RIYADH: Commercial and investment ties between Ƶ and Italy are set to flourish thanks to a new €1 billion ($1.09 billion) financing arrangement finalized by the Kingdom’s National Debt Management Center.
The funding, completed through the Italian Export Credit Agency, aims to support development and infrastructure projects crucial to the realization of Saudi Vision 2030.
This move represents a pivotal step within the framework aimed at bolstering cooperation between the two countries, as reported by the Saudi Press Agency
It strategically leverages available financing avenues for government projects, thereby aligning with the goals outlined in the Vision 2030 economic diversification strategy.
In October, Italy’s Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani stated that Italy is “deeply committed” to strengthening its relations with Ƶ and other Gulf countries.
In an interview with Arab News on the eve of his visit to the Kingdom, Tajani offered an expansive and promising perspective on both current and future relations between Italy and the Kingdom.
“The significance of this (Gulf) region on the global stage, in geostrategic and economic terms, can hardly be overstated,” he said at the time.
“Ƶ is a key player, and my visit to Riyadh is meant to reaffirm the strong ties that bind our two countries,” Tajani added.
In September, in a bid to further deepen economic and trade ties, Ƶ and Italy signed 21 cooperation agreements across various fields at a summit in Milan, SPA reported at that time.
The Saudi-Italian Investment Forum was attended by the Saudi Minister of Investment Khalid Al-Falih and the Italian Minister of Enterprises and Made in Italy Adolfo Urso, in the presence of several officials from both countries and representatives from the governmental and private sectors.
The agreements signed during the forum encompassed the sectors of clean energy, healthcare, and real estate, as well as waste management, technology, and manufacturing.
