge exchange and invite private capital to invest alongside PIF portfolio companies. This initiative seeks to diversify investment sources and help generate new employment opportunities within Saudi Arabia.
The second MoU, valued at $3.5 billion, contracts PIF with MIGA. This arrangement will facilitate investment through credit enhancement guarantees. These guarantees will support financing activities of companies in PIF’s portfolio that invest throughout the Middle East and North Africa. Key priorities addressed by this MoU include decarbonization, fostering innovative industries, and promoting high-value job creation.
Rasees Al Saud, Head of Financial Institutions and Investor Relations at PIF, emphasized the partnership’s strategic value: “These MoUs with key World Bank Group members strengthen PIF’s commitment to accelerating Saudi Arabia’s economic transformation. Partnering with IFC and MIGA will expand investment opportunities for our portfolio companies locally, regionally, and globally, while creating high-value jobs.”
John Gandolfo, Vice President and Chief Financial Officer at IFC, said, “Supporting productive investment, growth, and quality job creation through private capital is central to IFC’s mission. This collaboration connects capital to opportunities, drives cross-border investment, and promotes knowledge exchange to enhance critical sectors like energy, food, and water.”
Junaid Kamal Ahmad, Vice President of Operations at MIGA, added, “Saudi Arabia’s Vision 2030 focuses on attracting investment and boosting economic growth. Our partnership with PIF supports this vision by encouraging international investment and transformative projects that foster economic expansion and job creation.”
As one of the world’s most influential investors, PIF continues to deploy a long-term investment strategy to transform Saudi Arabia’s economy and deliver sustainable financial returns. The recent MoUs with IFC and MIGA complement PIF’s existing global partnerships, enabling access to diverse financial instruments and funding sources to accelerate development.
The collaboration indicates ongoing progress in Saudi Arabia’s economic diversification and regional growth ambitions, touching sectors across key industries and promoting innovative, sustainable development.
For more information on PIF’s strategy and partnerships, visit the official Public Investment Fund website.
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