The Public Investment Fund has raised the equivalent of 3 billion dollars in credit facilities guaranteed by SACE, Italy’s export credit agency, from a syndicate of 25 international banks. The package comprises a 1.78 billion dollar tranche and a green tranche of 1.035 billion euros, with proceeds from the euro tranche to be allocated to eligible green projects under the fund’s Green Finance Framework.
The facilities build on a memorandum of understanding signed by PIF and SACE in March 2025, which contemplated up to 3 billion dollars of additional SACE support for projects led by PIF and its portfolio companies, on top of more than 3 billion dollars of SACE supported financing that portfolio companies had already secured. SACE’s role is explicitly commercial: its Push strategy aims to increase procurement of Italian goods and services by the borrowers it supports.
PIF said the transaction will create new opportunities within its ecosystem to buy goods and services from Italian suppliers. No pricing, maturity or lender list was disclosed in the announcement.
The structure is the point. A sovereign fund with more than 900 billion dollars of assets is choosing export credit agency guaranteed bank debt, with a trade tie attached, alongside its bond issuance. That diversifies its lender base, but it also converts financing into procurement: Italian suppliers gain a financed route into Saudi projects, and the cost of that access is embedded in where the money gets spent.