ECONOMY

Saudi Arabia’s PIF agrees to initial terms for $10 billion loan

The PIF is a cornerstone of Saudi Arabia’s Vision 2030 plan. (File photo: AFP)

Saudi Arabia’s sovereign wealth fund (SWF), the Public Investment Fund (PIF), has agreed to the initial terms for a $10 billion loan from a group banks, according to the Financial Times.

The loan will be paid towards the backend of 2019 following Saudi Aramco’s first payment to the fund of its $69.1 billion purchase of a 70 percent stake in Saudi Basic Industries Corporation (SABIC) from the SWF.

The FT reported that Bank of America Merrill Lynch, BNP Paribas, Crédit Agricole and Citigroup are among the 10 banks that have committed to the loan, citing people family with the transaction brief.

The PIF is a cornerstone of Saudi Arabia’s Vision 2030 plan which envisions the SWF as a giant investment vehicle for the Kingdom to help diversify its economy and reduce its reliance on oil revenues.

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Last Update: Monday, 15 July 2019 KSA 17:53 - GMT 14:53
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