Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) may raise a loan that is more than double what it sought late last year for new investments following strong demand from lenders, Bloomberg said citing people familiar with the matter.

The kingdom’s sovereign wealth fund is set to increase the loan size to as much as $15 billion from an initial plan to raise $5 billion to $7 billion.

The fund is looking to agree on terms with banks in the next few weeks and a final decision on the size has not yet been made, the people said.

Last month, the Saudi Crown Prince, Mohammed bin Salman, said the PIF will more than double in size to surpass SAR 4 trillion ($1.1 trillion) in assets under management (AUM) by 2025.