Business · Companies · 16 hrs ago
Saudi PIF secures $3bn in SACE-backed financing for Italian ties
Saudi Arabia’s Public Investment Fund secured $3 billion in credit facilities backed by Italy’s export credit agency, SACE.
The financing is intended to support purchases from Italian suppliers and expand business ties between the two countries.
A group of 25 international banks provided the facilities, which comprise a $1.78 billion tranche and a green tranche of €1.035 billion.
Money from the euro-denominated tranche will go to eligible green projects under the fund’s financing framework.
The deal builds on a 2025 agreement to increase cooperation between Italian suppliers, the fund and its portfolio companies.
It follows a summit in Rome where the fund said it would explore joint ventures and procurement opportunities with European partners.
The financing supports the fund’s effort to diversify funding and connect its companies with global markets; no further steps or timeline were announced.
Saudi Arabia’s Public Investment Fund has secured $3 billion in credit facilities guaranteed by Italy’s export credit agency, SACE.
A syndicate of 25 international banks provided the financing, which is intended to support procurement from Italian suppliers and expand business cooperation.
The facilities comprise a $1.78 billion tranche and a €1.035 billion green tranche, equivalent to about $1.16 billion.
Proceeds from the euro-denominated tranche will fund eligible green projects under PIF’s Green Finance Framework.
The deal follows a March 2025 memorandum of understanding between PIF and SACE to strengthen cooperation with Italian suppliers.
- Who
- Saudi Arabia’s Public Investment Fund and Italy’s export credit agency, SACE, with financing from 25 international banks.
- What
- PIF secured $3 billion in SACE-backed credit facilities to support procurement from Italian suppliers and expand cooperation.
- When
- The announcement was made on November 3, 2026.
- Where
- The financing supports cooperation between Saudi Arabia and Italy.
- Why
- To support procurement from Italian suppliers, expand business cooperation and fund eligible green projects.
This story does not have two clearly opposing sides.
PIF and Pirelli signed a joint-venture agreement for a Saudi tire factory.
PIF and SACE signed a memorandum of understanding to strengthen cooperation with Italian suppliers and PIF portfolio companies.
PIF announced $3 billion in SACE-backed credit facilities.
- Total facilities
- $3 billion
- Dollar-denominated tranche
- $1.78 billion
- Green tranche
- €1.035 billion, equivalent to about $1.16 billion
- Participating banks
- 25 international banks
- Guarantee provider
- SACE, Italy’s export credit agency
- European investment since 2017
- €98 billion
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What people are saying
Under its 2026-2030 strategy, PIF is providing its portfolio companies with greater access to global markets as these companies continue to grow in local and international markets and attract global capital
The initiative is part of the SACE’s Push strategy, which aims to increase procurement of Italian goods and services through financial support and business engagement initiatives