Italy's state export credit agency agrees to provide $3 billion loan
guarantee to NEOM project
Italy’s state export credit agency,
SACE, will offer loan guarantees worth $3 billion to support Saudi Arabia’s
NEOM development project, according to a source on Wednesday, confirming an
earlier report from Bloomberg.
The NEOM project, a massive urban
and industrial area along the Red Sea roughly the size of Belgium, is designed
to house around nine million people and is a key component of Crown Prince
Mohammed bin Salman’s Vision 2030 initiative, which seeks to diversify Saudi
Arabia’s economy beyond oil.
Bloomberg reported that SACE has
agreed to cover 80% of loan guarantees for financing from international banks
supporting NEOM.
In a related development, NEOM
announced on Tuesday that long-time CEO Nadhmi al-Nasr has stepped down, though
no reason for his departure was provided.
Source: https://www.marketscreener.com/
0 Comments