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.