PIF taps IFC, MIGA, and US EXIM for USD 24.5 bn in co-financing and guarantee frameworks

Building a broader funding base: The Public Investment Fund signed three MoUs worth a combined USD 24.5 bn with the World Bank Group’s private-sector arms and the US Export-Import Bank (EXIM) to draw outside capital into its portfolio companies and expand its funding sources, it said in two separate statements.

Co-financing and guarantees from the World Bank: A USD 6 bn MoU with the International Finance Corporation covers co-financing across infrastructure, energy, transportation, tourism, and health care,with a channel for encouraging private capital into PIF portfolio company projects. A separate USD 3.5 bn MoU with the Multilateral Investment Guarantee Agency provides credit-enhancement guarantees to backstop portfolio company financing across MENA, weighted toward decarbonization and new industries.

Buy American, Saudi-financed: The USD 15 bn EXIM framework is narrower in purpose, establishing a long-term financing framework for PIF portfolio companies to buy US goods and services, across advanced tech, aerospace, infrastructure, future mobility, water security, and critical minerals.

The direction is consistent: PIF is widening the channels through which it can co-invest and borrow rather than funding portfolio companies off its own balance sheet. Since the release of its 2026-2030 plan, it has been pursuing co-investment via a USD 2 bn I Squared infrastructure partnership, AviLease is planning to raise its own debt, Newcastle United is shopping for stadium investors, LIV Golf financing is winding down, and several football clubs are getting put up for sale. The three new multilateral frameworks fit the same pattern and they come as two blocked straits and a widening deficit leave less room to write checks directly.