Saudi PIF raises $3 billion from Italy's credit export agency

Saudi PIF Raises $3 Billion from Italy’s SACE to Diversify Funding Plans

Saudi Arabia’s PIF Secures Major Funding Deal with Italy’s SACE

DUBAI, Nov 3 (Reuters) - Saudi Arabia's sovereign wealth fund PIF has raised $3 billion from dual-tranche credit facilities guaranteed by Italy’s export credit agency, the two firms said on Tuesday, as the PIF diversifies funding amid ambitious investment plans.

New Opportunities for Saudi-Italian Cooperation

"The transaction will further expand trade and create new cooperation opportunities within PIF’s ecosystem to procure goods and services from Italian suppliers," the more than $900 billion fund and Italy's SACE said in a joint statement.

PIF’s Role in Saudi Economic Transformation

The PIF is the vehicle spearheading Saudi Arabia's ambitious economic transformation plan to cut dependence on oil revenue by investing hundreds of billions of dollars in sectors including tourism and technology. It has been exploring different avenues to fund the plan including debt markets.

Details of the Credit Facilities

The credit facilities comprise a $1.78 billion tranche and a €1.04 billion ($1.16 billion) green tranche and build on a memorandum of understanding signed with SACE last year.

Exchange Rate and Reporting Credits

($1 = 0.8937 euros)

(Reporting by Federico Maccioni; Editing by Kirsten Donovan)