Saudi Arabia’s Public Investment Fund (PIF) has received a new $15 billion revolving credit facility for general corporate purposes.
The agreement was signed with a syndicate of 23 financial institutions from diverse regions including Europe, the US, the Middle East and Asia.
“The financing reflects PIF’s strong credit rating as well as robust demand from PIF’s relationship banks and financial institutions,” said a statement. It also ‘represents a continuation’ of PIF’s strategy of using a diverse range of financing instruments.
The credit facility, replacing a previous agreement from 2021, will support general corporate purposes for the Saudi wealth fund. The agreement has been made for an initial period of three years, with an option to extend it for an additional two years.
PIF’s funding sources include loans and debt instruments, capital injections from the Saudi government, government assets transferred to PIF, and retained earnings from investments.
