Saudi Arabia and France Sign $10 Billion Agreement to Boost Financial Cooperation
In a major move to enhance financial cooperation between the two nations, Saudi Arabia’s Public Investment Fund and Bpifrance Assurance Export have signed a memorandum of understanding valued at $10 billion.
This agreement, aimed at advancing sectors central to Saudi Arabia’s Vision 2030, will provide financing support to PIF and its portfolio companies over the next five years.
Strengthening International Financial Partnerships
Rasees Al-Saud, head of Financial Institutions and Investor Relations at PIF, emphasized the importance of this collaboration in fostering international financial cooperation.
Denis Le Fers, director general of Bpifrance Assurance Export, highlighted the potential benefits for both countries, including strengthening commercial ties and increasing trade flows.
Driving Economic Transformation
The deal underscores PIF’s role as a global investment catalyst, aligning with its objective to stimulate economic growth and job creation. Since its establishment in 2017, PIF has launched 99 companies to drive the Kingdom’s economic transformation.
Deepening Bilateral Ties
The MoU follows a state visit by French President Emmanuel Macron to Saudi Arabia, reinforcing the deepening bilateral ties and mutual commitment to enhancing cooperation across sectors, in line with both Saudi Vision 2030 and France 2030.
Fostering Cultural Collaboration
Macron also signed executive programs with French cultural institutions in Saudi Arabia to foster collaborations in heritage preservation, museums, libraries, and film, signaling a shared ambition to foster economic growth and cultural exchange in the years ahead.