Saudi Arabia's sovereign wealth fund raises $11 bln loan with 15 banks -Maaal | Reuters

Saudi Arabia's sovereign wealth fund raises $11 bln loan with 15 banks -Maaal | Reuters:

Saudi Arabia’s sovereign wealth has raised an $11 billion loan from a total of 15 banks, the Maaal financial news website reported on Tuesday, citing unnamed sources.

A source with direct knowledge of the matter told Reuters last month that the Public Investment Fund (PIF) will pay a margin of 75 basis points over the London Interbank Offered Rate on the loan, but the PIF has yet to announce the deal or name the participating banks.

The deal is the first commercial loan for the PIF, which has been tasked with helping to deliver the government’s Vision 2030 reforms. The ambitious economic reform programme announced in 2016 aims to free the kingdom from its dependence on oil exports.