Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) has approached international banks to participate in a US dollar revolving facility of between $5 billion and $7 billion, Bloomberg said on Thursday citing people familiar with the matter.

The sovereign wealth fund aims to complete the fundraising early next year and use the cash for opportunistic investments.

The loan would be the third time PIF has tapped international banks for funding. Its debut loan raised $11 billion in 2018, while it repaid a $10 billion bridge loan in August, two months ahead of schedule.

The final size of the loan will depend on the response from banks, the people said.