December 11th, 2015 – New, interesting prospects open for Italian businesses in Egypt, as SACE announces new operations for € 5 billion under study in support of exports and investments of Italian companies, and confirms its commitment in Egypt, one of the most strategic markets in the Mediterranean for Italy. The announcement was made at the bilateral meeting between the Minister of Economic Development Federica Guidi and the Egyptian Minister for Investment Salman Ashraf, a meeting also attended by Alessandro Castellano, CEO of SACE. In Egypt, Sace already has a portfolio of secured commitments worth approximately €1.6 billion, mainly concentrated in the energy, petrochemical and infrastructure and construction sectors, involving both large Italian companies and many SMEs. This dynamism is fully reflected in the economic relations between the two countries: Italy is one of Egypt’s major trading partners, with exports amounting to €2.8 billion in 2014, while the Middle Eastern country can count on the stable presence of over 100 Italian companies. According to SACE estimates, Italian exports to Egypt could reach €3.4 billion by 2018, recording an increase of 21% in just four years. SACE has recently renewed its commitment to the country, signing a Memorandum of Understanding with the Egyptian Ministry of Industry and setting the stage for closer cooperation. The Egyptian government, in particular, has launched a program of investments known as Egypt the Future that includes 49 projects in eight strategic sectors in which Italian products rank well and can grasp important opportunities. To support Italian businesses in the southern shores of the Mediterranean, SACE has also set up a desk dedicated to the Middle East and North Africa. (Red)
