ANNOUNCEMENT 11 Jul 2019
In July 2019, the Italian eximbank SACE announced providing financial support to the Italian company Gualapack's construction of a factory in Romania for the production of plastic film packaging.
NUMBER OF INTERVENTIONS
SACE, press release of 11 July 2019, La piemontese Guala Pack punta a crescere nell’Europa Emergente: https://www.sacesimest.it/media/comunicati-e-news/dettaglio-comunicato/guala-pack-piemonte-cresce-europa-emergente
SACE, "Sviluppo Export" Fund: https://www.sace.it/en/products-and-services/products/sviluppo-export-fund
On 11 July 2019, the eximbank SACE announced signing a bond issue having a total value of EUR 14 million (approx. USD 15.8 million) to support the Italian company Gualapack's construction of a factory in Romania. The financing is provided under the SACE fund Fondo Sviluppo Export.
More specifically, the factory will produce plastic film utilised for packaging in the food sector. The new factory is part of the company's investment plan to increase business activities in Romania and neighbouring countries.
Fondo Sviluppo Export fund
Fondo Sviluppo Export was created by SACE and supports Italian companies or exporters by purchasing their bonds. The Fund supports "Italian companies with an export and internationalization vocation." 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.