Public Investment Fund, Riyadh, signed a $15 billion revolving credit facility with 23 international financial institutions, replacing a previous agreement made in March 2021.
With about $925 billion, the Saudi Arabia-based sovereign wealth fund said the credit facility — one of four sources of funding — runs for an initial three-year period and is extendable for up to two additional years.
The financial institutions that signed the agreement are in Europe, the U.S., the Middle East and Asia.
The other three sources of funding for the wealth fund are from the government, government assets transferred to the PIF, and retained earnings from investments. The wealth fund has an A1 rating from Moody’s Investors Service with a positive outlook, and rating A+ from Fitch Ratings with a stable outlook.
The wealth fund has been diversifying its funding sources. This year already it priced a number of bond issues, including a $2 billion sukuk offering and a $5 billion international bond offering.
PIF describes itself as a “catalyst of Vision 2030” — Saudi Arabia’s strategic plan to diversify its economy and reduce reliance on oil revenue.
