PARIS – Saudi Arabia’s sovereign wealth fund PIF has signed six memorandums of understanding (MoUs) worth a total of $50 billion with leading Chinese financial institutions, the fund said in a statement on Thursday.
The MoUs were signed with Agricultural Bank of China (ABC), Bank of China (BoC), China Construction Bank (CCB), China Export and Credit Insurance Corporation (SINOSURE), Export – Import Bank of China (CEXIM), and the Industrial and Commercial Bank of China (ICBC), the statement added.
PIF said the MoUs covered areas of cooperation such as encouraging two-way capital flows via both debt and equity.
One of the world’s largest sovereign wealth funds, Saudi Arabia’s Public Investment Fund (PIF) has a sprawling portfolio of investments, from date farms to multinational conglomerates.
The kingdom’s ambitious Vision 2030 plan aims to diversify its economic away from fossil fuel to develop a vibrant private sector.
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