PIF secures $3bn credit facility backed by Italian export agency
Saudi Arabia’s Public Investment Fund has obtained a $3 billion credit facility guaranteed by Italy’s SACE to boost cooperation with Italian suppliers.
Key Takeaways
AIThe Public Investment Fund (PIF) announced today that it has secured a $3 billion credit facility (equivalent to 11.25 billion riyals), guaranteed by the Italian export credit agency SACE.
The facility, structured in two tranches, aims to strengthen trade and create new opportunities for collaboration in the procurement of goods and services from Italian suppliers for PIF’s ecosystem.
The facility includes a $1.78 billion tranche (over 6.73 billion riyals) and a green tranche worth €1.035 billion (over 4.42 billion riyals), with participation from 25 international banks. Proceeds from the euro-denominated tranche will be allocated to eligible green projects, in line with PIF’s green finance framework.
The announcement follows the “Priority Summit” in Rome, where PIF reaffirmed its commitment to exploring joint projects and expanding cooperation with European partners. Since 2017, PIF has invested up to €98 billion (around 419 billion riyals) in the European economy.
SACE is providing guarantees for the facility as part of its strategic goal to support Italian companies in markets with high potential for Italian exports. This follows a memorandum of understanding signed with PIF in March 2025 to enhance cooperation and knowledge exchange between Saudi and Italian companies.
Princess Rassiss bint Saud bin Mohammed, Head of Investor Relations and Financial Institutions at PIF, said: “The partnership with SACE and the broad participation from global banks reflect the strength and resilience of PIF’s financing strategy, which is flexible, effective, and aligned with our long-term investment priorities.”
Michel Benotti, CEO of SACE, expressed his pride in partnering with PIF to facilitate Italian exports and develop trade relations between the Italian and Saudi markets, noting that the partnership will create significant opportunities for Italian companies to collaborate with PIF and its portfolio.
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This facility will enhance PIF’s access to international capital and support transformative projects that drive sustainable economic growth. PIF holds an Aa3 rating with a stable outlook from Moody’s and an A+ rating with a stable outlook from Fitch.