Macedonia and Gabon to repay Sace

Italy's export credit agency Sace has received the repayment of all Macedonia's debts, totalling € 10mn.

Out of this, € 2mn had already been repaid in 1998 and received in advance due to a pre-payment agreement agreed between Sace and Macedonia under the Paris Club multilateral agreement. Macedonia has now agreed to repay the remaining € 8mn after around 10 years of negotiations.

Following the settlement of these debts, new business opportunities between Italian and Macedonian companies can be opened up. It also gives added momentum to Sace’s 'Programma Balcani ', an initiative launched last year to offer stronger support for Italian companies operating in the Balkan regions.

During the first eight months of 2007, Sace-supported exports to the Balkans increased by 15.5% compared to 2006.

Sace has also completed an agreement with Gabon for early repayment of debts of € 77mn.
This agreement has been implemented through the multilateral agreement signed last June by Gabon and the Paris Club creditor countries. The early repayment will help promote further trade and investment between Italy and Gabon.

The African nation has a growth rate of 5.6% of GDP in 2007, and Italy is among the country’s top 10 trade partners. Italian exports to Gabon were worth € 27.4mn in the first nine months of 2007, the majority of which are either mechanical instruments or food products.