{"id":75190,"date":"2023-11-29T00:00:00","date_gmt":"2023-11-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/11\/29\/ksas-pif-secures-usd-3-bn-syndicated-loan-to-finance-korean-imports\/"},"modified":"2023-11-29T00:00:00","modified_gmt":"2023-11-29T00:00:00","slug":"ksas-pif-secures-usd-3-bn-syndicated-loan-to-finance-korean-imports","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/11\/29\/ksas-pif-secures-usd-3-bn-syndicated-loan-to-finance-korean-imports\/","title":{"rendered":"KSA\u2019s PIF secures USD 3 bn syndicated loan to finance Korean imports"},"content":{"rendered":"

PIF gets syndicated loan to boost Korean imports<\/strong> for Saudi projects: <\/strong>The Public Investment Fund (PIF)<\/a> \u2014 Saudi Arabia\u2019s sovereign wealth fund \u2014 has secured a loan of up to USD 5 bn from a syndicate of nine unnamed international banks to finance its imports from Korea for projects that are partially or fully run by the fund, according to a joint statement<\/a> released yesterday. Information about the specific type of exports and projects the agreement is targeting as well the advisors on the transaction wasn\u2019t made public. <\/p>\n

The details: <\/strong>The lenders will initially disperse USD 3 bn, while the loan size can later be expanded to USD 5 bn, according to the agreement. This carries a door-to-door 13-year tenor and is covered by the Korea Trade Ins. Corporation (K-SURE)<\/a> \u2013 the official export credit agency of South Korea. The financing by K-SURE is the first for the PIF by an export credit agency. <\/p>\n

What they said: <\/strong>\u201cThrough this financial support, Korean companies have not only gained technological competitiveness but also financial competitiveness to increase orders,\u201d said President of K-sure Inho Lee. <\/p>\n

Background: <\/strong>K-sure and PIF agreed to strengthen collaboration back in 2022, with the goal of promoting Korean exports of goods and services ot projects funded by PIF, the statement said. <\/p>\n

KSA + South Korean trade has been on a roll:<\/strong> The Kingdom\u2019s trade with South Korea totalled USD 46.5 bn in 2022, according to Korea International Trade Association<\/a> data cited by Nikkei Asia<\/a>. South Korea\u2019s exports to KSA rose 46.3% y-o-y to USD 4.9 bn in 2022, and imports to South Korea from KSA jumped 71.6% to USD 41.6 bn.<\/p>\n

The story got ink in<\/strong><\/a><\/strong>Bloomberg<\/a><\/strong> and<\/strong><\/a><\/strong>Reuters<\/a><\/strong>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The lenders will initially disperse USD 3 bn, while the loan size can increase to USD 5 bn<\/p>\n","protected":false},"author":1,"featured_media":75191,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[166],"tags":[165,17,44,31,32],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterprise-logistics","tag-investment-watch","tag-saudi-arabia","tag-trade","wpautop","entry"],"acf":{"mongo_id":"f12a921b-6bf9-4396-aeeb-6eb56859e5a6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1583.jpg","photo_position":"above","homepage_title":"","full_issue_title":"KSA\u2019s PIF secures USD 3 bn syndicated loan to finance Korean imports","related_issue":[75180],"teaser":"The lenders will initially disperse USD 3 bn, while the loan size can increase to USD 5 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.6aea33a2-bee8-4503-b0bf-6eecf19221e6.mp3"},"yoast_head":"\nKSA\u2019s PIF secures USD 3 bn syndicated loan to finance Korean imports - 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