Turkish home appliance manufacturer Beko has agreed to explore commercial opportunities with Italian businesses after closing a €125mn facility with Italy’s export credit agency, Sace, and two banks.

Under the deal, Sace is guaranteeing a 10-year loan package from mandated lead arrangers BNP Paribas and Deutsche Bank.

The Italian agency’s support is provided under its Push strategy, which was launched in 2017 and works to increase purchases of goods and services from Italy without tying financing to specific export contracts.

Under the terms of the agreement, Istanbul-headquartered Beko has committed to participate in business matching events with Italian suppliers and explore commercial opportunities with these firms.

“This long-term financing strengthens Beko’s capital structure and enhances the company’s ability to pursue strategic growth,” the firm says in a May 5 statement.

“It also creates opportunity for future procurement from Italian suppliers, strengthening the European supply chain ecosystem and reflecting Beko’s commitment to long-term financial partnerships,” it adds.

Alessandra Ricci, Sace’s chief executive, says the deal will facilitate Italy’s access to new value chains in the “complex global context”.

Beko is a major producer of white goods such as fridges, dishwashers, washing machines and ovens, with operations in over 55 countries and manufacturing sites in Europe, Asia, Africa and the Middle East.

In the past three years, Sace has significantly grown its untied offering, backstopping loans worth billions of dollars for various types of borrowers, including commodity traders, multilateral banks and infrastructure developers.

Initially, many of the deals were aimed at securing vital resources, such as gas, for the Italian market.

However, the agency’s Push strategy has since widened its remit. Notable transactions this year include a US$3bn facility for Saudi Arabia’s futuristic Neom development and a US$600mn deal for food and beverage giant San Miguel.