Italy's SACE to provide $3B loan guarantee for NEOM project: Report

14/11/2024 Argaam
Logo of NEOM

Logo of NEOM

The Italian Export Credit Agency SACE will grant loan guarantees worth $3 billion (SAR 11.25 billion) for Saudi Arabia’s NEOM project, Bloomberg reported, citing sources.

 

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The sources added that SACE agreed to guarantee 80% of the loans provided by international banks backing NEOM.

 

In October 2017, Crown Prince Mohammed bin Salman launched the NEOM project, to be supported by more than $500 billion over the years by the Kingdom of Saudi Arabia, the Public Investment Fund (PIF), in addition to local and international investors, Argaam earlier reported.

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