PIF signs MoUs worth SAR 187.5B with Chinese financial institutions

The Public Investment Fund (PIF) signed six memoranda of understanding (MoUs) worth up to $50 billion with leading financial institutions.

In a statement, of which Argaam received a copy, the fund said the MoUs were signed with the Agricultural Bank of China (ABC), Bank of China (BoC), China Construction Bank (CCB), China Export & Credit Insurance Corporation (SINOSURE), Export-Import Bank of China (CEXIM), and the Industrial and Commercial Bank of China (ICBC).

The MoUs cover areas of cooperation such as encouraging two-way capital flows through both debt and equity and come as part of PIF’s strategy to foster institutional partnerships globally.

Fahad AlSaif, PIF’s Head of the Global Capital Finance Division and Head of Investment Strategy and Economic Insights Division, said: “The MoUs demonstrate PIF’s strong and deepening relationships with leading financial institutions and accentuate PIF’s commitment to enhancing partnerships globally.”