italian insurer opens up in sa
29 July 2008

Michael Creighton, head of SACE SA, said recently the growing appetite for African business in Italy had prompted SACE to focus on stimulating Italian investment in the region.   SACE Group offers credit management solutions such as the protection of investments, sureties and financial guarantees for commercial and financial transactions, as well as financial arrangements on projects and structured finance.   Although it is an independently registered company, it is 100% owned by the Italian government.

“The opening of a Johannesburg office confirms SACE’s special attention to the region. SACE’s presence is intended to reinforce its support to Italian and foreign investors in the sub-Saharan region characterised by strong potential and relevant investment opportunities,” said Creighton.   SACE had already achieved € 460m of new commitments in Africa as part of its Africa programme. During the first half of the year, SACE concluded eight transactions totalling € 215m, of which 60% was from a transaction with a South African bank, where SACE facilitated a medium-term loan. 

“Economies similar to Italy are a lot more comfortable doing business in Africa now,” he said.  “SA is an important trading partner for Italy. Last year, Italian exports to SA reached € 1,5bn,” said SACE.  Italy’s major export sectors are mechanical engineering, electronics and electrical equipment, and chemicals.  According to SACE’s forecasts on Italian exports, Italian sales to SA will increase by an average 8,1% a year from this year until 2012.

Loyiso Sibali,  www.businessday.co.za