AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
The guarantee approved by the Italian Eximbank SACE for a loan issued by UniCredit to Italian Ferretti Group has a total value of EUR 35 million (USD 41.35 million). The approval of the guarantee was announced on 28 September 2017 in a press release.
The loan and guarantee support the Italian company's construction and export of for yachts and pleasure crafts.
In this context, SACE stated in a press release: "With this deal, UniCredit and SACE confirm their commitment in favor of Italian shipbuilding companies, a field where Made in Italy plays a crucial role at the global level. Specifically, SACE has supported the Ferretti Group in various operations, providing the guarantees the company required to provide and execute foreign orders."
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.
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