Riyadh - Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) raised $3 billion-equivalent in dual-tranche credit facilities guaranteed by Italy’s export credit agency SACE to strengthen cooperation with Italian businesses.
The credit facilities involved a $1.78 billion tranche and a €1.035 billion green tranche, raised from a syndicate of 25 international banks, the Saudi sovereign fund announced in a press release today.
Proceeds from the green tranche will be allocated to eligible green projects, in line with PIF’s Green Finance Framework. SACE is providing credit facility guarantees in line with its strategic objective of supporting Italian companies in markets with high export potential.
The transaction will create new collaboration opportunities with PIF’s ecosystem to procure goods and services from Italian suppliers, building on the PIF’s other partnerships with select export credit agencies in priority markets.
The transaction follows an MoU signed between the PIF and SACE in 2025 to strengthen cooperation between Italian suppliers and the sovereign fund and its portfolio companies, and to explore opportunities for Italian and Saudi companies to cooperate and exchange business knowledge and experience.
Rasees AlSaud, head of financial institutions and investor relations for global capital finance at PIF, said: “The partnership with SACE and the wide participation of leading global banks in raising these credit facilities reflects the continued strength and depth of PIF’s capital raising strategy that is dynamic, resilient and aligned with our long-term investment priorities.”
For his part, Michele Pignotti, CEO of SACE, said the partnership will unlock great potential for Italian companies to do business with PIF and its portfolio companies. “The initiative is part of SACE’s Push strategy, which aims to increase procurement of Italian goods and services through financial support and business engagement initiatives,” he added.
The facilities will also enable PIF to access international funding and expertise and deliver transformative projects that contribute to sustainable economic growth.