Saudi Arabia's Public Investment Fund (PIF) has signed a US$ 15 billion multi-currency revolving credit facility agreement with a group of 17 leading global financial institutions from Asia, Middle East, Europe, the United Kingdom and the United States.
The PIF said in a statement today that loans and debt instruments are one of PIF's four sources of funding as part of its strategy. The statement added that the multi-currency revolving facility reflects PIF prudent asset-liability management and flexibility, and forms part of PIF’s diverse and sustainable funding strategy within PIF’s Vision Realization Programs 2018-2020 and 2021-2025.
The facility provides PIF with access to additional capital that can be deployed at speed when convenient. PIF continues to act as a partner of choice globally, and will continue to drive the economic diversification of Saudi Arabia, investing SAR 150 billion (US$ 40 billion) into the domestic economy per year, the statement concluded.