Saudi Arabia’s Public Investment Fund (PIF) is close to refinancing an $11 billion loan and increase its size of borrowing.
The wealth fund will use the bulk of the bigger loan to refinance debt that’s due to mature next year, unnamed sources told Bloomberg, with final terms yet to be agreed.
In 2018, the PIF signed the $11 billion loan, which was provided by some of the world’s biggest lenders including Goldman Sachs Group, HSBC Holdings, and JPMorgan.
A critical part of the Kingdom’s diversification mission, the $620 billion fund has been investing in major companies abroad, with major stakes in Uber Technologies and electric carmaker Lucid Motors.
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