Saudi Arabia's Public Investment Fund on Friday signed a memorandum of understanding with the US Export-Import Bank worth up to $15 billion, the sovereign wealth fund said.
The agreement provides a framework to provide long-term financing for eligible PIF portfolio companies to acquire US goods and services. It also covers co-operation in advanced technology, space and aviation, infrastructure, future mobility, water and minerals.
PIF said the US remains its largest international market, with procurement totalling $65 billion since 2017.
Its US equity portfolio stood at $12 billion in May, down from $12.9 billion in December, according to a filing with the Securities and Exchange Commission. It holds stakes in Claritev, Electronic Arts, Lucid Group and Uber.
PIF announced agreements worth up to $9.5 billion with the World Bank's two private-sector arms.
A $6 billion agreement with the International Finance Corporation will support co-financing opportunities across infrastructure, energy, transport, tourism and health care.
An additional $3.5 billion agreement with the Multilateral Investment Guarantee Agency (Miga) is designed to explore opportunities to provide guarantees to facilitate financing for PIF's portfolio companies in the Middle East and North Africa. The PIF said the agreement focuses on decarbonisation, developing innovative industries and high-value job creation.
"Our partnership with PIF aims to support one of the central engines driving Vision 2030 – attracting international investors and promoting transformative projects that support job creation and economic growth across our member countries," said Junaid Kamal Ahmad, vice president of operations at Miga.
