PIF | Capital Markets Program | Public Investment Fund

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class="component link-list nav-mobile col-12"> <div class="component-content"> <h3>Our Investments</h3> <ul> <li class="item0 odd first"> <div class="field-link"><a data-variantfieldname="Link" href="/en/our-investments/" data-variantitemid="{EBBF7E2D-85B0-48BF-86F7-2726B21A9899}">Our Investments</a></div> </li> <li class="item1 even"> <div class="field-link"><a data-variantfieldname="Link" href="/en/our-investments/our-portfolio/" data-variantitemid="{C2015D0A-E1F1-46CD-9F77-846DED78A2CE}">Our Portfolio</a></div> </li> <li class="item2 odd"> <div class="field-link"><a data-variantfieldname="Link" href="/en/our-investments/giga-projects/" data-variantitemid="{D97E15B4-8E8F-4982-8DD0-036BABBDD24B}">Giga-Projects</a></div> </li> <li class="item3 even"> <div class="field-link"><a data-variantfieldname="Link" href="/en/our-investments/investment-pools/" data-variantitemid="{A2FEF8AF-FE23-4843-9A51-ECCC1895AB7B}">Investment Pools</a></div> </li> <li class="item4 odd last"> <div class="field-link"><a data-variantfieldname="Link" href="/en/our-investments/governance-and-investment-decisions/" data-variantitemid="{6338E6BA-06AD-4577-9CB9-5165B3E602B3}">Governance and Investment Decisions</a></div> </li> </ul> </div> </div> <div class="component link-list nav-mobile col-12"> <div class="component-content"> <h3>Our Strategy & Impact</h3> <ul> <li class="item0 odd first"> <div class="field-link"><a data-variantfieldname="Link" href="/en/strategy-and-impact/" data-variantitemid="{AB1E0F2C-E257-43AE-BCA6-4C3AFB19B76D}">Strategy & Impact</a></div> </li> <li class="item1 even"> <div class="field-link"><a data-variantfieldname="Link" href="/en/strategy-and-impact/the-program/" data-variantitemid="{A52BC989-855D-4E6E-BE79-DCC08509A714}">Our Program</a></div> </li> <li class="item2 odd last"> <div class="field-link"><a data-variantfieldname="Link" href="/en/strategy-and-impact/invested-in-better/" data-variantitemid="{C2294E2F-DBC3-4CB2-BF26-0048DD7B0315}">Invested in Better</a></div> </li> </ul> </div> </div> <div class="component link-list nav-mobile col-12"> <div class="component-content"> <h3>Investors</h3> <ul> <li class="item0 odd first"> <div class="field-link"><a data-variantfieldname="Link" href="/en/investors/" data-variantitemid="{44B399EF-C488-4656-A127-B637077EDF73}">Investors</a></div> </li> <li class="item1 even"> <div class="field-link"><a data-variantfieldname="Link" href="/en/investors/green-finance-framework/" data-variantitemid="{87F2AF72-735E-4431-B822-226F68287F8E}">Green Finance Framework</a></div> </li> <li class="item2 odd"> <div class="field-link"><a data-variantfieldname="Link" href="/en/investors/capital-markets-program/" data-variantitemid="{B6A2191D-2D9A-4B23-A6F0-8EF0ABF670F4}">Capital Markets Program</a></div> </li> <li class="item3 even"> <div class="field-link"><a data-variantfieldname="Link" href="/en/investors/annual-reports/" data-variantitemid="{AC6F4E45-DE7A-4BB3-8E0F-51E41BD9FAEB}">Annual Reports</a></div> 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maxlength="100" placeholder="Search Public Investment Fund.." /> <button class="clear-input-btn"> <span></span> </button> <button class="search-box-button-with-redirect" type="submit"> Search </button> </div> <div class="pif-search-box-footer"> <div class="pif-search-box-count"> View All Results ({count}) </div> <div class="pif-search-box-viewall link-wrappers"> <a href="/en/search/" class="btn btn-primary">View all</a> </div> </div> </div> </div> <div class="component pif-popular-search col-12" data-search-result='/en/search/' data-targetsignature=""> <div class="component-content"> <div class="pif-popular-search-title"> Popular Search </div> <ul class="pif-popular-search-keywords"> <li data-key="Become a Supplier" data-value="Become a Supplier"> <div class="field-value">Become a Supplier</div> </li> <li data-key="PIF" data-value="PIF"> <div class="field-value">PIF</div> </li> <li data-key="Portfolio" data-value="Portfolio"> <div class="field-value">Portfolio</div> </li> <li data-key="Vendor Gate" data-value="Vendor Gate"> <div class="field-value">Vendor Gate</div> </li> </ul> </div> </div> </div> </div> </div></div> </div> </header>   <main> <div id="content" class="container-fluid"> <div class="row"> <div class="component container col-12"> <div class="component-content" > <div class="row"> <div class="component row-splitter"> <div class=" container container-fluid"> <div > <div class="row"> <div class="row component column-splitter"> <div class="col-12"> <div class="row"> <div class="component breadcrumb navigation-title col-12" id="custom-breadcrumbs"> <div class="component-content"> <nav> <ol> <li class="breadcrumb-item home"> <div class="navigation-title field-navigationtitle"><a title="Home" href="/en/">Home</a></div> <span class="separator"></span> </li> <li class="breadcrumb-item "> <div class="navigation-title field-navigationtitle"><a title="Investors" href="/en/investors/">Investors</a></div> <span class="separator"></span> </li> <li class="breadcrumb-item last"> <div class="navigation-title field-navigationtitle"><a title="Capital Markets Program" href="/en/investors/capital-markets-program/">Capital Markets Program</a></div> <span class="separator"></span> </li> </ol> </nav> </div> </div> </div> </div> </div></div> </div> </div> <div class=" container container-fluid"> <div > <div class="row"> <div class="component container col-12" id="financial-page"> <div class="component-content" > <div class="row"> <div class="component row-splitter"> <div class=" container container-fluid"> <div > <div class="row"> <div class="row component column-splitter"> <div class="col-12"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <h1 class="field-title">Capital Markets Program</h1><div class="field-content"><p>PIF aims to become an active player in global debt markets and support the development of an active local market, where it can tap into either at will for short or long-term liquidity and with a broad range of instruments. PIF’s capital markets program aims to further develop its funding strategy and execution capabilities at both PIF and portfolio company levels and enable PIF (or its portfolio companies) to participate in global and local debt markets. </p> <p>It will also support expanding PIF’s debt-raising capacity to be used as a source of funding for PIF investments in line with PIF’s funding strategy, instill cash flow management discipline, and optimize equity returns for PIF and its portfolio companies.</p> <p> </p> <p>Further information about PIF regulatory filings can be found on the LSE website:</p> <ol> <li><a href="http://www.rns-pdf.londonstockexchange.com/rns/6683U_1-2024-7-1.pdf">Consolidated Financial Statements and Independent Auditor’s Report 2023</a></li> <li><a href="https://www.londonstockexchange.com/news-article/SK19/annual-financial-report/16020529">Consolidated Financial Statements and Independent Auditor’s Report 2022</a></li> </ol> <p> </p></div> </div> </div> </div> </div> </div></div> </div> </div> <div class=" container container-fluid"> <div > <div class="row"> <div class="component container col-12"> <div class="component-content" > <div class="row"> <div class="component row-splitter"> <div class=" container mb-5 mt-3 container-fluid"> <div > <div class="row"> <div class="row component column-splitter"> <div class="col-12 col-lg-6"> <div class="row"> <div class="component media-link file-list-files col-12"> <div class="component-content"> <div class="file-description"><div><div class="field-filetypeicon"><span class="pdf"></span></div></div><div><div class="field-linktext"><a title="Allocation and Impact Report 2024" href="/-/media/project/pif-corporate/pif-corporate-site/our-financials/capital-markets-program/pdf/pif-allocation-impact-report_2024.pdf" download="">PIF Allocation Impact Report 2024</a></div></div><div class="info-wrapper"><div class="file-size"><div class="field-size"><span>1.34 MB</span></div></div></div></div> </div> </div> <div class="component media-link file-list-files col-12"> <div class="component-content"> <div class="file-description"><div><div class="field-filetypeicon"><span class="pdf"></span></div></div><div><div class="field-linktext"><a title="PIF Green Bond Impact Assessment 2024" href="/-/media/project/pif-corporate/pif-corporate-site/our-financials/capital-markets-program/pdf/pif-green-bond-impact-assessment-2024.pdf" download="">PIF Green Bond Impact Assessment 2024</a></div></div><div class="info-wrapper"><div class="file-size"><div class="field-size"><span>1.12 MB</span></div></div></div></div> </div> </div> <div class="component media-link file-list-files col-12"> <div class="component-content"> <div class="file-description"><div><div class="field-filetypeicon"><span class="pdf"></span></div></div><div><div class="field-linktext"><a title="PIF Green Bond Limited Assurance Opinion 2024" href="/-/media/project/pif-corporate/pif-corporate-site/our-financials/capital-markets-program/pdf/pif-green-bond-limited-assurance-opinion-2024.pdf" download="">PIF Green Bond Limited Assurance Opinion 2024</a></div></div><div class="info-wrapper"><div class="file-size"><div class="field-size"><span>327.82 KB</span></div></div></div></div> </div> </div> <div class="component media-link file-list-files col-12"> <div class="component-content"> <div class="file-description"><div><div class="field-filetypeicon"><span class="pdf"></span></div></div><div><div class="field-linktext"><a title="International Sukuk Program Offering Circular" href="/-/media/project/pif-corporate/pif-corporate-site/our-financials/capital-markets-program/pdf/international-sukuk-program-offering-circular-2024.pdf" download="">International Sukuk Program Offering Circular</a></div></div><div class="info-wrapper"><div class="file-size"><div class="field-size"><span>1000.06 KB</span></div></div></div></div> </div> </div></div> </div> <div class="col-12 col-lg-6"> <div class="row"> <div class="component media-link file-list-files col-12"> <div class="component-content"> <div class="file-description"><div><div class="field-filetypeicon"><span class="pdf"></span></div></div><div><div class="field-linktext"><a title="International Bond Offering Circular" href="/-/media/project/pif-corporate/pif-corporate-site/our-financials/capital-markets-program/pdf/international-bond-offering-circular-2024.pdf" download="">International Bond Offering Circular</a></div></div><div class="info-wrapper"><div class="file-size"><div class="field-size"><span>890.35 KB</span></div></div></div></div> </div> </div> <div class="component media-link file-list-files col-12"> <div class="component-content"> <div class="file-description"><div><div class="field-filetypeicon"><span class="pdf"></span></div></div><div><div class="field-linktext"><a title="PIF Green Bond Independent Limited Assurance Report" href="/-/media/project/pif-corporate/pif-corporate-site/our-financials/capital-markets-program/pdf/pif-green-bond-independent-limited-assurance-report.pdf" download="">PIF Green Bond Independent Limited Assurance Report</a></div></div><div class="info-wrapper"><div class="file-size"><div class="field-size"><span>362.96 KB</span></div></div></div></div> </div> </div> <div class="component media-link file-list-files col-12"> <div class="component-content"> <div class="file-description"><div><div class="field-filetypeicon"><span class="pdf"></span></div></div><div><div class="field-linktext"><a title="PIF Green Bond Impact Assessment" href="/-/media/project/pif-corporate/pif-corporate-site/our-financials/capital-markets-program/pdf/pif-green-bond-impact-assessment.pdf" download="">PIF Green Bond Impact Assessment</a></div></div><div class="info-wrapper"><div class="file-size"><div class="field-size"><span>669.71 KB</span></div></div></div></div> </div> </div> <div class="component media-link file-list-files col-12"> <div class="component-content"> <div class="file-description"><div><div class="field-filetypeicon"><span class="pdf"></span></div></div><div><div class="field-linktext"><a title="PIF Allocation and Impact Report" href="/-/media/project/pif-corporate/pif-corporate-site/our-financials/capital-markets-program/pdf/pif-allocation-and-impact-report.pdf" download="">PIF Allocation and Impact Report</a></div></div><div class="info-wrapper"><div class="file-size"><div class="field-size"><span>1.25 MB</span></div></div></div></div> </div> </div></div> </div> <div class="col-12 col-lg-6"> <div class="row"></div> </div> <div class="col-12 col-lg-6"> <div class="row"> <div class="component media-link file-list-files col-12"> <div class="component-content"> </div> </div></div> </div> <div class="col-12 col-lg-6"> <div class="row"></div> </div> <div class="col-6"> <div class="row"></div> </div> <div class="col-6"> <div class="row"></div> </div> </div></div> </div> </div> <div class=" container container-fluid"> <div > <div class="row"> <div class="component container col-12 mob-mar-0" id="faq-accordian"> <div class="component-content" > <div class="row"> <div class="component row-splitter"> <div class=" container container-fluid"> <div > <div class="row"> <div class="row component column-splitter"> <div class="col-12"> <div class="row"> <div class="component rich-text col-12"> <div class="component-content"> <h2>FAQ</h2> </div> </div> </div> </div> </div></div> </div> </div> <div class=" container container-fluid"> <div > <div class="row"> <div class="row component column-splitter"> <div class="col-12"> <div class="row"> <div class="component accordion col-12" data-properties='{"expandOnHover":false,"expandedByDefault":false,"speed":500,"easing":"swing","canOpenMultiple":true,"canToggle":true,"isControlEditable":false}' > <div class="component-content"> <div> <ul class="items"> <li class="item"> <div class="toggle-header" tabindex="-1"> <div class="label"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-heading"><span>What is a green bond?</span></div> </div> </div> </div> </div> </div> <div class="toggle-content"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-content"><p>A green bond is a debt instrument used by institutions to raise funds in order to finance projects focused on combating climate change and promoting environmental sustainability. It is a financial tool that is increasing in significance internationally, as governments and companies seek to address the environmental issues the world is facing today.</p></div> </div> </div> </div> </div> </li> <li class="item"> <div class="toggle-header" tabindex="-1"> <div class="label"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-heading"><span>Why is PIF issuing a green bond?</span></div> </div> </div> </div> </div> </div> <div class="toggle-content"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-content"><p>The issuance of a green bond is a natural continuation of PIF’s mandate, given the central importance of sustainability for the Fund. As Saudi Arabia has the ambition to diversify its economy, PIF is enabling this transformation through various projects and investments. The Fund has recognized that an effective tool to aid in this process is green financing to support its eligible green projects.</p></div> </div> </div> </div> </div> </li> <li class="item"> <div class="toggle-header" tabindex="-1"> <div class="label"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-heading"><span>Why would PIF seek to borrow money to finance its projects?</span></div> </div> </div> </div> </div> </div> <div class="toggle-content"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-content"><p>PIF’s objectives to establish a capital market program has been realized through this bond issuance. PIF is well-capitalized with a strong balance sheet and ample liquidity to support its investment mandate and existing capital commitments in KSA and globally. Borrowing and debt instruments represent one of the four sources of funding available to PIF, ensuring flexibility and ability to finance activity over the long-term.</p></div> </div> </div> </div> </div> </li> <li class="item"> <div class="toggle-header" tabindex="-1"> <div class="label"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-heading"><span>What are the benefits of issuing a green bond?</span></div> </div> </div> </div> </div> </div> <div class="toggle-content"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-content"><p>The issuance will enable PIF to access a wider range of investors including those considering environmental and social as well as governance criteria within their investment decision-making process. It will also allow investors to diversify their portfolio of green investments, thereby potentially accelerating a virtuous circle of sustainable investments globally.</p></div> </div> </div> </div> </div> </li> <li class="item"> <div class="toggle-header" tabindex="-1"> <div class="label"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-heading"><span>How will the proceeds be allocated?</span></div> </div> </div> </div> </div> </div> <div class="toggle-content"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-content"><p>As per PIF’s Green Finance Framework, proceeds from the green bond issuance will be allocated to finance/refinance PIF’s eligible green projects across Saudi Arabia, including green buildings, renewable energy, energy efficiency, sustainable water management and other initiatives. Giga-projects such as NEOM, Amaala, and The Red Sea Development Company show large amounts of projects eligible for financing that will help transform the Kingdom’s economy.</p></div> </div> </div> </div> </div> </li> <li class="item"> <div class="toggle-header" tabindex="-1"> <div class="label"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-heading"><span>What has PIF done to promote sustainability?</span></div> </div> </div> </div> </div> </div> <div class="toggle-content"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-content"><p>PIF has taken significant steps in terms of governance and policies to contribute to sustainability. The Fund is a founding member of the One Planet SWF Initiative, an international platform that looks to accelerate efforts to integrate financial risks and opportunities related to climate change in the management of large, long-term asset pools. As an investment fund, PIF acts by acquiring stakes in companies that fit its mandate, e.g. ACWA Power and Lucid, and has established the Saudi Investment Recycling Company (SIRC), active in managing different waste types, and manages The National Energy Services Company (Tarshid). PIF is supporting the establishment of the MENA Voluntary Carbon Market to facilitate trading of carbon credits in the region.</p></div> </div> </div> </div> </div> </li> <li class="item"> <div class="toggle-header" tabindex="-1"> <div class="label"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-heading"><span>How does the green bond issuance help support Saudi Arabia’s energy transition?</span></div> </div> </div> </div> </div> </div> <div class="toggle-content"> <div class="row"> <div class="component content col-12"> <div class="component-content"> <div class="field-content"><p>The issuance will finance tangible projects on the ground. This will further accelerate the green transition and help reach key country-level objectives, including reaching net zero by 2060 and the 50% target for renewable energy in the energy mix by 2030 where PIF is responsible for developing 70% of the Kingdom’s renewable energy targets for the Kingdom by 2030.</p></div> </div> </div> </div> </div> </li> </ul> </div> </div> </div> </div> </div> </div></div> </div> </div> </div></div> </div> </div></div> </div> </div> </div></div> </div> </div> <div class="component plain-html"> <div class="component-content"> <!DOCTYPE html> <html lang="en"> <head> <meta charset="UTF-8"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <title>Confirmation Page</title> <style> /* Styles for the modal */ .modal { display: none; position: fixed; top: 50%; left: 50%; transform: translate(-50%, -50%); padding: 20px; background-color: #fff; border: 1px solid #ccc; box-shadow: 0 0 10px rgba(0, 0, 0, 0.1); z-index: 1000; } /* Styles for the 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