NEOM secures export credit agency financing deal with Italy’s SACE
NEOM has successfully closed a groundbreaking export credit agency (ECA)
financing deal with Italy’s SACE, securing approximately USD 3 billion through
a long-term, multicurrency untied facility.
This deal represents NEOM’s first corporate ECA financing and is the largest
untied financing ever guaranteed by SACE. The funds will support a variety of
initiatives across NEOM, backed by a syndicate of nine leading international
banks: HSBC, Banco Bilbao Vizcaya Argentaria, Bank of China, Crédit Agricole
CIB, Agricultural Bank of China, Citi, China Construction Bank, J.P. Morgan,
and Bank of America.
The partnership enables NEOM to tap into the expertise of Italian
businesses, particularly small and medium-sized enterprises (SMEs), to bolster
the development of key sectors such as infrastructure, urban development,
construction, and transport (including rail, road, and maritime). Italian
suppliers and contractors have already contributed to NEOM projects, with
contracts valued at USD 6.3 billion, and this new agreement aims to deepen
these valuable international business ties.
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Eng. Aiman Al-Mudaifer, Acting CEO of NEOM, stated: “NEOM is committed to
collaborating with global partners who share our vision for groundbreaking
projects that will drive human progress. This financing deal will support the
realization of our extensive development portfolio and highlights the
confidence that leading financial institutions place in NEOM. It also
contributes to the Kingdom’s goal of boosting capital investment as part of
Saudi Vision 2030, with foreign investment playing a crucial role in
diversifying the economy. This partnership with SACE and a consortium of top
international banks strengthens our connections with major Italian companies,
driving international trade and investment flows.”
Alessandra Ricci, CEO of SACE, added: “We are proud to support NEOM in this
pioneering project, which creates opportunities for Italian SMEs and supply
chains across a wide array of sectors. Expanding opportunities for ‘Made in
Italy’ products is a priority, and our Riyadh office is key in offering
financial solutions and expertise to Italian companies seeking to expand their
global reach.”
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The SACE-backed untied facility broadens and diversifies NEOM’s funding
sources, helping meet its long-term financing needs as the development of major
projects and regions continues.
Source: Neom
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