NEOM has announced the successful closing of a landmark export credit agency (ECA) financing transaction, with Italy’s SACE, securing approximately USD 3 billion under a long-term multicurrency untied facility.  The deal, which marks NEOM's first corporate ECA financing and the largest untied financing ever guaranteed by SACE, will support various projects across NEOM and is backed by a syndicate of nine prominent 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 will enable NEOM to leverage supplies from Italian businesses, particularly SMEs, to support the project’s development across key sectors, such as infrastructure, urban development, construction and transport (rail, road and maritime). 

“NEOM is committed to working with global partners who share our passion for visionary projects and initiatives that will advance human progress. This deal will support us in delivering our significant portfolio of developments and reflects the strong confidence that leading financial institutions worldwide place in NEOM. It advances the Kingdom's aim of generating capital investment in line with Saudi Vision 2030, with foreign investment being instrumental in diversifying the economy. This partnership with SACE and the consortium of leading international banks also creates strong ties with major Italian companies that will enhance international trade and investment flows." - Eng. Aiman Al-Mudaifer, Acting CEO, NEOM

The SACE untied facility expands and diversifies NEOM’s existing funding pool, supporting its long-term financing requirements as NEOM moves forward in the development of major projects and regions.

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