Riyadh – Mubasher: Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), on Monday has announced obtaining its first syndicated loan at a value of $11 billion.
This facility is the first step in merging loans and debt instruments as part of PIF’s long-term financing strategy, PIF's managing director, Yasir bin Othman Al-Rumayyan, said in a statement.
The loan will be used in funding the PIF’s various investment purposes, Al-Rumayyan added.
On 12 September, sources told Maaal.com that PIF would secure $11 billion from 15 banks namely: Standard Chartered, BNP Paribas, HSBC, Societe Generale, Mizuho Financial Group, Credit Agricole, Sumitomo Mitsui Banking Group.
The rest of banks were: Bank of America, Bank of China, and Industrial and Commercial Bank of China (ICBC), Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley and Mitsubishi UFJ Financial Group.
