{"id":91541,"date":"2024-11-14T00:00:00","date_gmt":"2024-11-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/14\/italys-sace-pledges-usd-3-bn-for-neom-loan-guarantees\/"},"modified":"2024-11-14T00:00:00","modified_gmt":"2024-11-14T00:00:00","slug":"italys-sace-pledges-usd-3-bn-for-neom-loan-guarantees","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/14\/italys-sace-pledges-usd-3-bn-for-neom-loan-guarantees\/","title":{"rendered":"Italy\u2019s Sace pledges USD 3 bn for Neom loan guarantees"},"content":{"rendered":"

Italian state export credit agency Sace pledged USD 3 bn in loan guarantees<\/strong> to <\/strong>Neom<\/strong>, providing 80% guarantees for international bank loans backing the megaproject, Bloomberg<\/a> reports, citing people with knowledge of the matter. The story was also picked up by Reuters<\/a>. <\/p>\n

Italy is thinking ahead: <\/strong>The Italian government believes that the loan guarantees could open the way for Italian infrastructure, construction, and transport firms to clinch valuable contracts in Neom, sources told Bloomberg. Sace \u2014 which is run by Italy\u2019s Finance Ministry \u2014 opened a branch in Riyadh earlier this year and Italian Prime Minister Giorgia Meloni may visit the Kingdom next, the business news information services said. Italian engineering outfit Webuild SpA is a contractor at Neom, grabbing a USD 4.7 bn contract for developments at Trojena and a high-speed railway. <\/p>\n

Neom needs the boost:<\/strong> The ambitious project was initially budgeted at USD 500 bn, but many analysts believe its costs significantly exceed that projection. A string of budget deficits and declining oil prices have also limited the funding available for the megacity, as Riyadh recalibrates spending<\/a> towards megaprojects that are smaller in scale. <\/p>\n","protected":false},"excerpt":{"rendered":"

The move comes as part of an Italian push for Neom contracts<\/p>\n","protected":false},"author":1,"featured_media":91542,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2590],"tags":[57,10,100,3419],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam-ksa","tag-neom","tag-sace","wpautop","entry"],"acf":{"mongo_id":"f5bafffa-988b-4d0a-bb98-589ead92c4c3","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1318.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Italy\u2019s Sace pledges USD 3 bn for Neom loan guarantees","related_issue":[91530],"teaser":"The move comes as part of an Italian push for Neom contracts","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.08b2f6f6-41f9-4912-b3ca-4dcef498a6bc.mp3"},"yoast_head":"\nItaly\u2019s Sace pledges USD 3 bn for Neom loan guarantees - 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