Saudi Arabia’s Public Investment Fund (PIF) has signed six MoUs valued at $50 billion with a consortium of Chinese financial institutions.
The deals were signed with the Agricultural Bank of China, Bank of China, China Construction Bank, China Export & Credit Insurance Corporation, Export-Import Bank of China and the Industrial and Commercial Bank of China.
“The MoUs demonstrate PIF’s strong and deepening relationships with leading financial institutions and accentuate PIF’s commitment to enhancing partnerships globally,” said Fahad Al Saif, PIF’s Head of the Global Capital Finance Division and Head of Investment Strategy and Economic Insights Division.
PIF said the MoUs covered areas of cooperation such as encouraging two-way capital flows via both debt and equity.
