The Italian export credit agency Sace has concluded an agreement with Europe Arab Bank (EAB) that will help support Italian companies looking to export to the Middle East and North Africa.
Under the terms of the agreement Sace will ask EAB to issue bonds on behalf of its clients across the 15 Middle Eastern and North African countries in which EAB operates, including Algeria, Egypt, Jordan, Lebanon, Libya, Saudi Arabia and UAE.
Sace is under no constraints to only support Italian exporters, but through this mechanism, among others at its disposal, it can intervene in transactions involving at least an Italian interest, such as an Italian company working as a subcontractor.
Sace has had a long-standing presence in the Middle East and North Africa, and in 2008 the region accounted for 15% of Sace’s new commitments. These included a €3.1mn guarantee in favour of the Italian company Opere Pubbliche for the renovation of the Saoufar-Mdeirej highway between Beirut and Damascus, as well as the reconstruction of the Grand Hotel Viaduct damaged during the 2006 war.
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