The Saudi Public Investment Fund is seeking to close a deal to get its largest loan ever this week.
According to Arabnet, Bloomberg said in a statement that the fund is expected to raise about $ 15 billion from a group of international banks to finance new investments.
The sources added that the last banking group participating in the facility is still under determination, and the size of the loan may change, as well as the timing.
It should be noted that the director of the Public Investment Fund recently revealed that the fund’s assets under management at the end of 2020 amounted to more than $ 400 billion.
Bloomberg reported last month that the wealth fund had more than doubled the loan size as part of an initial plan to raise up to $ 7 billion.
This is the third time that the Public Investment Fund has resorted to banks to obtain financing, after borrowing $ 11 billion and other facilities worth $ 10 billion in 2019 that it repaid last year.
The fund received cash liquidity in the form of proceeds from selling shares in Saudi Aramco worth $ 30 billion and diverting $ 40 billion from the kingdom's foreign exchange reserves last year, as it was looking to finance the wave of asset purchases during the downturn in stock markets due to the Coronavirus.
