Italy’s state export credit agency Sace could double its backing for PIF-led projects with an additional USD 3 bn following a new MoU they signed yesterday, the PIF said in a statement. The MoU will see the two sides “cooperate on sharing information and business expertise, with a focus on strategic sectors,” in addition to considering the USD 3 bn funding provision from Sace, the statement says.

ICYMI- The PIF recently secured EUR 3 bn in loan guarantees from Sace, which will be used to back a group of international banks that finance PIF companies. Italian Prime Minister Giorgia Meloni also visited the Kingdom in January, where she and Crown Prince and Prime Minister Mohammed bin Salman inked USD 10 bn worth of agreements.

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