Mohammed bin Abdullah al-Jadaan, Saudi Arabia's minister of finance, told the Wall Street Journal that the Public Investment Fund (PIF), is considering the possibility to raise cash this year, possibly in the form of a syndicated bank loan. The article published on Thursday adds an unnamed source put the planned sum at $8 billion and revealed talks have been started with lenders about a bridge loan.
The country's sovereign investment fund is responsible for the economy's makeover away from fossil fuels, in line with Crown Prince Mohammed bin Salman's Vision 2030 strategy. The minister said the balance sheet is being analyzed in the search for the "right structure, how much they can leverage. Al-Jadaan sits on PIF's board, which he stressed "is not a hedge fund." Saudi Aramco raised $12 billion this month with offers reaching $100 billion, meaning the momentum could be beneficial.
