For the latest updates, news, and events of Saudi Arabia you can join our WhatsApp group
Subscribe to our Youtube Channel for Free Umrah Packages
Free Umrah Packages Give Away
RIYADH — The Public Funding Fund (PIF) and Korea Commerce Insurance coverage Company (Okay-SURE) have inked a major financing settlement. PIF efficiently secured a time period mortgage from a consortium of 9 main worldwide lenders, with Okay-SURE offering protection for the transaction.
The financing, boasting a door-to-door tenor of 13 years, will initially be set at $3 billion, with an choice to doubtlessly enhance it to $5 billion, topic to pre-agreed phrases and circumstances. This milestone marks PIF’s inaugural financing lined by an export credit score company, aligning with its ongoing efforts to diversify funding sources.
The collaboration between PIF and Okay-SURE, initiated by a memorandum of understanding in March 2022, solidifies their partnership. This Okay-SURE lined time period mortgage goals to advertise the export of Korean items and companies into tasks and subsidiaries owned, both partially or totally, by PIF, thereby fortifying financial ties.
Fahad Al Saif, head of the World Capital Finance Division at PIF, emphasised the importance of this collaboration, stating, “This collaboration with Okay-SURE underscores PIF’s dedication to foster institutional partnerships as we proceed to ship on our medium-term capital elevating technique.”
Inho Lee, President of Okay-SURE, highlighted the constructive impression of the monetary help, noting that it not solely enhances technological competitiveness for Korean firms but in addition supplies monetary competitiveness to extend orders, contributing to the forward-looking partnership between the 2 nations.
This financing follows PIF’s latest monetary actions, together with a global sukuk issuance of $3.5 billion, two inexperienced bond issuances totaling $8.5 billion, and a $17 billion company mortgage in 2022. PIF continues to diversify its funding sources, with loans and debt devices taking part in an important function alongside different avenues corresponding to retained earnings, capital injections, and authorities belongings.
PIF maintains sturdy credit score rankings, with Moody’s ranking it A1 with a constructive outlook and Fitch ranking it A+ with a secure outlook. — SG
What's your reaction about this news🥰𝙒𝙚 𝙝𝙤𝙥𝙚 𝙩𝙝𝙖𝙩 𝙮𝙤𝙪 𝙡𝙞𝙠𝙚𝙙 𝙩𝙝𝙞𝙨 𝘼𝙧𝙩𝙞𝙘𝙡𝙚. 𝙋𝙡𝙚𝙖𝙨𝙚 𝙨𝙝𝙖𝙧𝙚 𝙞𝙩 𝙬𝙞𝙩𝙝 𝙮𝙤𝙪𝙧 𝙁𝙧𝙞𝙚𝙣𝙙𝙨 𝙖𝙣𝙙 𝙨𝙪𝙗𝙨𝙘𝙧𝙞𝙗𝙚 𝙩𝙤 𝙤𝙪𝙧 𝙬𝙚𝙗𝙨𝙞𝙩𝙚 𝙗𝙮 𝙘𝙡𝙞𝙘𝙠𝙞𝙣𝙜 𝙤𝙣 𝙩𝙝𝙚 𝘽𝙚𝙡𝙡 𝙄𝙘𝙤𝙣 (𝙇𝙚𝙛𝙩 𝘽𝙤𝙩𝙩𝙤𝙢 𝙤𝙛 𝙩𝙝𝙞𝙨 𝙋𝙖𝙜𝙚) 𝙩𝙤 𝙧𝙚𝙘𝙚𝙞𝙫𝙚 𝙣𝙤𝙩𝙞𝙛𝙞𝙘𝙖𝙩𝙞𝙤𝙣𝙨 𝙛𝙤𝙧 𝙚𝙫𝙚𝙧𝙮 𝙏𝙧𝙚𝙣𝙙𝙞𝙣𝙜 𝙖𝙧𝙩𝙞𝙘𝙡𝙚.🥰
Add us on Snapchat
Follow Us On Google News
Find Jobs Online in any region of Saudi Arabia on KSA Job Site