Saudi Arabia’s Public Investment Fund (PIF) has raised an $11 billion loan from banks, as it seeks to boost its financing of the Kingdom's economic transformation plans, reported Reuters.
This is the first commercial loan for the PIF, the Kingdom’s vehicle to deliver the Vision 2030 reform plan announced in 2016.
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The sovereign wealth fund has made substantial investments in technology companies, including a $45 billion agreement to invest in Japan's Softbank as well as $20 billion to an infrastructure investment planned with Blackstone.
The loan proceeds will be channelled towards general corporate purposes and the debt raising is set to diversify PIF's sources of funding, which in the past were capital injections and asset transfers from the Government.
By Kudakwashe
