The Public Investment Fund has signed five memorandums of understanding with Japanese financial institutions worth up to $51 billion, Saudi Arabia's sovereign wealth fund said Thursday. 

The memorandums are with Mizuho Financial Group, Sumitomo Mitsui Financial Group, MUFG Bank, JBIC, and Nippon Export and Investment Insurance, the PIF said in a statement. One of the goals of the deals is to spur “two-way capital flows through both debt and equity,” the PIF added.

The deal comes as the Saudi Arabian capital, Riyadh, held the Future Investment Initiative this week, attracting hundreds of international companies and investors to the kingdom.

The agreement with Mizuho Financial Group involves the PIF and the Japanese lender launching an exchange-traded fund that invests in Saudi companies. An ETF is a type of investment fund that also functions as a traded product on a stock exchange. ETFs allow investors to own financial assets such as shares, bonds, currencies, derivatives, futures and even commodities such as gold. ETFs that track certain shares allow investors who might not easily be able to invest in those companies to do so, even if they are based abroad.