Dubai – Mubasher: Italy’s export credit agency, SACE, announced that it is planning to back $1.6 billion in loans to Saudi Arabia over the next 12 to 18 months.

Last month, the oil-rich nation proposed to lenders for refinancing a $10-billion syndicated loan, new bond issuance, and for funding backed by Export credit agencies (ECAs), according to Reuters News Agency.

Saudi Arabia’s Aramco has also been tapping this form of financing, as it is looking to raise billions of dollars in ECA-backed loans involving agencies across the globe ahead of its planned stock market listing, Reuters added, citing sources as saying.

SACE’s current portfolio in the kingdom amounts to around $640 million, as the agency’s exposure to the Middle East and North Africa increased to 12 billion euros from 4.4 billion euros, and is evaluating other projects in the region worth about $15 billion.