RIYADH, June 23 (Xinhua) -- The Saudi Public Investment Fund (PIF) announced on Monday the launch of its first commercial paper (CP) program.

In a statement on its website, the PIF said the program, which enables CP issuance through offshore special-purpose vehicles, comprises two sub-programs: a U.S. commercial paper program and a European commercial paper program.

According to the PIF statement, the program adds a new source of funding to its existing instruments, enhances PIF's short-term financing flexibility, and complements its long-term capital-raising efforts.

A commercial paper program is a financial arrangement that enables a corporation, financial institution, or government entity to issue commercial paper, which is a short-term, unsecured debt instrument used to raise funds for immediate financing needs.

The PIF is the sovereign wealth fund of Saudi Arabia. It is one of the world's largest sovereign wealth funds with over 900 billion U.S. dollars in assets. ■