Intesa Sanpaolo Bank (through its IMI Corporate & Investment Banking Division), SACE and Bee'ah - Sharjah Environmental Co. LLC ("Bee'ah") announce that they have signed the agreement for a six-year untied credit facility, 80% guaranteed by SACE, to support the financing needs of the Sharjah, UAE-based company.
Based in the Emirate of Sharjah, Bee'ah is the leading company in the waste management sector in the United Arab Emirates (UAE). It manages all phases of the waste cycle (collection, recycling, disposal and waste-to-energy) in the UAE and other countries in the Area under concession.
The transaction, part of SACE’s Push Strategy program, aims to increase business opportunities for Italian exporters in Sharjah and the UAE, strengthening SACE's positioning in a strategic area for Italian exports.
The Push Strategy primarily targets local counterparts - selected and leading foreign buyers - and provides access to medium to long-term financing, guaranteed by SACE, in order to support their investment and growth plans.
A key aspect of the agreement with the foreign buyers is the commitment to evaluate “Made in Italy” supplies for the implementation of their investment plans. This commitment is facilitated by business matching events, organised by SACE between Italian SMEs interested in being accredited as suppliers and the procurement teams of the foreign counterparts benefiting from the credit lines.
A key point of the deal is, in fact, the agreement with Bee'ah that will allow the development of business relations with Italian companies with the aim of increasing Bee’ah's procurement from Italy in the coming years.
“We are delighted to have successfully arranged this transaction for Bee’ah, a leader in the environment sector. This is the first SACE Push Strategy that we lead in this region and our target is to further develop this business together with our partner, SACE. Indeed, this initiative strengthens the economic relations between Italy and the Middle East. Intesa Sanpaolo, largest Italian bank, has a strong presence in the Middle East and Africa region, and we consider ourselves to be naturally positioned to play an active role in this space”, Hedi El Karoui, General Manager, Intesa Sanpaolo Dubai Branch.
“We are proud to confirm our commitment to supporting Italian Mid and SMEs and to be able to foster new export opportunities in the Middle East. We are also particularly pleased to have partnered with Intesa Sanpaolo Bank in this its first untied transaction concluded in the framework of SACE’s Push Strategy, which confirms the strong partnership we have with the Banking Group," commented Maurizio d’Andria, Head of Dubai Office at SACE.