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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