PIF close to securing $10bn loan

Loan_applicationSaudi Arabia’s sovereign wealth fun, the Public Investment Fund, is reportedly close to securing a $10 billion loan after agreeing terms with 10 investment banks. It would be the second loan secured by the PIF within the last year as it looks to ramp up its investment activity. According to the Financial Times, the 10 banks include Bank of America Merrill Lynch, Citigroup and Credit Agricole. The loan is reported to be a short-term facility and will be paid back towards the year-end when state-owned energy giant Aramco makes its first payment to the PIF for the $69 billion it paid the fund for its stake in Saudi petrochemical group Sabic. The PIF also continues to invest in other ventures and has just recently acquired a 40% stake in a joint venture between Aramco and US-based Jacobs Engineering Group named Jasara Program Management, which provides management services for social infrastructure projects in Saudi Arabia. ©2019 funds global mena

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