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Italy's SACE to provide $3 billion loan guarantee for Saudi NEOM project

SACE is Italy’s state export credit agency
 

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/

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