Saudi wealth fund is said to repay $10bn bridge loan

Saudi wealth fund is said to repay $10bn bridge loan

Saudi Arabia's sovereign wealth fund has paid back a $10 billion bridge loan two months ahead of schedule, according to people familiar with the matter.

The Public Investment Fund has fully repaid the loan, which was due in October, the people said, asking not to be identified because the information is private.

It had signed the loan last year to raise funds while it waited for the proceeds of the sale of its nearly $70bn stake in Saudi Basic Industries Corp., which closed in June.

Saudi Arabia has been pushed into a deep budget deficit by the coronavirus pandemic and oil-price slump, forcing the kingdom to hike taxes and increase the government debt ceiling to 50 percent of economic output.

The PIF is a key part of a plan by Crown Prince Mohammed bin Salman