Saudi Arabia's $500bn megaproject NEOM has secured a landmark €3bn financing facility through Italy's export credit agency SACE, representing the agency's largest unconditional financing package to date, NEMNNA reported on January 27.

Italy, under Meloni, is increasingly becoming more assertive across the Levant and Arabia with a growing interest in the future of Syria and investment in megaprojects like NEOM. 

The multi-currency, long-term financing agreement is backed by a consortium of nine global financial institutions, including HSBC, BBVA, Bank of China, Credit Agricole CIB, Agricultural Bank of China, Citibank, China Construction Bank, JP Morgan, and Bank of America, according to the report.

"NEOM is committed to working with global partners who share our passion for visionary projects and initiatives that will advance human progress," acting CEO Aiman Al-Mudaifer said in a press release, NEMNNA reported.

SACE CEO Alessandra Ricci expressed enthusiasm about the partnership, stating: "We are glad to play our part alongside NEOM in this cutting-edge project, which generates opportunities in a wide range of sectors for Italian SMEs and supply chains."

The financing package, which marks NEOM's first export credit agency financing arrangement, will primarily support Italian suppliers and SMEs involved in the project's core infrastructure development, including urban planning, construction, and transportation systems.

Italian contractors have already secured contracts worth €6.3bn in NEOM to date, according to company data cited the blog.

The deal follows a visit to Saudi Arabia by Italian Prime Minister Giorgia Meloni, who met with Crown Prince Mohammed bin Salman in Al Ula on January 27, where broader partnership agreements spanning defence, energy and Italy's Mattei Plan for Africa were discussed.

The loan announcement has been in the offing for several months, with Rome saying in November that it would potentially offer funds for the wider NEOM project, as Bloomberg previously reported.