Blackstone, a company founded by President Trump’s chair of the Strategic and Policy Forum, and Saudi Arabia’s Public Investment Fund (PIF) signed a non-binding memorandum of understanding to create a $40 billion vehicle to invest in infrastructure projects, mostly in the U.S.

Under the agreement PIF would invest $20 billion while Blackstone would raise the remaining funds.

Blackstone and PIF said the terms were not finalized and emphasized that the agreement predated the 2016 presidential election.

The project “reflects our positive views around the ambitious infrastructure initiatives being undertaken in the United States as announced by President Trump,” said PIF’s managing director Yasir al-Rumayyan.

“This will create well-paying American jobs and will lay the foundation for stronger long-term economic growth,” said Blackstone’s president Hamilton James.