Saudi Arabia's PIF gets $40b from foreign reserves to fund overseas investments

Saudi Arabia's PIF gets $40b from foreign reserves to fund overseas investments

FILE PHOTO: Saudi Minister of Finance Mohammed al-Jadaan attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2020. REUTERS/Denis Balibouse/File Photo

Saudi Arabia transferred a total of 150 billion riyals ($40 billion) from central bank foreign reserves to fund investments by sovereign wealth fund PIF in March and April, the finance minister said on Friday.