The CDP Group restarts its insurance and financial activities in support of Italian exports and investments in Argentina. The news was given on the occasion of the mission to the Latin American country led by the Undersecretary for Economic Development Ivan Scalfarotto. The parent company Cdp and the subsidiaries Sace and Simest took part in the mission.
Sace has announced a first 700 million euro credit line available to Italian exporters, in particular SMEs, to support the sale of Italian goods and services to Argentine buyers. A commitment strengthened by the important collaboration agreement signed today with Banco de La Nación, the largest Argentine financial institution, to facilitate short-medium term commercial transactions between Italian SMEs and Argentine counterparties.
Sace is also among the first export credit companies to reopen operations in support of commercial transactions with Argentine sovereign counterparties: a decision taken into consideration the new reform plan launched by the Government, the country's return to the capital market and compliance with the debt restructuring agreement signed in 2014.
For its part, Simest reaffirmed its commitment to supporting Italian companies that want to develop in the country. The financial company of the Cdp Group which promotes internationalization is already present in Argentina where it is currently assisting Società Chimica Larderello, a company active in the chemical/pharmaceutical sector, in setting up a local company. Furthermore, SIMEST has disbursed around 30 million euros in subsidized loans to Italian SMEs operating in the country.
The companies of the Cdp Group will not only be able to intervene in support of the Italian national production system with interests in Argentina, in a logic of complementarity with the banking system, but also play an advisory role for Argentine institutions on financial initiatives to support economic growth .
In addition, CDP, as part of its activity as a financial institution for international cooperation, supports the Ministry of Foreign Affairs in its negotiations with the Argentine Ministry of Economy for the granting of an aid credit aimed at an international cooperation operation in favor of the public health system of the South American country for a value of around 42 million euros.
Italy is Argentina's third European trading partner, with over 1 billion euros in exports in 2015. A number destined to grow, according to SACE estimates, at an annual average of 2,3% over the next four years, with strong opportunities particularly in the agri-food, automotive, energy, mining and infrastructure sectors. Potential that is also reflected in the operations of SACE, which is already evaluating its own intervention in various projects that see Italian exporters at the forefront, mainly in the infrastructure and construction, aeronautics, electricity and instrumental mechanics sectors.
