PHOTO
The group operates 95 facilities in 50 countries, employs around 15,000 people, and reaches five continents with its portfolio of over 80 brands. Image Courtesy: SACE
SACE, Italy’s state-owned export credit agency (ECA), has signed agreements with two UAE-headquartered companies to support renewable energy, water infrastructure, and sustainability projects in Africa while opening up opportunities for Italian exports.
The agreements, aligned with Italy’s Mattei Plan for Africa, were formalised during the Italy-UAE Business Forum in Rome.
Under the two agreements, SACE will provide financial and insurance solutions worth a combined $350 million, on tied and untied basis, to the two companies to support Italian exports to Africa and the UAE and the international expansion of Italian companies.
The agreements also aim to enhance procurement from Italy through untied loans guaranteed by SACE though Push Strategy facilities as well as through traditional export credit insurance.
SACE will provide $250 million to AMEA Power to support projects in renewable energy production, desalination, green ammonia and green hydrogen projects.
The ECA will provide $100 million to Metito Utilities for projects related to water supply, desalination, wastewater treatment, irrigation and waste-to-energy solutions in Africa, the UAE and other suitable areas.
(Writing by SA Kader; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
