PIF approves $500m commitment

The sovereign wealth fund of the Kingdom of Saudi Arabia has backed the Russia-China Investment Fund.

Public Investment Fund (PIF) has entered a partnership with the Russian Direct Investment Fund (RDIF) and will commit $500 million to the joint Russia-China Investment Fund (RCIF), raising its total capital to $2.5 billion. PIF’s commitment will create a trilateral Russian-Chinese-Saudi investment mode for RCIF.

The $250 billion Saudi sovereign wealth fund invests in corporate buyouts globally.

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