PIF signs $15bn multicurrency revolving credit facility

PIF signs $15bn multicurrency revolving credit facility

PIF (The Public Investment Fund) signed a $15bn multicurrency revolving credit facility agreement. This is with a group of 17 leading global financial institutions; from Asia, Middle East, Europe, the United Kingdom and the United States.

The PIF also said in a statement Wednesday that loans and debt instruments are one of PIF’s four sources of funding; as part of its strategy.

The statement also added that the multicurrency revolving facility reflects PIF prudent asset-liability management and flexibility; and forms part of PIF’s diverse and sustainable funding strategy within PIF’s Vision Realization Programs 2018-2020 and 2021-2025.

The facility provides PIF with access to additional capital that can be deployed at speed; when convenient PIF continues to act as a partner of choice globally; and will continue to drive the economic diversification of Saudi Arabia, investing SR150bn ($40bn) into the domestic economy per year, the statement concluded.