Saudi sovereign fund secures US$11b loan to boost diversification blitz

Riyadh

SAUDI ARABIA'S sovereign wealth fund said on Monday it had 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 (PIF) said in a statement that it had obtained a US$11 billion (S$15 billion) loan as "the first step in its strategic, medium-term debt-funding programme". "We are pleased to have completed this international syndicated loan", the fund's managing director Yasir al-Rumayyan said. 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.