PIF signs $15 bln multi-currency credit facility with 17 financial institutions

Logo of PIF

Saudi Arabia’s Public Investment Fund (PIF) signed a multi-currency revolving credit facility worth $15 billion with 17 foreign financial institutions from Asia, the Middle East, Europe, the UK and the US.

The multi-currency facility enables the PIF to achieve its objectives and manage its assets and liabilities in a conservative manner, the fund said in a statement to Argaam. It is also part of the fund’s diversified and sustainable finance strategy under its Vision Realization Program for 2018-2020 and 2021-2025.

The facility also gives the fund access to extra capital that can be deployed when needed.

The PIF’s plans will be funded from four sources. It aims to solidify its position to be the partner of choice globally. The fund is committed to inject SAR 150 billion at least in local economy annually to push Saudi Arabia’s economic transformation, the statement added.

Saudi Crown Prince Mohammed bin Salman and chairman of Public Investment Fund (PIF) approved the fund strategy 2021-2025, which is central to achieving the country’s ambitions for economic growth, good quality of life and inclusive, sustainable development in all traditional and modern industries.