Saudi PIF Adds Short-Term Debt Tool to Broaden Funding Sources

Saudi Arabia’s Public Investment Fund introduced its first commercial paper program, adding a new short-term debt instrument to its toolkit as it seeks to diversify sources of capital and back spending on the kingdom’s economic overhaul.

The program allows the sovereign wealth fund to issue in dollars and euros through offshore special purpose vehicles, according to a statement on Monday. The PIF didn’t disclose when it plans to first issue commercial paper.