Saudi PIF secures $3bn financing backed by Italy’s export credit agency
Saudi Arabia's Public Investment Fund (PIF) has secured $3bn in credit facilities guaranteed by Italian export credit agency SACE, as the sovereign wealth fund diversifies its funding sources to support its expanding investment programme, according to a report by Reuters.
Saudi Arabia's Public Investment Fund (PIF) has successfully secured $3 billion in credit facilities, guaranteed by Italy's export credit agency, SACE. This move comes as part of the sovereign wealth fund's strategy to diversify its funding sources in order to support its expanding investment portfolio, according to a report by Reuters.
The financing is divided into two tranches: a $1.78 billion conventional facility and a €1.04 billion green facility. The agreement between PIF and SACE is a result of the memorandum of understanding signed in 2025 and aims to foster stronger commercial cooperation and procurement opportunities involving Italian suppliers. With assets surpassing $900 billion, PIF plays a pivotal role in Saudi Arabia's economic diversification program, investing in various sectors such as tourism, technology, infrastructure, and industrial development as the country attempts to diminish its reliance on oil revenues.
The financing signifies PIF's increasing reliance on international debt markets and export credit arrangements to fulfill its investment obligations, while simultaneously enhancing commercial partnerships with overseas suppliers and financial institutions.
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