RIYADH – Saudi Arabia’s Public Investment Fund (PIF), the sovereign wealth fund, said it has secured a $15 billion revolving credit facility in an agreement with a consortium of global banks.
The fund said in a statement on Wednesday that the syndicated loan will replace a revolving credit facility of the same value, agreed upon in 2021.
The credit facilities were provided for an initial period of 3 years, extendable for an additional two years.
The Fund signed the facility agreement with a diverse international alliance comprising 23 financial institutions from Europe, the United States, the Middle East and Asia.
The fund said: “The financing reflects the strength of the Public Investment Fund’s financial position and credit rating, and the strength of demand levels from banks and financial institutions with which the fund has relationships.”
He added: “Obtaining these credit facilities is an extension of the Public Investment Fund’s strategy to use a variety of financing tools.”
Loans and debt instruments represent one of the four main sources of financing for the Public Investment Fund, along with cash contributions from the government, the transfer of government-owned assets to the fund, and investment returns.
The Public Investment Fund has been assigned an A1 rating with a positive outlook by Moody’s and an A+ rating by Fitch with a stable outlook.
Anatolia
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2024-09-01 17:58:16