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In a statement, the sovereign fund announced that the new credit line will take the place of PIF's previous agreement with financial institutions, which was effective from 2021. It lasts for three years with the possibility to extend for an additional two years.
European, American, Middle Eastern, and Asian banks are all involved in the credit line, according to the statement.
The PIF is looking for alternative funding sources to carry out a substantial investment strategy designed to broaden Saudi Arabia's revenue streams and decrease the economy's reliance on the oil industry.
The sovereign fund has issued two bonds amounting to a combined total of $7 billion this year.
The PIF aims to boost yearly investments to $70 billion starting from now. Beforehand, their annual revenue was between $40 and $50 billion.
source: reuters.com
European, American, Middle Eastern, and Asian banks are all involved in the credit line, according to the statement.
The PIF is looking for alternative funding sources to carry out a substantial investment strategy designed to broaden Saudi Arabia's revenue streams and decrease the economy's reliance on the oil industry.
The sovereign fund has issued two bonds amounting to a combined total of $7 billion this year.
The PIF aims to boost yearly investments to $70 billion starting from now. Beforehand, their annual revenue was between $40 and $50 billion.
source: reuters.com
