Saudi PIF, Italy sign $3B export deal as ties grow under Meloni: What to know
The agreement will help the kingdom's many giga projects as well as Italian exporters.
Saudi Arabia’s Public Investment Fund on Wednesday announced the signing of a $3 billion memorandum of understanding with SACE, Italy’s export credit agency, as economic relations between the two countries deepens and the kingdom looks to attract international funding for its giga projects.
Operating under the Italian Ministry of Economy and Finance, SACE provides insurance and financing for projects that support Italian exporters.
Under the MoU, SACE will support up to $3 billion worth of financing for projects by the PIF and its more than 100 subsidiaries.
In a statement, Rasees Al Saud, head of financial institutions and investor relations at the PIF, said, “This MoU will unlock opportunities for Italian and Saudi companies to cooperate, as well as exchange business knowledge and experience, in line with our strategy to drive impactful and transformative investments, both globally and in Saudi Arabia.”
