Japan Bank for International Cooperation Signs MoU with Saudi Arabia’s Sovereign Wealth Fund
Posted on 03/01/2022
The Japan Bank for International Cooperation (JBIC) signed on February 24, 2022 a Memorandum of Understanding (MOU) with Saudi Arabia’s Public Investment Fund (PIF) to strengthen a partnership between the two organizations.
PIF is Saudi Arabia’s sovereign wealth fund which plays a leading role in advancing Saudi Arabia’s economic transformation and diversification by entering into long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. The purpose of the MOU is to promote PIF and Japanese companies’ collaborative projects in Saudi Arabia by strengthening the cooperation between JBIC and PIF and its portfolio companies in a variety of sectors such as decarbonization, digital transformation, and smart city development, which are global opportunities.
As Japan’s policy-based financial institution, JBIC will continue to provide financial support to create business opportunities and promote business for Japanese companies in a variety of sectors including decarbonization in Saudi Arabia by enhancing relations with Saudi Arabia and PIF through multiple means such as signing of MOUs.
