Press Releases and News

SACE, the insurance and financial group controlled by the Italian Ministry of Economy and Finance, has celebrated the inauguration of its new office in Bucharest which will act as a regional hub for all Central and Eastern European Countries. The new field presence is expected to reinforce SACE’s role of business facilitator for Italian and Romanian companies, with forecast of nearly doubling its current portfolio in the Country.

SACE has backed € 500 million of the loan for the second phase of the Nord Stream project, in which the Italian firm Saipem has been awarded the contract to design and lay the second submarine gas pipeline linking Russia and Germany via the Baltic Sea.

SACE has secured a US$ 300 million long-term financing granted to the Brazilian company Vale S.A., the world’s largest producer of iron ore and iron ore pellets and the world’s second largest producer of nickel. Vale also produce manganese, ferroalloys, thermal and coking coal, bauxite, alumina, copper, cobalt, platinum group metals, and fertilizer nutrients.

Sace continues to be fully operational in all markets with high growth potential despite marked instability; insurance conditions for North Africa remain unchanged but the region is "under observation". The number of countries where SACE can offer insurance cover has risen from 181 to 183, with a more flexible approach in 19 Sub-Saharan countries.

SACE has issued guarantees for the construction of three solar power plants in the municipalities of Soleto and Martano, managed by Holding Fotovoltaica.