Home Industry Finance Saudi’s PIF secures $15bn loan from global syndicate The facility agreement was signed with a diverse global syndicate of 23 international financial institutions by Neesha Salian August 28, 2024 Image: Getty Images 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 syndicate includes banks and financial institutions from Europe, the US, the Middle East, and Asia, reflecting strong global interest in PIF’s financing instruments. The loan is intended for general corporate purposes, PIF said, and forms part of the fund’s strategy to diversify its funding sources. Loan secured reflects PIF’s strong credit profile The fund, which plays a pivotal role in Saudi Arabia’s Vision 2030 economic diversification plan, relies on four primary funding sources: loans and debt instruments, capital injections from the government, government asset transfers, and retained earnings from investments. “The successful signing of this facility underscores the strong credit profile of PIF, as well as robust demand from our banking partners globally,” a PIF spokesperson said. 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. The fund, a major global investor, actively seeks to partner with pioneering organisations worldwide to accelerate growth and facilitate the transfer of technology and knowledge essential for future industry ecosystems. In other news, the fund recently appointed a new head of its investment strategy and economic insights division. Read: Saudi’s PIF appoints Fahad Al Saif as new head of investment strategy Tags PIF Revolving Credit Facility Saudi Arabia sovereign wealth fund You might also like Parkin, BATIC to explore smart parking solutions in Saudi Arabia Money20/20 Middle East to debut in Riyadh in Sept 2025 Riyadh Metro opens green, red lines as network nears full completion FIFA confirms Saudi Arabia as 2034 World Cup host
