IMPLEMENTATION LEVEL

NFI

AFFECTED FLOW

Outflow (subsidised)

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 16 Dec 2016 | Removal date: open ended
Still in force

Trade finance

SACE will guarantee 90% of a 519 million USD export loan for work conducted by the Italian company Prysmian at the North Sea Link Project. The 2 billion EUR project involves the construction of a subsea connector between the United Kingdom and Norway.

According to the press release, the project will also benefit from interest rate stabilisation provided by SACE's sister company SIMEST. This makes it "the largest deal ever struck in this sector in Europe with coverage from an export credit agency."

After its construction, the connector will be operated by National Grid North America, a company of the National Grid Plc Group, UK’s largest electricity and gas utility company. Hence, the implementation of this project is likely to affect international trade in electricity; particularly that the provided trade finance "contributes significantly to the completion of an infrastructure project of strategic importance to the United Kingdom and Norway" (cf. press release).

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

532 Civil engineering works
542 General construction services of civil engineering works

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