The Japan Bank for International Cooperation (JBIC) has signed a partnership agreement with the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund.
PIF plays a key 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 partnership 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.
The Government of Saudi Arabia aims to reach net-zero carbon emissions by 2060, as well as increase the proportion of renewable energy in the country's energy mix to 50 percent by 2030.
In line with the Paris Agreement, JBIC said it is committed to pursuing ambitious and accelerated efforts to reduce its operat
