ANNOUNCEMENT 28 Mar 2019

In March 2019, the Italian Eximbank SACE announced approving a guarantee to support the Italian company Caronte & Tourist's foreign short and medium ferry routes.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

SACE, press release of 28 March 2019, Caronte with SACE SIMEST and Banco BPM on course for Ireland: https://www.sace.it/en/media/press-releases/press-release/caronte-with-sace-simest-and-banco-bpm-on-course-for-ireland

Inception date: 28 Mar 2019 | Removal date: open ended

Financial assistance in foreign market

On 28 March 2019, the Italian Eximbank SACE announced providing a guarantee for a loan issued to Italian Caronte & Tourist. The guarantee has a total value of EUR 34 million (approx. USD 38.2 million). The loan guarantee enables the Italian company's purchase of a Ro-Ro Pax vessel for its Ireland-France ferry route thereby supporting its fleet expansion of foreign routes.

Caronte & Tourist has its headquarters in Italy and operates various ferry routes in and outside Italy. In this context, the Caronte & Tourist CEO Rino Famian stated: "The purchase of Cartour Epsilon has further consolidated the Group’s fleet, confirming our position as one of Southern Italy’s shipping companies with the best market outlook".

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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