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(Bloomberg) – Saudi Arabia’s sovereign wealth fund paid off a $10 billion bridge loan two months earlier than expected, according to resources.
The Public Investment Fund paid off the loan in full, which was due to be repaid in October, other people said, who asked not to be known because the data is private. He signed the loan last year to raise outstanding funds from the sale of his stake of approximately $70 billion at Saudi Basic Industries Corp., which closed in June.
Saudi Arabia has plunged into a deep budget deficit due to the coronavirus pandemic and falling oil prices, forcing the kingdom to raise taxes and raise the public debt ceiling to 50% of economic output. The PIF is a key component of Crown Prince Mohammed bin Salman’s economic plan and removes it from dependence on oil revenues.
A 10-bank organization granted the loan: Bank of America Corp., BNP Paribas SA, Citiorganization Inc., Credit Agricole SA, HSBC Holdings Plc, JPMorgan Chase and Co., Mizuho Financial Group Inc., Mitsubishi UFJ Financial Group Inc., Standard Chartered Plc and Sumitomo Mitsui Banking Corp. A PIF spokesman showed that it had been reimbursed earlier than expected, offering additional details.
News from Maaal from Saudi Arabia reported the payment earlier, bringing out unidentified people.
PIF, the leadership of Yasir Al-Rumayyan, has changed its purpose from primarily a national corporate holding company to a foreign investment vehicle with stakes in Citigroup, Facebook Inc. and Boeing Co. It is also a benchmark investor in national projects such as the $500. billions of progression of the futuristic city of Neom on the northwest coast of the kingdom.
(Updates with details, fourth paragraph PIF plans)
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