Saudi Arabia's Public Investment Fund (PIF) has signed a $15 billion (SAR 56.25 billion) revolving credit facility agreement, which will replace a revolving credit facility of the same value agreed upon in 2021, according to a statement on its official website on Wednesday.
The statement said that the facilities were provided for an initial period of 3 years, extendable for an additional two years, and that they would be directed for general institutional purposes.
The facility agreement was signed with a diverse international alliance of 23 financial institutions from Europe, the United States, the Middle East and Asia.
Loans and debt instruments represent one of the four main sources of financing for the Public Investment Fund, along with cash contributions from the government, the transfer of government-owned assets to the fund, and investment returns.
The statement said that the financing reflects the strength of the Public Investment Fund's financial position and credit rating, and the strength of demand levels from banks and financial institutions with which the Fund has relationships.
The Public Investment Fund has been assigned an A1 rating with a positive outlook by Moody's and an A+ rating by Fitch with a stable outlook.
