PIF's announced borrowing this year has reached about $12 billion.
PIF has raised $3 billion in loans guaranteed by Italy, as the sovereign wealth fund relies more on debt to keep investing while its other sources of cash shrink.
Italy's export credit agency SACE is guaranteeing the loans, which come from 25 international banks, PIF said in a statement on Tuesday. They are split into nearly $1.8 billion and about €1 billion ($1.2 billion), with the euro portion set aside for green projects.
The loan takes PIF's announced borrowing this year to about $12 billion, after a $2 billion sukuk in January and a record $7 billion bond sale in May.
Why it matters: PIF used to grow mainly on government handouts, most notably a 16% stake in Aramco worth about $320 billion. Those transfers have dried up, and Aramco's smaller payouts have cut PIF's dividend income, according to an analysis by the Arab Gulf States Institute in Washington.
Borrowing has filled the gap. PIF raised $26 billion in debt in 2025, more than it received in dividends.
The twist: PIF is now borrowing with the backing of foreign governments. Loans guaranteed by export agencies are usually cheaper and longer than ordinary bank debt, but they come with an expectation that the money is spent on the guarantor country's goods.
The deal aims "to increase procurement of Italian goods and services," SACE Chief Executive Officer Michele Pignotti said. PIF signed a similar pact with the US Export-Import Bank in July for up to $15 billion.
The European angle: the loan follows the FII Priority summit in Rome, where PIF pitched more joint ventures and contracts for European companies. PIF says it has invested about €98 billion in Europe since 2017.
It builds on a March 2025 agreement for up to $3 billion in SACE support.
What to watch: whether more European export agencies sign on, and how much of PIF's next wave of spending ends up tied to foreign suppliers.
For more on where PIF is putting its money, read PIF Unveils Khobar Waterfront as Private Developers Join In.
