Today, Wednesday, the State Investment Fund of Saudi Arabia announced the completion of the procedure for obtaining a loan in the amount of $17 billion (about 63.75 billion Saudi Riyals) for up to 7 years.
The syndicated loan is the largest of its kind in terms of size and duration, and the first of its kind in terms of the number of participating international financial institutions.
It was noted that this transaction was carried out in cooperation with 25 financial institutions in Europe, the United States of America, Asia and the Middle East, and the level of coverage on the new loan more than doubled compared to the loan received by the fund in 2018 in the amount of $11 billion in cooperation with 15 financial institutions, which will be paid ahead of schedule.
The new loan is part of the fund’s medium-term funding strategy and its funding plan for 2022, which includes several financing instruments to ensure the fund’s access to diversified and sustainable funding sources in both the private and public markets.
For his part, Fahd Al-Saif, head of the Global Investment Finance General Directorate, said: “The new loan confirms the Fund’s success in meeting the objectives of its medium-term financial strategy.”
He continued: “The receipt of a new loan by the State Investment Fund is an important achievement, since its value exceeds any of the loans that have been received in terms of size and duration with various international financial institutions, and the fund will continue to seek new sources of financing in such a way that this contributed to the achievement of its strategic goals.”
Source: “Okaz”