Italy's SACE plans to back $1.6bln in debt to Saudi Arabia- CEO | ZAWYA MENA Edition

Italy's SACE plans to back $1.6bln in debt to Saudi Arabia- CEO | ZAWYA MENA Edition:

"Italy's export credit agency SACE plans to back $1.6 billion in loans to Saudi Arabia over the next 12 to 18 months, the agency's chief told Reuters, potentially boosting the country's search for outside investment at a time of weak oil prices.

Export credit agencies (ECAs) offer loan guarantees, and sometimes direct financing to overseas buyers, to facilitate the export and supply of domestic goods or contractors.

ECA-backed debt financing has become increasingly relevant in the Gulf region as a drop in oil prices and tighter liquidity in local banks have prompted governments to seek alternative funding sources for long-term infrastructure projects. "



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