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Saudi Arabia’s Public Investment Fund (PIF) arranged a US$ 15 billion multi-currency credit facility with a group of international banks. A revolving facility allows the borrower to draw down and repay parts of the facility during the duration of the loan arrangement. The banks were BNP Paribas, Bank of America, Citi, Credit Agricole, Credit Suisse, […]
WASHINGTON DC: Saudi Arabia’s private sector will play a prominent role in 2021 and beyond, Albara’a Alwazir, economist at the US-Saudi Business Council (USSBC) told Arab News. “The Kingdom has created strong fiscal buffers to withstand global shocks, as was witnessed in 2020 with the coronavirus pandemic. While it is pursuing a balanced financing policy, its renewed commitment to rely on domestic debt issuances in lieu of substantial drawdowns of its reserves will promote the sophistication of its debt market, while still remaining well below its debt ceiling of 50 percent of GDP,” ...