Key facts
- Sace guaranteed loans equivalent to around $3 billion raised by Saudi Arabia's sovereign wealth fund, per the report.
- The financing comprised a $1.78 billion tranche and a €1.035 billion ($1.16 billion) green tranche, Arab News reported.
- A syndicate of 25 international banks provided the facilities, PIF said in a statement cited by Arab News.
- Sace CEO Michele Pignotti said the transaction was intended to facilitate Italian exports and trade between the two markets.
- The facilities build on a March 2025 memorandum envisaging Sace support for up to $3 billion in project financing.
Saudi Arabia's sovereign wealth fund raised loans equivalent to about $3 billion guaranteed by Sace, Italy's export credit agency and insurer, according to a report published on November 3, 2026, which did not name the fund. A separate Arab News report dated under the same label identified the borrower as the Public Investment Fund and said the financing comprises a $1.78 billion tranche and a €1.035 billion ($1.16 billion) green tranche from a syndicate of 25 international banks.
PIF said proceeds of the euro-denominated tranche would go to eligible green projects under its Green Finance Framework. Rasees Al-Saud, head of financial institutions and investor relations, global capital finance, at PIF, said the fund under its 2026-2030 strategy was giving portfolio companies greater access to global markets.
Michele Pignotti, CEO of SACE, said the transaction was intended to facilitate Italian exports and trade between the two markets and forms part of SACE's Push strategy to increase procurement of Italian goods and services. The facilities build on a memorandum of understanding signed in March 2025 that envisaged Sace support for up to an additional $3 billion in project financing.
Arab News reported that PIF said it had deployed €98 billion in Europe since 2017 and holds an Aa3 rating from Moody's and an A+ rating from Fitch, both with stable outlooks. Saudi imports from Italy reached SR30.8 billion in 2025, up 2 percent year on year, while exports to Italy totaled SR13.9 billion, according to DataSaudi. Saudi imports from Italy reached SR3 billion in August 2026 and exports totaled SR1.9 billion.