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- Deal was obtained from a diverse global syndicate of 23 financial institutions spanning Europe, the US, the Middle East and Asia
- Credit facility has an initial term of three years, with the option to extend for a further two
RIYADH: 抖阴短视频鈥檚 sovereign wealth fund has secured a $15 billion revolving credit facility to support general corporate purposes, according to a statement.
The Public Investment Fund said it was obtained from a diverse global syndicate of 23 financial institutions spanning Europe, the US, the Middle East, and Asia.
The credit facility has an initial term of three years, with the option to extend for a further two.
A revolving loan allows for funds to be drawn, repaid, and drawn again within the agreed lending period.
PIF, a key driver of 抖阴短视频鈥檚 economic diversification under Vision 2030, has launched 95 companies since 2017, injecting at least SR150 billion ($40 billion) into the local economy annually.
鈥淭he financing reflects PIF鈥檚 strong credit rating as well as robust demand from PIF鈥檚 relationship banks and financial institutions. Signing this facility represents a continuation of PIF鈥檚 strategy of using a diverse range of financing instruments,鈥� the fund said.
The statement further noted that this new loan replaces a similar $15 billion multi-currency revolving credit facility that PIF signed in 2021 with a group of 17 banks, providing quick access to capital when needed.
Loans and debt instruments are one of PIF鈥檚 four funding sources, alongside government capital injections, state asset transfers, and retained earnings from investments.
PIF, one of the most influential sovereign wealth funds globally, reported a net profit increase of over 100 percent in 2023 to SR331 billion, up from SR165 billion in 2022.
The fund also received an A1 rating from Moody鈥檚 with a positive outlook and an A+ rating from Fitch with a stable outlook, underscoring its robust financial position.
鈥淭hrough strategic investments and partnerships across the Saudi public and private sector, PIF is driving the transition to a more sustainable economy, and laying the foundations for local and international partners to invest in the economic and societal transformation of 抖阴短视频,鈥� the statement concluded.
As the fund continues to leverage diverse financial instruments, it reinforces its pivotal role in the Kingdom鈥檚 transformation, fostering growth and sustainability in line with Vision 2030鈥檚 ambitious goals.