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Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has secured a $15 billion revolving credit facility from a global syndicate of 23 financial institutions, replacing a previous facility for the same amount agreed in 2021.
The facility is offered for an initial period of three years and is extendable for a further two years.
The financing “reflects PIF’s strong credit rating” as well as robust demand from banks and financial institutions, the fund said. PIF is currently rated A1 by Moody’s with a positive outlook and A+ by Fitch with a stable outlook.
Loans and debt instruments represent one of PIF’s four sources of funding. The other three are capital injections from government, government assets transferred to PIF and retained earnings from investments.
The fund, with assets under management of $925 billion, is the
key vehicle that is driving Saudi Crown Prince Mohammed bin Salman’s Vision 2030 plan that seeks to wean the kingdom away from oil.
(Writing by Brinda Darasha; editing by Seban Scaria)
