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Investing.com – The Saudi Sovereign Fund has been successful in securing a huge credit facility from 17 international financial institutions as part of the search for financing alternatives to achieve the goals announced by Saudi Crown Prince Mohammed bin Salman over the past few years. last few weeks.
The Public Investment Fund has signed a $ 15 billion revolving multi-currency credit facility agreement with a group of 17 leading international financial institutions from Asia, the Middle East, Europe, the United Kingdom and of the United States of America.
The fund said that the multi-currency revolving credit facility gives the fund the flexibility to meet its objectives and manage its assets and liabilities prudently, and is also part of the Fund’s diversified and sustainable funding strategy. public investment in programs. to achieve the fund’s vision for the period 2018-2020 and 2021-2025.
The Public Investment Fund added that the facility will provide it with additional liquidity, which can be used whenever the opportunity arises.
The IMF has said loans and debt instruments are one of the four sources of finance it has adopted as part of its strategy.
The Saudi ruler added that he seeks to be the preferred global investment partner and continues his strategic role of pushing the Kingdom’s economic transformation by injecting 150 billion riyals per year into the local economy.
The Saudi Crown Prince and Chairman of the Board of the Public Investment Fund, Prince Mohammed bin Salman, has launched the fund’s new strategy for the years 2021-2025.
Prince Mohammed bin Salman said in a speech to him at the launch of the Kingdom’s new sovereign wealth fund strategy on January 24 that the strategy aims to improve quality of life and achieve sustainable development.
Prince Mohammed bin Salman added that the assets of the investment fund would exceed 7.5 trillion riyals in 2030.
The Crown Prince affirmed that the new strategy of the fund comes to represent a major pillar in the realization of the ambitions of our country in terms of economic growth, improvement of the quality of life and realization of the concept of global and sustainable development. in various traditional and modern sectors.
He said the fund aims, according to its new strategy, by the end of 2025 to have assets exceeding 4 trillion riyals and create 1.8 million jobs, both directly and indirectly.
It will also inject two trillion riyals of investment in new sectors over the next five years, bringing the total of this injection of investments to 3 trillion riyals in new and developed sectors aimed at developing the economy.
Prince Mohammed bin Salman confirmed that the fund will spend at least 150 billion riyals per year in the local economy, and gradually over the next five years, explaining that the fund “sees the private sector as the most important partner and with him countless multiple successes linked to giving more opportunities.
And during those moments, he cut himself next to which he cleared the 9600 levels for the first time in 6 years.
The overall TASI index rose about 1% to 9,570 points, an increase of 1%, as its early trading gains stood at around 1.3%.
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