ANNOUNCEMENT 28 Sep 2017

On 28 September 2017, the Italian Eximbank SACE announced guaranteeing a loan for Italian Ferretti Group to support their business activities.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

SACE, press release of 28 September 2017, UniCredit and SACE (CDP Group) for the international growth of Ferretti Group: € 35 million to support new yacht orders: https://www.sace.it/en/media/press-releases/press-release/unicredit-and-sace-(cdp-group)-for-the-international-growth-of-ferretti-group-35-million-to-support-new-yacht-orders

Inception date: 28 Sep 2017 | Removal date: open ended
Still in force

Trade finance

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.

AFFECTED SECTORS

 

AFFECTED PRODUCTS