Public Investment Fund signs a memorandum of understanding with the Italian Export Credit Agency

The Public Investment Fund, and the Italian Export Credit Agency affiliated with the Ministry of Finance and Economy in the Italian Republic, today signed a memorandum of understanding to enhance the partnership and cooperation between them and enhance the work of Italian companies in Saudi Arabia.
Through the Memorandum of Understanding, the agency will provide additional services to support financing with a value of up to 3 billion dollars (equivalent to 11.25 billion riyals) that will benefit from Italian exports to the projects implemented by the Public Investment Fund and its portfolio companies, and are linked to the targets of Vision 2030.
The signing comes within the framework of the relationship between the two parties, which contributed to providing financing guarantees supported by the Italian Export Credit Agency in cooperation with a group of leading financial institutions, for a number of funds of the Fund’s portfolios, with a value of more than 3 billion dollars (equivalent to 11.25 billion riyals).

Public Investment Fund

The Public Investment Fund aims to support economic diversity efforts in the Kingdom of Saudi Arabia, enhance the growth of promising sectors, empower the private sector and provide more job opportunities, based on its pivotal role in achieving the target of Saudi Vision 2030, and its position as an influential global investor.
The Memorandum of Understanding is in line with the Fund’s strategy to enhance financial cooperation and build long -term partnerships.
The Memorandum of Understanding comes within the framework of the continuous public investment fund strategy to build strong relations with the leading international financial institutions and increase the diversification of its financing tools.
“The Memorandum of Understanding is a new station that reflects the fund’s strategy to enhance the strategic partnership with export credit agencies and the leading financial institutions globally,” said Rusais Al Saud, Director of Investor Relations and Financial Institutions at the Public Investment Fund.
She added: “The memo will contribute to providing more opportunities for cooperation and exchange of knowledge and experiences between Italian and Saudi companies, which is consistent with the fund’s strategy to launch investments that make a positive transformation at the local and international levels.”
“We are proud to cooperate with a partner with a leading position like the Public Investment Fund,” said Alessandra Ricci, CEO of the Italian Export Credit Agency.
She added: “We aim, through cooperation with the Fund, to facilitate Italian exports and enhance commercial and investment relations between our two countries, and with the support of the agency, the partnership will provide the opportunity for Italian companies, especially small and medium, to enhance their position as reliable supply agencies, and participate in the projects implemented by the Fund and its portfolio companies, in line with the Saudi Vision 2030.”
The Public Investment Fund is rated (AA3) by Moody’s Credit Agency with a stable future look, and by (A+) by Vitch credit rating with a stable future look.