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Deals & Products SACE - 17 November 2022

Business opportunities in Mexico for Italian companies thanks to SACE, BNP Paribas, BBVA, and HSBC

Thanks to the Push Strategy program, the initiative through which SACE promotes the increase of Italian exports in high-potential markets, Italian small and medium-sized enterprises will be facilitated in entering into contact with the Mexican Ministry of Finance in order to explore new business opportunities related to projects in different sectors, including transportation, maritime, environment, urban services, energy and culture. Mexico is the 15th largest economy in the world and the second largest country in Latin America, after Brazil, in terms of population and economy. The country enjoys a strategic position in the American subcontinent which makes a truly integrated economy in both regional and global value chains. Mexico is a member of the USMCA free trade agreement (ex. NAFTA) and has been a member of the OECD, the first Latin American country to join, since 1994.

A pool of banks consisting of BNP Paribas, BBVA and HSBC has granted a EUR475m Senior Unsecured Term Loan to the Secretaría de Hacienda y Crédito Público, Mexico's Ministry of Finance. The financing, guaranteed by SACE as part of the Push Strategy program, is aimed at supporting the national development plan announced by the Mexican Government which includes total investments up to 407.5 billion dollars related to new or existing projects over the period 2022-2025. Given the scale of the investment plan and sectors involved, the initiative represents a great commercial opportunity for Italian companies and contributes towards increasing overall bilateral trade.

In order to exploit the full potential of the Mexican market, SACE will organise business matching meetings to connect the Mexican Ministry of Finance and public entities and companies with Italian small and medium-sized enterprises that are active in the industrial sectors prioritised by the Mexican Government. Relevant trade associations will also be involved, as appropriate.

"Increasing business opportunities for Italian exporters has always been one of SACE's main objectives in its role as Export Credit Agency and we are pleased to have finalised a first transaction with the Mexican Ministry of Finance as part of the Push Strategy program, which is strategic for the growth of ‘Made in Italy’ exports, especially during the recovery period after the pandemic.said Livio Mignano, Head of International Network of SACE - Today more than ever, strengthening collaboration and synergies with partners such as BNP Paribas, BBVA, and HSBC has become crucial to further support Italian exporting companies”.

“BNP Paribas is a long-lasting partner and a global leader in arranging SACE-covered financing solutions, with a particular focus on the SACE Push product which we deployed since its rollout in several different geographies and industry sectors – stated Luca Lunari, MD BNP Paribas Export finance EMEA & head of Export finance Italy - We are proud of having acted as Bookrunner, MLA and Facility Agent of this SACE Push facility to the Ministry of Finance of Mexico, which will further enhance bilateral trade between Italy, a Domestic country of BNP Paribas’ group, and Mexico, a key presence country of our Americas franchise in which we recently launched banking operations”.

“This deal represents a unique opportunity for BBVA to support two core geographies of the bank: Italy and its exporting community who may benefit from future contracts under this SACE push program, and Mexico, an economy where BBVA Mexico plays a critical role in supporting both the public and private sector” commented David Albagli, Managing Director and Head of Structured Trade Finance Europe of BBVA. “This is a further example of HSC delivering innovative financing solutions in Mexico, which is a core market for the banks in Latin American franchise.  It also represents an important SACE credential, this being a key ECA for our Export Finance business, where we are an extremely active arranger. It demonstrates the bank’s ability to combine local strength with its global network and deliver best in class product expertise to its clients. We have signed 12 Push/Untied deals with SACE since the programme’s inception and remain the leader under this innovative product offer.” stated Sam Lippitt, HSBC Head of Export and Asset Finance Americas, and Alessandro Mazzi, Head of Export and Asset Finance for HSBC Italian franchise.

Mexico is one of the most dynamic countries and a prominent target for Italian export, as clearly indicated in SACE’s Export Report (downloadable here) released last 14 September. Italian companies are predicted to seize additional trade opportunities by further integrating into Mexican supply chains in sectors ranging from electrical appliances to transportation equipment and from chemicals to agri-food. Indeed, the potential for Italian exports has significant room for further expansion. With a growth rate of 14% in 2022, Italian export will return to the highs of 2017-2018 (€4.2 billion) and exceed them in 2023 (+4.5%). Alongside the opportunities arising from the private sector, it will also be important to seize those emerging from the public sector, beginning with those relating to investments in new infrastructures. In the private sector, there are good prospects for chemicals, rubber and plastics, and metals, with forecasts anticipating a double-digit growth in 2022 in all sectors and even higher growth in 2023; these forecasts are already corroborated by the statistics of the first two quarters of the year, recording cumulative growth in our exports of over 40%.


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