Saudi Arabia’s Public Investment Fund (PIF) is reportedly in talks with SACE, an Italian insurer and export credit agency, for $3.1 billion (€3 billion) in loan guarantees.
If a final agreement is reached, SACE will provide guarantees to a group of international banks lending the money to the $1 trillion sovereign fund, Bloomberg reported, citing unnamed sources.
The talks follow Italian Prime Minister Giorgia Meloni’s visit to Saudi Arabia, where agreements worth $10 billion were signed.
This included SACE guaranteeing a $3 billion financing agreement for giga project NEOM under a multicurrency untied facility.
The volume of trade exchange between the two countries reached nearly $10.80 billion in 2023.
The kingdom’s imports from Italy were valued at $5.9 billion, while its exports accounted for $4.9 billion in the same year, including $737 million in non-oil exports.
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