The Ministry of Finance has signed a Memorandum of Understanding (MOU) with the Italian Export Credit Agency (SACE) on February 20, 2020, at Ministry of Finance HQ in Riyadh.

The signing of the MOU is part of a plan to strengthen trade and investment relations between the two countries and to benefit from optimal funding for government projects in line with the Saudi Vision 2030.

Under the MOU, SACE, in coordination with the National Debt Management Center, intends to provide financing for government projects and to provide training and technical assistance specifically designed for financing through export credit agencies and financial institutions. 

The agency is also working to strengthen its presence in the Kingdom by financing project with Italian content and continuing to share best practices in the financing of export credit and credit insurance. 

After discussions on the possible SACE support for long-term financing, either on a restricted or unrestricted basis, the parties expressed their desire to form a common base for the purpose of exploring and promoting trade and economic cooperation between the two countries.

The Italian Export Credit Agency is currently working on opening a representation office in Riyadh; to ensure a stable channel of communication between Italian and Saudi banks.