AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
The guarantee approved by the Italian Eximbank SACE for a loan issued by Intesa Sanpaolo Group and ING Bank A.Ş to İstanbul Metropolitan Municipality has a total value of EUR 100 million (USD 116 million). The approval of the guarantee was announced on 6 November 2017 in a press release.
The guarantee seeks to promote Italian exports for the İstanbul Metropolitan Municipality's project to conduct infrastructural works in İstanbul, Turkey.
In this context, SACE explained in a press release: "The initiative is the first of an increasingly proactive approach (“Push Strategy”) introduced by SACE to support and strengthen the competitiveness of Italian exports to selected foreign buyers."
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.
⚑ Please report this page in case you detect an inaccuracy in its content.