Riyadh – Mubasher: NEOM has secured $3 billion under a long-term multicurrency untied facility with Italy’s SACE, according to a press release.
The export credit agency (ECA) financing transaction marks NEOM's first corporate ECA financing and the largest untied financing ever guaranteed by SACE.
It will support various projects by enabling NEOM to leverage supplies from Italian businesses, particularly SMEs. This will foster the project’s development across key sectors, such as infrastructure, urban development, construction, and transport.
Aiman Al Mudaifer, Acting CEO of NEOM, commented: “This deal will support us in delivering our significant portfolio of developments and reflects the strong confidence that leading financial institutions worldwide place in NEOM.”
“It advances the Kingdom's aim of generating capital investment in line with Saudi Vision 2030, with foreign investment being instrumental in diversifying the economy," Al Mudaifer highlighted.
Alessandra Ricci, CEO of SACE, mentioned: “Opening new routes to Made in Italy is a priority to allow a long-term growth for Italian exports, matching their potential.”
To date, Italian suppliers and contractors have supported NEOM’s projects with an aggregated value of $6.30 billion.
In April 2024, NEOM obtained a revolving credit facility (RCF) worth SAR 10 billion from nine Saudi banks to back its short-term financing requirements.
