PIF raises $3 billion with Italian export-credit backing

Saudi Arabia’s Public Investment Fund has raised credit facilities worth $3 billion equivalent, backed by SACE, Italy’s export-credit agency, from a group of 25 international banks. The package includes a $1.78 billion dollar tranche and a €1.035 billion green tranche, whose proceeds are designated for projects eligible under PIF’s green-finance framework. SACE’s guarantee reduces lenders’ risk, while the larger commercial aim is to help PIF and its portfolio companies procure goods and services from Italian suppliers. The deal builds on a 2025 memorandum of understanding between PIF and SACE to promote Italian companies’ engagement in Saudi Arabia.