SACE, a financing and insurance
group for Italian companies abroad, announced on Friday that it
is reopening operations on sovereign risk in Argentina, which
will permit Italian businesses to work with federal and local
agencies there.
The company, a subsidiary of Italian state lender Cassa
Depositi e Prestiti (CDP), said that the election of President
Mauricio Macri "opened a new phase for Argentina".
"The reform plan passed by the government to relaunch
growth, the conciliatory signals towards the international
community, the good performance of the 2014 agreement for debt
restructuring with the Paris Club, together with the positive
results of SACE's technical mission last February, have brought
the company to a reopening towards the country for operations
with public counterparts," SACE said, adding that it is "among
the first export credit agencies to reopen operations on
sovereign risk" in Argentina.
Despite Argentina's rating of selective default, SACE said
that Italian businesses are increasingly interested in Argentina
and "new opportunities are presenting themselves".
The company estimated that Italian sales to Argentina could
reach 1.17 billion euros by 2018, representing a cumulative
increase of 13% in four years.
SACE said it will participate in a trade mission to
Argentina led by Deputy Industry Minister Ivan Scalfarotto from
May 16-19.
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