Today in Moscow, during the visit of Italian Prime Minister Mario Monti, agreements were signed between Cassa Depositi e Presiti, Intesa Sanpaolo, SACE, Socieété Generale, KfW IPEX-Bank and VTB Bank Russia for export financing in favor of De Eccher group.
The agreement is structured in three financing agreements structured as follows:
- 276 million euro disbursed by Checkout Deposits e loans with Warranty SACE on Present in several = 100% of the amount;
- 208 million euro disbursed by Intesa Sanpaolo, Société generale and KfW IPEX-Bank with SACE insurance on 95% of the amount;
- 22 million euros disbursed da Intesa Sanpaolo e Societe Generale.
These loans will be used by the De Ecccher Group for the construction of the "VTB Arena Park", a complex of hotels, apartments, offices and related infrastructure included in the redevelopment project of the area around the Dynamo Moscow stadium in view of the FIFA World Cup 2018 which will be held in Russia.
This is the first co-financing with commercial boats in which CDP participates as part of Export Banca, the Italian export support system developed by SACE.
The managing director of Intesa Sanpaolo, Enrico Cucchiani, declared: “We strongly support, alongside Cassa Depositi e Prestiti and SACE, the initiative of an Italian group engaged in an ambitious project of great international appeal. The financing agreements finalized today – also signed thanks to the precious contribution of our subsidiary in Russia, Zao Banca Intesa – represent an exemplary model of collaboration between the Italian and Russian economic and financial systems, to stimulate growth and encourage the expansion of businesses Italians outside the national borders. Intesa Sanpaolo, as well as a point of reference for the Italian production system, is a global player at the service of the international development of our businesses and our economy".
“The agreements signed today represent a concrete response from the Italian system to the tensions over liquidity – he declared Alessandro Castellano, Chief Executive Officer of SACE – and they are proof of the value that SACE and CDP, through Export Banca, can generate for our exporters and for their competitiveness on foreign markets. They also confirm our commitment in Russia, the first foreign country in SACE's portfolio (with € 5,2 billion of insured transactions) and a strategic market for Italian companies involved in large infrastructure projects such as VTB Arena Park, but also for the many SMEs that they have been operating here for some time and for which we have reserved a line of dedicated products and services.”
Vasily N. Titov, Senior Vice-President and Chairman of the Board of Directors of VTB Bank, he said: “These agreements are of primary and strategic importance for both Russia and Italy. VTB Arena Park is a complex and ultra-modern project, the successful implementation of which is bound to strengthen Russia's image as a global leader in the world of sports. I am sure that by 2018 the VTB Arena will become one of the best stadiums to ever host the World Cup”.
“We are very satisfied with this important contract which rewards 25 years of serious work in Russia but also Italy's ability to create a system”. he stated Claudio De Eccher. “Special thanks go to Intesa Sanpaolo, our bank of reference which also assisted us effectively in this operation, to SACE which, as on many other occasions, supported us in the best possible way and to CDP which is co-financing an Italian job for the first time abroad".
