Saudi Arabia’s sovereign Public Investment Fund (PIF) and six of China’s top financial institutions have signed investment agreements totalling US$50 billion in a move that significantly strengthens financial and business ties between the two countries.
The amount represents 1.5 times China’s total foreign direct investment inflow in 2023.
The agreements are 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 PIF said in a statement on Thursday.
Source: TRADE FINANCE
