RIYADH: Saudi Arabia’s Public Investment Fund has announced that it has secured a new $17 billion seven-year senior unsecured term loan, according to a statement. The loan is the largest-of-its-kind general corporate purpose loan worldwide and was twice oversubscribed. The new loan falls in line with the sovereign wealth fund’s strategy of diversifying its funding sources in an attempt to prompt effective investment in the Kingdom and globally. The new loan also aligns well with the PIF’s medium-term capital raising strategy as well as its 2022 Annual Capital Raising Plan. “It is a significant achievement for PIF, raising a record-sized term facility in the longest tenor ever for a loan of its size that is subscribed to by an unprecedentedly diversified number of lenders. PIF will continue to explore a variety of debt funding sources as it delivers on its strategic objectives,” said Head of Global Capital Finance Division at PIF Fahad AlSaif in a statement. The PIF’s $11 billion five-year loan which was arranged back in 2018 is set to be repaid early, the statement disclosed. While the new transaction recorded the support of 25 financial institutions across Europe, America, the Middle East, and Asia, the $11 billion loan of 2018 was supported by just 15 financial institutions. In February 2022, the PIF received strong international credit ratings from US credit firm Moody’s as well as US finance and insurance company Fitch, reflecting the creditworthiness and quality of the sovereign wealth fund’s investments.