Despite the serious economic difficulties ofEgypt following the prolonged political instability, SACE confirms its commitment in the North African country. On the occasion of the visit of Egyptian President Abdel Fattah al Sisi to Italy, our insurance announces two important initiatives: the signature of a collaboration agreement with the Egyptian government, intended to give new impetus to investment and trade opportunities, and the finalization of an operation support for an order from Ansaldo Energia, which will make it possible to improve the country's energy supply.
The collaboration agreement between SACE and the Egyptian government was signed today, on the sidelines of the Business Council, by the Deputy Minister of Economic Development, Carlo Calenda, and the Egyptian Minister of Investments, Asharaf Salman. The agreement lays the foundations for medium-long term cooperation between the two countries to support the implementation of transactions and projects of mutual interest, with particular attention to sectors functional to the socio-economic development of Egypt where Italian companies can offer expertise and high quality supplies: infrastructure, electricity and energy from renewable sources, agro-industry, irrigation systems and water treatment.
SACE also guaranteed the 210 million euro loan to support the order awarded to Ansaldo Energia by the Egyptian Electricity Holding Company (EEHC) for the works of expansion of the “6 Ottobre” power plantnear Cairo (Giza district). The 13-year loan is fully insured by SACE and will be disbursed by a pool of banks led by HSBC. As part of the project, EEHC has entrusted Ansaldo Energia with the design, construction and start-up of a new 600MW open-cycle power plant, which will make it possible to double the energy generation capacity of the “6 Ottobre” site.
"There is a natural convergence between what Italy has to offer and what Egypt is asking to consolidate its recovery – he declared Alessandro Castellano, CEO of SACE–. Adequate infrastructures, reliable technologies for industry and construction: a variety of sectors in which Italian companies excel. SACE's goal is to fully realize this synergy, acting as a risk mitigator and business facilitator”.
For Egypt, SACE does not provide for particular conditions for the granting of insurance coverage and relies on a portfolio of insured commitments of approximately 480 million euros, mainly concentrated in the energy, petrochemical and industrial technology sectors, and is working on new projects for a total value of one billion euros. It has recently set up an office dedicated to the markets of the Middle East and North Africa precisely in consideration of the high potential expressed by this area.
