SACE (Cassa depositi e prestiti Group) and Banca Monte dei Paschi di Siena (MPS) announce the signing of an important collaboration agreement to support the growth of Italian Mid-Caps in foreign markets with high potential but with high risk profiles.
The agreement, Master Risk Participation Agreement, provides MPS's corporate clients - in particular medium-sized ones - with a package of insurance-financial solutions designed to support the payment of supplies regulated with documentary credits and the issue of the required contractual guarantees for international tenders and orders.
Thanks to the agreement, SACE and MPS are closer to companies engaged in international markets on a daily basis, increasing their respective ability to assume the risks of non-payment associated with transactions with foreign counterparties from countries with high growth potential, but with complex operating contexts . Furthermore, the beneficiary companies can access advantageous conditions to signature lines dedicated to the release of the contractual guarantees necessary to participate in tenders and works abroad (bid bonds, advance payments, performance and warranty bonds), obtaining new international contracts and orders.
This new initiative, which adds to the wide range of insurance-financial instruments developed by SACE and MPS to protect the business of Italian companies, has already made it possible to carry out the first sharing operations on documentary credits in support of the Italian supplies of machinery and materials for construction and packaging in Algeria and China.
