Saudi wealth fund PIF gets new $15 billion revolving credit facility
Public Investment Fund signs agreement with 23 financial institutions on new credit
Dubai: The Saudi wealth fund PIF has received a new $15 billion revolving credit facility for general corporate purposes. This thus replaces the previous $15 billion revolving credit facility agreed in 2021.
This new multi-billion credit facility is for an initial period of three years, and can be extended for a further two years. The agreement was signed with a syndicate of 23 financial institutions from 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.
Loans and debt instruments represent one of PIF’s four sources of funding. The other three are capital injections from the Saudi government; government assets transferred to PIF; and retained earnings from investments.
PIF is rated A1 by Moody’s with a positive outlook and A+ by Fitch with a stable outlook.