State-owned Public Investment Fund (PIF) has raised $11 billion in loans from banks, Reuters reported, citing a source with direct knowledge of the matter.
This is the first commercial loan for the sovereign wealth fund, which is spearheading the drive to deliver the Vision 2030 reform plan.
The loan amount was increased from an initial guide size of $6 billion to $8 billion, sources added.
PIF will pay a margin of 75 basis points over the London Interbank Offered Rate (LIBOR) for the loan, the same as that which the Saudi government secured when it raised a syndicated loan earlier this year.
Proceeds from the loan would be used for general corporate purposes, the report said.
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