PIF Secures $3 Billion in SACE-Backed Credit Facilities

Saudi Arabia’s Public Investment Fund has secured $3 billion in credit facilities backed by Italian export credit agency SACE from a syndicate of 25 international banks.

The financing is split into two tranches: a $1.78 billion facility and a €1.035 billion green facility, with SACE guaranteeing both. Proceeds from the euro-denominated tranche will be allocated to eligible projects under PIF’s Green Finance Framework.

The agreement is also intended to create procurement opportunities for Italian suppliers working with PIF and its portfolio companies, while broadening the fund’s access to international financing.

The transaction follows a memorandum of understanding signed by PIF and SACE in March 2025 to strengthen commercial links between Saudi and Italian companies and increase opportunities for Italian goods and services across PIF-backed businesses.

For SACE, the financing forms part of its Push strategy, which uses credit support and business engagement to increase international procurement from Italian companies. PIF, meanwhile, is seeking to diversify its financing sources and give portfolio companies greater access to global markets under its 2026–2030 strategy.

PIF has previously used green financing instruments as part of its capital strategy, including issuing what it described as the first green bond by a sovereign wealth fund and the first 100-year green bond.