Saudi Arabia's Public Investment Fund, Riyadh, has signed a $15 billion multicurrency revolving credit facility agreement with banks worldwide, giving it access to additional cash that it can quickly deploy.
A notice on the kingdom's official Saudi Press Agency website said PIF signed the agreement with 17 financial institutions in Asia, the Middle East, Europe, the U.K. and the U.S. The loans and debt instruments are one of PIF's four sources of funding as part of its strategy, the notice said, citing a PIF statement.
The PIF will be able to deploy additional capital at speed when convenient, the notice said.
The PIF, which has about 1.3 trillion riyal ($346 billion) in assets, has committed to injecting 150 billion riyal into the domestic economy in 2021 and 2022.