Saudi Arabia's PIF secures $3 billion in financing for Italian business ties

Saudi Arabia’s Public Investment Fund (PIF) has raised approximately $3 billion in credit facilities to expand economic cooperation with Italy. The financing is supported by guarantees from Italy’s export credit agency, SACE, and involves a syndicate of 25 international banks.

The funding is divided into a $1.78 billion tranche and a €1.035 billion green tranche. Proceeds from the euro-denominated portion will be allocated to eligible green projects under the fund’s Green Finance Framework. This initiative aims to strengthen ties in sectors such as construction, manufacturing, and technology, including projects like the planned Pirelli tire factory.

This transaction aligns with PIF’s 2026-2030 strategy to diversify funding sources and provide portfolio companies with greater access to global markets.