PIF secures $3 billion in SACE-backed facilities for Italian procurement

Saudi Arabia's Public Investment Fund secured $3 billion through two credit facilities guaranteed by Italian export credit agency SACE, according to a joint statement cited by Reuters on 3 November 2026. The financing consists of a $1.78 billion facility and a €1.04 billion green tranche, equivalent to approximately $1.16 billion.

Transaction structure and counterparty terms#

SACE provided the guarantee backing both facilities. The transaction was structured as two separate credit lines: a conventional $1.78 billion tranche and a green-labelled €1.04 billion tranche. PIF and SACE stated the financing is designed to create procurement opportunities for Italian companies supplying goods and services to projects within the fund's ecosystem. The structure reduces financing risk for Italian exporters participating in projects across PIF's portfolio, which spans infrastructure, tourism, technology, manufacturing, logistics and clean energy.

Prior framework and cumulative financing#

The November 2026 transaction follows a memorandum of understanding PIF and SACE executed in March 2025. That agreement established a framework for the two institutions to pursue up to $3 billion in additional SACE-guaranteed financing supporting projects PIF and its portfolio companies lead. When the March 2025 memorandum was signed, PIF disclosed that its relationship with SACE had enabled portfolio companies to obtain over $3 billion in financing supported by SACE guarantees, with multiple international financial institutions participating. The November 2026 facilities represent the transition from framework agreement to executed financing.

Funding mix and asset base#

PIF uses four main funding sources: loans and debt instruments, government capital injections, transfers of government assets, and retained investment earnings. The fund's 2025 annual report recorded more than $900 billion in assets under management. Revenue reached $120 billion, a 9 percent increase, while net profit climbed to $17 billion, more than double the prior period. PIF has expanded its use of international debt markets and institutional financing alongside growth in its portfolio and domestic investment commitments.

Italian supplier access and sectoral scope#

The financing establishes a defined route for Italian companies into projects across PIF's portfolio. The fund's investments cover infrastructure, tourism, technology, advanced manufacturing, logistics and clean energy. SACE's guarantee structure mitigates financing risks Italian exporters face when supplying major international projects. The transaction was structured to expand trade and create new opportunities for companies within the fund's ecosystem to procure from Italian suppliers.