PIF raises USD 3 bn in Sace-backed credit tied to buying from Italian suppliers

The Public Investment Fund (PIF) has raised USD 3 bn equivalent in credit facilities guaranteed by Italy’s export credit agency Sace, with the funding tied to expanding procurement from Italian suppliers across its portfolio companies, according to a press release. A syndicate of 25 international banks provided a USD 1.78 bn tranche and a EUR 1.035 bn green tranche, with proceeds from the EUR tranche going to eligible projects under PIF’s Green Finance Framework. Neither PIF nor Sace responded to EnterpriseAM’s request for comment in time for dispatch.

This is the second time in four months PIF has traded procurement access for guaranteed funding. It signed MoUs worth USD 24.5 bn with the IFC, MIGA, and US EXIM to support co-financing, guarantees, and procurement by its portfolio companies. Its 2026-2030 strategy emphasizes a broader mix of funding sources, including retained earnings and private investment at home and abroad. Export credit agencies lend on better terms than the market when the borrower commits to buying from their exporters, which gives PIF cheaper funding and suppliers in those markets a route into its portfolio.

PIF has deployed EUR 98 bn in Europe since 2017, and these facilities form part of its broader funding strategy built on partnerships with export credit agencies in priority markets, as it continues exploring joint ventures and procurement options.