PIF, Italy’s SACE sign $3B MoU

Snapshot of the agreement signing

The Public Investment Fund (PIF) and SACE, the Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, signed a memorandum of understanding (MoU) to strengthen their bilateral partnership.

Under the MoU, the parties will cooperate on sharing information and business expertise, with a focus on strategic sectors, as well as considering a provision of SACE support for up to an additional $3 billion for the financing of projects led by PIF and PIF portfolio companies, the PIF said in an emailed statement to Argaam today, March 5.

The signing builds on the existing relationship between PIF and SACE, which has led to a number of PIF portfolio companies securing financing in excess of $3 billion (SAR 11.25 billion) supported by SACE.

PIF aims to transform and diversify the Saudi economy, driving the growth of new sectors, businesses and job opportunities. The MoU aligns with PIF’s strategy to further grow financial collaboration, enhance cooperation and build long-term international partnerships.

Rasees AlSaud, 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.”