Sources said that the Saudi Public Investment Fund may raise $ 10 billion through a revolving loan, which is more than what it was initially targeting, as it seeks to secure additional liquidity to finance what it is planning.
The fund is the engine of Saudi Crown Prince Mohammed bin Salman’s plans for economic transformation in Saudi Arabia, and manages a $ 400 billion portfolio, and has increased its capabilities through several funding sources in recent years.
The sources told “Reuters” that the fund is collecting the new loan for its general purposes.
The fund has been in talks with banks since last year about facilitating a loan, the third of its kind in debt since 2018, which was initially targeted at $ 7 billion.
One of the sources said that the fund may raise between $ 13 billion and $ 15 billion through a one-year revolving loan, which the sources say banks can renew four times.
This will bring the total bank debts it has collected so far to more than $ 30 billion, after two loans worth $ 11 billion and $ 10 billion collected in recent years.
It is noteworthy that a revolving loan is a loan that can be withdrawn, repaid and withdrawn again during the agreed loan period.
(Dollar = 3.75 Saudi riyals)