Saudi’s PIF secures $15bn loan from global syndicate.

The facility agreement was signed with a diverse global syndicate of 23 international financial institutions

Saudi Arabia’s Public Investment Fund (PIF) has secured a $15bn revolving credit facility from a consortium of 23 international financial institutions, the sovereign wealth fund announced on Wednesday.

The loan, which replaces a similar $15bn agreement reached in 2021, has an initial term of three years and can be extended for up to two additional years.

The loan is intended for general corporate purposes, PIF said, and forms part of the fund’s strategy to diversify its funding sources. The sovereign wealth fund holds an A1 credit rating with a positive outlook from Moody’s and an A+ rating with a stable outlook from Fitch. The fund has been instrumental in driving Saudi Arabia’s economic transformation, having established 95 companies since 2017.

It injects at least SAR150bn annually into the local economy, supporting the creation of new investment opportunities and employment across the kingdom.

Source: GULFBUSINESS