PIF secures $15b revolving credit facility

Saudi Public Investment Fund (PIF) has secured a $15 billion revolving credit facility for general corporate purposes, replacing a previous facility of the same amount agreed upon in 2021. Initially set for three years, the facility is extendable for up to two additional years.

This agreement was signed with a global consortium of 23 financial institutions spanning Europe, the US, the Middle East, and Asia, PIF said, without disclosing further details about their names.

Moreover, this facility is a part of PIF’s broader strategy to utilise diverse financing instruments, reinforcing its robust financial standing.

PIF’s funding is sourced from loans and debt instruments, capital injections from the government, the transfer of government assets, and retained earnings from investments. The fund currently holds an A1 rating with a positive outlook from Moody’s and an A+ rating with a stable outlook from Fitch.

Attribution: PIF statement

Subediting: Y.Yasser