July 4 – The Italian insurance and financial group Sace announced it will finance new projects to support exports and investments in sub-Saharan Africa, an area characterized by high levels of risk and the potential for significant growth, with € 250 million. “There is natural convergence between what Italy has to offer and what the sub-Saharan Africa needs to continue on its development path – said Riccardo Fanelli, SACE’s Johannesburg office chief, which acts as a hub for markets in sub-Saharan Africa – African companies ask for reliable technologies, from machinery to electrical appliances, from infrastructure to construction materials: all sectors in which Italian SMEs excel. SACE is here to exploit this potential, providing economic operators a wide range of insurance and financial services needed to grow their business in safety.” To strengthen its capacity to intervene in sub-Saharan Africa, SACE developed a risk-sharing partnership with the Agency for African Development (ATI – African Trade Insurance Agency): launched in 2009 with the acquisition of $ 10 million of ATI capital by SACE, cooperation was further strengthened in 2010 with SACE’s entry in the Board of Directors, and in 2011 with the activation of a permanent desk at the headquarters of ATI in Nairobi.
