Saudi Arabia's sovereign wealth fund, the Public Investment Fund, said on Wednesday it has signed a $15 billion multi-currency revolving credit facility with a group of 17 banks, which it said gives it access to extra capital that can be deployed quickly when needed.
The fund manages a portfolio worth $400 billion. It has boosted its firepower through several funding sources in recent years, including a $40 billion transfer from central bank reserves last year.
PIF started raising bank debt in 2018 with an $11 billion facility, followed in 2019 by a $10 billion loan which it then repaid last year.
The new loan was provided by 17 banks from Asia, the Middle East, Europe, the United Kingdom and the United States, PIF said in a statement on Wednesday.
PIF is pursuing a two-pronged strategy, building an international portfolio of investments while also investing locally in projects that will help reduce Saudi Arabia's reliance on oil.
Crown Prince Mohammed bin Salman, the architect of Saudi Vision 2030 that aims to wean the economy off oil, said the wealth fund plans to pump at least 150 billion riyals ($40 billion) into the local economy each year through 2025.
