Riyadh - Mubasher: The Saudi Public Investment Fund (PIF) inked an agreement with Italian insurance and financial group SACE to provide $3 billion in financing for supporting PIF-led projects.
The two entities signed a memorandum of understanding (MoU) to strengthen their bilateral partnership and cooperate on sharing information and business expertise, according to a press release.
The MoU builds on the existing partnership between PIF and SACE, through which some PIF portfolio companies secured financing of over $3 billion supported by SACE, with participation from multiple leading financial institutions.
It also aligns with PIF’s strategy to enhance cooperation and further diversify its range of financing instruments.
Rasees Al Saud, Head of Financial Institutions and Investor Relations, Global Capital Finance, at PIF, said: “This MoU will unlock opportunities for Italian and Saudi companies to cooperate, as well as exchange business knowledge and experience, in line with our strategy to drive impactful and transformative investments, both globally and in Saudi Arabia.”
Alessandra Ricci, CEO of SACE, commented: “We believe this memorandum opens significant opportunities for Italian companies, particularly SMEs, which, with our support, can establish themselves as suppliers and participate in projects sponsored by PIF and PIF portfolio companies in alignment with the goals of Saudi Vision 2030.”
