SACE and a pool of banks led by Banca UBAE, with an innovative operation, granted to Società Italiana per Condotte d'Acqua SpA of the Ferfina Group, one of the main Italian General Contractors in the major works sector, a credit line of 50 million euros to support the contract for the construction of a railway section in Algeria, commissioned by ANESRIF – the public agency of the Algerian Ministry of Transport. The project, with a total value of over 1,4 billion and implemented by Condotte as leader of a joint venture with other operators in the sector, envisages the construction of a 130 km double-track electrified railway line between the Algerian cities of Tlélat and Tlemcen in the north-west of the country near the border with Morocco. The works include the construction of the line, the construction of related works, including 31 bridges and viaducts and 3 tunnels, and the refurbishment of 3 railway stations.
In the operation SACE has insured Condotte against the risk of non-payment of SALs (Work Progress Status), allowing the company to finance itself from the banking system through an innovative scheme: for the first time the operation provides for the discount without recourse of receivables with a pool of banks of which Banca UBAE is agent and lead bank and in which Banca Popolare di Vicenza, Banca Popolare dell'Etruria e del Lazio and Banca Popolare dell'Emilia Romagna Group took part through Emro Finance Ireland Limited.
With this operation, SACE e UBAE Bank, born in 1972 as the "Union of Arab and European Banks" with the aim of developing commercial, industrial and economic relations between Italy and the countries of North Africa and the Middle East, confirm their support for Italian companies active in the North African area. Our country is in fact among Algeria's top trading partners, in third place as a supplier, second in terms of imports and always in the top positions as regards local productive investments.
