ANNOUNCEMENT 15 Oct 2021

In October 2021, Italian Eximbank SACE approved a loan guarantee to support the Italian company Vulcania srl's fleet.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 15 Oct 2021 | Removal date: open ended

Loan guarantee

On 15 October 2021, the Italian Eximbank SACE announced providing the Vulcania srl fleet with a guarantee for two loans totalling  EUR 10 million (USD 11.5 million) disbursed by Banca Monte dei Paschi di Siena. The company will use the loans to purchase two motor ships in order to strengthen its transportation capacity in the steel sector. 

In this context, Randa Maria Morgan, head of Transport, Power & Infrastructure at SACE declared: “With this operation, we confirm our support for a company that we have already supported this year through green guarantees. Thanks to Guarantee Italy, in fact, we can further support Italian companies, in this complex but restarting phase, where access to liquidity and the possibility of making new investments are important competitive advantages, the positive effects of which will spread on the economy of the infrastructure sector and of the territory".

The Vulcania srl fleet is a maritime undertaking active in shipping and logistics services. It is part of the Fratelli Cosulich Group.

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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