Saudi Arabia’s sovereign wealth fund says it has secured its first ever international loan, boosting the kingdom’s diversification drive after its flotation of state oil giant Aramco stalled.
The Public Investment Fund says in a statement that it had obtained an $11 billion (9.4 billion euro) loan as “the first step in its strategic, medium-term debt funding program.”
The PIF had previously sought to raise billions of dollars through an initial public offering of shares in Aramco to fund projects that seek to reduce the kingdom’s dependence on oil.
Diversification is a key focus of Crown Prince Mohammed bin Salman’s Vision 2030 plan, which aims to transform the Saudi economy through a slew of projects from high-tech startups to a new mega city.
But the Aramco IPO — once touted by Saudi officials as aiming to raise $100 billion — has hit the buffers, with executives at the oil giant citing unfavorable market conditions.
That prompted the PIF to turn to other sources to fund its programs.
The fund says that under the Future Investment Initiative launched in October 2017, it aims to beef up its assets to $400 billion by 2020.
— AFP
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