Italian export credit agency Sace has pledged a financing support facility worth up to $3bn to support Italian exports for projects implemented by Saudi Arabia's Public Investment Fund (PIF) and its portfolio companies. The agreement will enable Italian companies, particularly [small and medium-sized enterprises] to strengthen their position as reliable suppliers and support projects implemented by PIF and its portfolio companies. The memorandum of understanding (MoU) comes within the framework of PIF's ongoing strategy to build strong relationships with leading international financial institutions, and increase the diversification of its financing tools. The agreement with PIF is one of several that Sace signed in Saudi Arabia recently. In January, Sace pledged a credit facility worth $3bn to support projects at Saudi gigaproject Neom. The agreement will enable Neom to leverage supplies from Italian businesses, particularly [small and medium-sized enterprises], to support the projects across sectors such as infrastructure, urban development, construction and transport. The facility expands Neom's existing funding pool, supporting its long-term financing requirements as the project moves forward. The financing arrangement was secured through a syndicate of nine international banks: the UK's HSBC; Spain's Banco Bilbao Vizcaya Argentaria; France's Credit Agricole CIB; Chinese banks Bank of China, Agricultural Bank of China and China Construction Bank; and US-based banks Citibank, JP Morgan Chase and Bank of America. Sace also agreed to provide a credit facility worth $100m to support Saudi utility developer Acwa Power's green projects in Central Asia. The deal will facilitate the export of Italian companies and is in line with Sace's mandate, a joint statement said on 26 January. Sace also signed a memorandum of understanding with Saudi Electricity Company (SEC) to explore providing credit facilities to support SEC's projects involving Italian companies, including engineering, procurement and construction; operations; and maintenance services. (ICE RIYADH)

Fonte notizia: Meed