Bpifrance Assurance Export, the French export credit ratings agency, announced Thursday the signing of a memorandum of understanding for it to provide financing support of up to $10 billion for Saudi Arabia’s Public Investment Fund (PIF).

An export credit ratings agency provides insurance and financing support to companies working with exporters from the agency's country. In the case of Bifrance, French exporters are working with the Saudi sovereign wealth fund, which is believed to have approximately $925 billion assets under management, according to the latest estimates.

The five-year agreement will increase collaboration between PIF and Bpifrance, focusing on projects to support Vision 2030, Saudi Arabia’s plan to diversify the economy away from reliance on oil by investing in other sectors, among them artificial intelligence, clean energy, entertainment, sport and tourism.

In a statement announcing the agreement, Rasees AlSaud, head of financial institutions and investor relations at PIF, said, “This MoU will unlock new opportunities for French and Saudi companies to build new collaborations, as well as exchange knowledge and experience, resulting in mutually beneficial outcomes.”