The Public Investment Fund (PIF) and SACE, the Italian insurance and financial group fully owned by Italy's Ministry of Economy and Finance, have signed a memorandum of understanding (MoU) aimed at strengthening their bilateral partnership. Under the agreement, PIF and SACE will collaborate on information-sharing and business expertise, with a particular focus on strategic sectors. The MoU also includes a provision for SACE to consider offering up to an additional $3 billion in financing support for projects led by PIF and its portfolio companies. The signing builds on an existing relationship between PIF and SACE, which has already facilitated financing exceeding $3 billion for PIF portfolio companies, with participation from several leading financial institutions. As a key driver of Saudi Arabia's Vision 2030 and a leading global investor, PIF is focused on diversifying and transforming the Saudi economy by developing new sectors, businesses, and job opportunities. This latest agreement aligns with PIF's ongoing strategy to expand financial collaborations, enhance global cooperation, and foster long-term international partnerships. The MoU is part of PIF's broader approach to maintaining strong relationships with international financial institutions while diversifying its financing instruments. Rasees AlSaud, Head of Financial Institutions and Investor Relations, Global Capital Finance at PIF, highlighted the significance of the partnership: "The MoU represents another landmark in PIF's strategy to enhance its strategic partnerships with leading international financial institutions and export credit agencies." "It will unlock opportunities for both Italian and Saudi companies to collaborate and exchange business knowledge, in line with our commitment to driving impactful and transformative investments globally and in Saudi Arabia." Alessandra Ricci, CEO of SACE, emphasized the benefits for Italian companies: "We are proud to collaborate with a distinguished institution like PIF. This partnership will facilitate Italian exports and strengthen trade and investment ties between our two countries. The memorandum opens significant opportunities for Italian companies, especially SMEs, enabling them to become key suppliers and participate in projects sponsored by PIF and its portfolio companies, all in alignment with Saudi Vision 2030." PIF currently holds an Aa3 rating from Moody's (stable outlook) and an A+ rating from Fitch (stable outlook), reinforcing its financial stability and global credibility. — SG
