Saudi investment fund seeks $7bn loan from international banks

Saudi Arabia’s Public Investment Fund (PIF) is seeking a loan of $5 to $7 billion from international banks for investment opportunities, according to Bloomberg.

The PIF obtained its first loan in September 2018 amounting to $11 billion, and another loan of $10 billion in 2019.

According to data from the PIF, the fund has assets of $347 billion.

This year, the fund sold 70 per cent of its shares in the Saudi Basic Industries Corporation known as SABIC, the fourth-largest petrochemical company in the world, to Saudi Aramco, in a deal worth $69.1 billion.

The Saudi Central Bank transferred $40 billion during March and April to the fund for investments in global markets.

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