AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
Financial assistance in foreign market
On 21 December 2017, the Italian Exim finance institutions announced their support for a bond issue of Promo S.p.A. The 6-year bond issued by Proma S.p.A. was underwritten and subscribed to by the fund Fondo Sviluppo Export, whilst the Italian Eximbank SACE approved a guarantee for the subscribed bond. The bond has a total value of EUR 10 million (USD 11.87 million).
This transaction will finance the Italian automotive components company Proma S.p.A.'s international business activities including its presence in Latin America, North America and the Asian countries as well as increasing domestic and foreign production sites.
The Italian company produces cold stamping of steel for the automotive sector and is specialised in metallic structures for seats.
Fondo Sviluppo Export fund
Fondo Sviluppo Export was created by SACE and supports Italian companies or exporters by purchasing their bonds. In this context, SACE must approve and guarantee the purchase. The fund has a total budget of EUR 350 million, with SACE providing EUR 175 million and the European Investment Bank providing the remaining EUR 175 million. The latter is in turn guaranteed by SACE. Further information can be found on the Bank’s website under "Sviluppo Export" Fund.
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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