Russian foreign minister says RDIF, PIF jointly fund projects worth $2.5 bln

Logos of RDIF and PIF

The Russian Direct Investment Fund (RDIF) and Saudi Arabia’s Public Investment Fund (PIF) have funded investment projects worth $2.5 billion within the framework of a joint platform, and other opportunities are being discussed in various fields, Russian Foreign Minister Sergey Lavrov said in a joint statement with the Saudi Foreign Minister, Faisal bin Farhan Al Saud.

The Russian minister also noted the considerable potential for implementing forward-looking projects in space exploration and nuclear energy.

“We have agreed to stimulate our joint efforts towards improving the legal framework of our relations, including those aimed at creating more favourable conditions for businesses,” Lavrov said.

He also noted that both sides are interested in promoting joint efforts to curtail the spread of the coronavirus infection, including the organisation of the third stage of the clinical trials of the Sputnik V vaccine in Saudi Arabia and the possibility of producing it locally.