Dubai – Masaader News
Saudi Arabia agreed on the initial terms for a $10bn loan from a group of the world’s largest banks, the loan is the second one in less than a year, according to the Financial Times.
Bank of America Merrill Lynch, BNP Paribas, Crédit Agricole and Citigroup are among the 10 banks that have committed to provide the short-term loan to the kingdom’s Public Investment Fund, said people briefed on the transaction.
The loan is expected to be paid back towards the end of the year when Saudi Aramco makes the first payment to the fund of the $69bn it is paying the PIF for its majority stake in local petrochemicals group Sabic.