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- PIF and the Export-Import Bank of the United States partner to facilitate procurement of U.S. goods and services for eligible PIF projects
- MoU to benefit both U.S. and Saudi industry in priority sectors
PIF and the Export-Import Bank of the United States (EXIM) have signed a Memorandum of Understanding (MoU) to strengthen financial cooperation and expand trade and investment opportunities. The MoU creates a framework of long-term financing of up to $15 billion for eligible PIF portfolio companies to procure U.S.-origin goods and services.
The MoU builds on PIF’s other partnerships with select export credit agencies in priority markets. PIF’s capital-raising strategy utilizes diverse funding sources and a range of financial instruments.
The U.S. is PIF’s top international market. Procurement from the U.S. by PIF and its portfolio companies since 2017 totals $65 billion, helping to contribute $35 billion to U.S. GDP.
PIF and EXIM will explore opportunities in a range of sectors, including advanced technology, aerospace industries, infrastructure, future mobility, water security, and minerals essential to advanced manufacturing. The two parties intend to strengthen supply chains and drive digital and industrial innovation, further enabling long-term economic development across Saudi Arabia and the U.S.
Rasees AlSaud, Head of Financial Institutions and Investor Relations, Global Capital Finance, at PIF, said: “Partnering with U.S. EXIM will enable us to deepen cooperation in strategic sectors and create new opportunities for Saudi and American companies to expand collaboration and exchange knowledge and experience, in support of sustainable growth and long-term prosperity. The MoU builds on PIF’s strong partnerships with a wide group of leading global financial institutions.”
John Jovanovic, President and Chairman of EXIM, said: “This partnership between EXIM and PIF directly advances our Buy American, Build the Future framework by fostering American innovation in critical sectors. As a frontline economic tool, EXIM helps drive American innovation onto the global stage while revitalizing manufacturing here at home, and this agreement delivers on both.”
Sarah Whitten, Chief Commercial Officer at EXIM, said “At EXIM, we are committed to strengthening resilient supply chains and expanding opportunities for American exporters in the industries shaping the future global economy. This agreement reflects our shared focus on strategic sectors from advanced technologies to critical infrastructure while supporting U.S. businesses, workers, and innovation.”
PIF is one of the world’s most impactful investors, with a long-term investment strategy to further drive the economic transformation of Saudi Arabia and deliver sustainable financial returns.
