Saudi Arabia's Public Investment Fund (PIF) has secured a $15bn (SA 56.25 bn) revolving credit facility for general corporate purposes, the sovereign wealth fund said on August 27.

The new facility replaces a previous $15 bn revolving credit facility agreed in 2021.

The facility is offered for an initial period of three years, extendable for up to two additional years. The agreement was signed with a diverse global syndicate of 23 financial institutions from Europe, the United States, the Middle East and Asia.

PIF said the financing reflects its strong credit rating and robust demand from relationship banks and financial institutions. In a statement to Argaam, PIF said the facility represents a continuation of its strategy to use a diverse range of financing instruments.

The sovereign wealth fund noted that loans and debt instruments represent one of its four funding sources. The others include capital injections from the government, government asset transfers, and retained earnings from investments.

This move is part of PIF's ongoing efforts to diversify its funding sources and maintain financial flexibility as it pursues its investment strategy, which aims to support Saudi Arabia's economic diversification efforts under Vision 2030.

The revolving credit facility provides PIF with readily available liquidity, which can be drawn upon as needed for various corporate purposes, enhancing the fund's ability to respond quickly to investment opportunities.