CDP and Sace have increased the budget allocated to support Italian companies from EUR 1 billion to EUR 7 billion
Rome, 10 March 2020 – Reaffirming its commitment to support the country, CDP Group has announced further initiatives to support all Italian businesses. The measures, to be adopted immediately, will facilitate access to credit to finance export and internationalisation efforts.
To facilitate or enable access to credit, CDP has raised the budget allocated for bank loans from EUR 1 billion to EUR 3 billion. This applies to loans at officially fixed rates granted to SMEs and mid-caps by banks that are part of the “Business Platform”. These resources are already available and will be used to support investments and meet the working capital requirements of Italian businesses.
To support export and internationalisation efforts, SACE will guarantee credit lines for a further EUR 4 billion under the Plan for the Promotion of Made in Italy coordinated by the Italian Ministry of Foreign Affairs and International Cooperation (MAECI), the Institute for Foreign Trade (ICE) and CDP Group. The initiatives are aimed at supporting working capital needs and at relaunching exports and diversifying reference markets.
In this context, SACE will allocate:
Moreover, working together with the banking system, SACE will offer a moratorium for up to 12 months on guaranteed medium and long-term loans, in line with the measures promoted by the Italian Banking Association (ABI) or each individual bank. This measure will be available for all businesses in Italy that have been directly or indirectly damaged by the emergency. SACE Fct, the factoring company, will extend its payment terms by up to 6 months and SACE BT, the insurance undertaking, will extend the time limit for premium payments until 30 April and grant a 60-day period of grace for other policy terms.
These new initiatives are in addition to and update the other measures already announced by the Group. In detail:
Thanks to its digitalisation initiatives under the new Business Plan, all CDP Group offices in Italy remain fully operational. Given the current emergency situation and the need for strict precautionary measures, the Group has currently adopted a smart working policy for all of its employees.
CDP continues to work in close cooperation with the Italian Ministry of Economy and Finance and in consultation with all the institutions involved to define further measures to support businesses and the public sector affected by the Coronavirus emergency and to sustain the economy.