ANNOUNCEMENT 31 Jan 2016In January 2016, the government of Italy announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
On 31 January 2016, the Italian Eximbank SACE announced in a press release that it had signed a Memorandum of Understanding with GE Oil & Gas. As part of the deal, the bank agreed to support the exports from Italian production sites of the company with 6 billion USD in the years 2016-2018.
According to the press release, the funds will target particularly exports to Latin America, North and Sub Saharan Africa, Middle East and Asia. Hence, the list of affected trading partners is based on countries in the the regions mentioned above where Italy exports oil and gas.
The CEO of SACE said after signing the MoU "We are committed to boost new export opportunities in high potential markets, with positive impacts on the significant production processes and jobs generated in Italy by GE Oil & Gas and their partner SMEs".
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.