PIF to finalize $15 bln loan deal this week: sources

Logo of PIF

Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), is planning to close a deal for a $15 billion loan this week, Bloomberg reported, citing sources familiar with the matter.

PIF is raising about $15 billion from a group of international banks to finance new investments, the report said, adding that the final bank group participating in the facility is still being determined, and the size and timing of the loan might change.

According to data compiled by Argaam, the PIF is planning to borrow about $15 billion, which is more than double the amount planned in last December.

In January this year, the sovereign wealth fund launched its strategy for the next five years, including local investments of up to SAR 1 trillion.

The PIF’s plans will be funded from four sources, including cash in hand, assets transferred from the government in kind or cash, profits from current investments, and financing.