Saudi sovereign wealth fund nears $10bn loan | Financial Times:
Saudi Arabia’s sovereign wealth fund has agreed initial terms for a $10bn loan from a group of the world’s largest banks, as Crown Prince Mohammed bin Salman’s favoured investment vehicle taps lenders for the second time in less than a year.
Bank of America Merrill Lynch, BNP Paribas, Crédit Agricole and Citigroup are among the 10 banks that have committed to provide the short-term loan to the kingdom’s Public Investment Fund, said people briefed on the transaction.
The loan is expected to be paid back towards the end of the year when Saudi Aramco makes the first payment to the fund of the $69bn it is paying the PIF for its majority stake in local petrochemicals group Sabic.
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