Egypt: Sace, Italian exports potentially worth 5 bln in 2019

Financial insurance group, projects worth 1 bln studied

23 February, 13:44

    (ANSAmed) - ROME, FEBRUARY 23 - By 2019 Italian exports towards Egypt could be worth four billion euros, a value that could grow to five billion if the Egyptian economy will be able to recover its pre-crisis growth rate, according to Sace, the financial insurance group supporting the internationalization of Italian companies.

    Italy, recalled Sace - which is taking part in an ongoing mission in Egypt promoted by the ministries of economic development and foreign affairs ahead of the Business Forum of Sharm El Sheikh - is Egypt's fourth global provider with exports totaling 2.8 billion euros in 2013 and has over 130 Italian firms in the country. The partnership ''finds fertile ground in the route to recovery over the past year, marked by a substantial recovery of consumption and investments''.

    In Egypt, Sace has a portfolio of insured engagements worth some 480 million euros, mainly in energy, petrochemical and industrial technology and is working on new projects worth overall 1 billion euros involving both major Italian companies as well as many small and medium-sized firms.

    In order to support Italian businesses continuing to work in the southern Mediterranean area as a privileged destination for exports and investments, the group has set up a Desk dedicated to the Middle East and North Africa, the second area in terms of exports in the Sace portfolio with some 4.8 billion euros, worth 11% of total exposition.(ANSAmed).

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