Italian export credit agency Sace has opened up in Johannesburg, South Africa. The new office reflects to growing appetite for African business in Italy.

The office will be run by Michael Creighton, who has extensive experience of the credit insurance market in South Africa, and the wider Sub-Saharan region.

The opening also falls in line with Sace’s Africa programme, an initiative launched in 2006 to open up more opportunities for Italian companies in Sub-Saharan Africa. Exports to Sub-Saharan Africa from Italy grew by 5.9% in 2007, a growth rate similar to exports to Germany, which grew by 5.7%. However, the growth rate is still lower than exports to the eurozone, which grew by 11.1% in 2007. According to Sace, total Italian exports to South Africa reached €1.5bn. And, it expects Italian sales to South Africa will increase by 8.1% between 2008 and 2012.