Saudi Arabia’s Public Investment Fund (PIF) has agreed to the initial terms for a $10 billion loan from a group of banks, Financial Times reported, citing people briefed on the transaction.
The loan will be paid towards the end of 2019 when Saudi Aramco makes the first payment to the fund of its $69.1 billion purchase of a 70 percent stake in Saudi Basic Industries Corporation (SABIC).
Bank of America Merrill Lynch, BNP Paribas, Crédit Agricole and Citigroup are among the 10 banks that have committed to the loan, the report said.
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