NEOM has closed a $3 billion export credit agency (ECA) financing deal with Italy’s SACE, marking its first corporate ECA transaction and the largest united financing guaranteed by SACE. The agreement, structured as a long-term multicurrency facility, involves a syndicate of nine international banks, including 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 financing will support NEOM’s development across key sectors, including infrastructure, urban development, construction, and transportation (rail, road, and maritime). The partnership also facilitates the engagement of Italian suppliers and small and medium enterprises (SMEs) to contribute to NEOM’s ongoing projects.
To date, Italian contractors and suppliers have been awarded contracts valued at SAR 6.3 billion. This agreement is expected to strengthen NEOM’s collaboration with Italian businesses and expand trade and investment flows between Saudi Arabia and Italy.
The SACE-backed financing diversifies NEOM’s funding sources, supporting the development of its ambitious projects, including The Line, Trojena, and Oxagon. By involving international institutions and supply chains, NEOM aims to position itself as a hub for global investment while advancing Saudi Arabia’s economic diversification and foreign trade expansion goals.
