Open Fiber got one credit line to emit Suretyship Guarantees in support of the advance of 30% of the Pnrr funds, corresponding to approximately 550 million euros. These funds are intended for the public tender of the "1 Giga Italy" plan.
Le guarantees concern several lots distributed in various Italian regions, including Puglia, Tuscany, Lazio, Sicily, Emilia Romagna, Campania, Friuli Venezia Giulia, Veneto and Lombardy. The duration of the guarantees is three-year, and were issued by a group of international and national insurance companies, with Allianz Trade as manager and issuing body and with the support of Sace.
One of the largest surety operations for the Pnrr
It is one of the largest suretyship operations ever carried out to advance the funds of the National Recovery and Resilience Plan.
The pool led by Allianz Trade, with the support of SACE which counter-guaranteed approximately 30%, has involved several insurance companies, including Axa Assicurazioni, Generali Global Corporate & Commercial Italia, HDI Assicurazioni, Helvetia Assicurazioni, QBE Europe SA/NV, Reale Mutua Assicurazioni, S2C Spa, SACE BT, Tokyo Marine Europe SA, Vittoria Assicurazioni, Zurich and others. Open Fiber was assisted by AON for the insurance aspects and by the international law firm White & Case, while Allianz Trade and the pool of insurance companies were assisted by the Scofone Law Firm.
Open Fiber received support from Aon for insurance aspects and by the international law firm White & Case during the definition of the operation. On the other hand, Allianz Trade and the pool of insurance companies received assistance from the Scofone Law Firm.
“The operation that we have finalized with a pool of primary insurance companies facilitates the process of building a fundamental infrastructure to ensure ultra-fast connectivity and the use of digital services for citizens of areas that do not have them. Open Fiber is at the forefront in contributing to the digitalisation of the country in large cities as well as in villages and in the most remote areas" he commented Joseph Gola, Ad of Open Fiber.
“It was aone-of-a-kind operation, both in magnitude and in the management of the counterparties involved. The insurance market responded positively by giving an important signal of support to Open Fiber in a strategic project for the digitalisation of the country of Italy" he declared Dario Locatelli, Head of Surety Alliance Trade Mediterranean countries, Middle East and Africa.
“We at the Sace Group are proud to have contributed to the success of this operation, among the largest in the Pnrr field, strategic for Open Fiber and for the country, in the awareness that digitalisation is a fundamental tool to guarantee social connection and access to growth opportunities”. These are the words of Randa Morgan, Director Custom Business Solutions at Sace.
