Saudi Arabia's sovereign wealth fund is set to finance a large chunk of a $6 trillion economic program for the kingdom over the next decade.
Public Investment Fund, Riyadh, and the Saudi private sector will provide 85% of the funding for major investment opportunities in the kingdom, Crown Prince Mohammed bin Salman bin Abdulaziz said at a World Economic Forum dialogue session according to the Saudi Press Agency.
The $6 trillion includes $3 trillion in investments in new projects as part of Saudi Arabia's Vision 2030, the kingdom's strategic plan to reduce its reliance on oil revenue.
The remaining 15% of funding will come from foreign capital, he said.
In November, the crown prince said the PIF will inject 150 billion riyal ($39.9 billion) into the kingdom's economy in 2021 and again in 2022.
The PIF has about 1.3 trillion riyal in assets.