Saudi Arabia's sovereign wealth fund said Monday (September 17th) it had secured its first ever international loan, boosting the kingdom's diversification drive after its flotation of state oil giant Aramco stalled, AFP reported.
The Public Investment Fund (PIF) said in a statement that it had obtained an $11 billion loan as "the first step in its strategic, medium-term debt funding programme".
The PIF had previously sought to raise billions of dollars through an initial public offering of shares in Aramco to fund projects that seek to reduce the kingdom's dependence on oil.
Diversification is a key focus of Crown Prince Mohammed bin Salman's Vision 2030, which aims to transform the Saudi economy through projects from hi-tech start-ups to a new mega city.
With the Aramco IPO stalled, the PIF has turned to other sources to fund its programmes.
