Saudi Arabia's state-owned Public Investment Fund has announced measures to increase its financing support for projects, state news agency SPA reported.

The fund will extend project loan durations to 20 years from 15 years including a five-year grace period and will raise its cap on project lending to 40 percent of the value of the project instead of 30 percent, the agency said.

The measures should address 'the global financial conditions, reluctance by global banks to finance some major strategic projects ... and encourage local banks to participate in the financing amid the current financial conditions', it added. - Reuters