SACE has guaranteed a € 50 million loan, issued by ING Germany, in favor of the Izmir Metropolitan Municipality (“Izmir MM”), one of the top three metropolitan municipalities of Turkey.
The credit line will support the financing of the Izmir MM’s investment plan for infrastructural projects in the city of Izmir, including, but not limited to, the construction of the Narlidere Metro Line, Cigli Tramway and alike.
The initiative is amongst the “Push Strategy” transactions, introduced by SACE to support and strengthen the competitiveness of Italian exports to selected foreign buyers.
In order to facilitate the assignment of contracts to Italian exporters, SACE will organize meetings between the management of Izmir MM and Italian exporters, particularly SMEs, interested in working with the Turkish counterparty. Indeed, the program aims at providing business-matching events organized by SACE between Italian SMEs, interested in entering the supply chain, and the procurement teams of foreign counterparties benefiting from the credit lines. In 2022, the business-matching meetings will increase in line with the busy schedule of events and the enhanced collaboration with Italian business associations and organizations based in the Country.
“This project will establish and cement the relationship between Italian suppliers and the Izmir Metropolitan Municipality; it clearly demonstrates SACE’s eagerness to support on the one hand the Italian SMEs that will be able to increase their business opportunities, and on the other hand the sustainable and green projects going forward” says Yeliz Tufekcioglu, Head of European Region – SACE International Network.
Tiziano Tallarida, Vice President Structured Export Finance ING Germany, adds: “This transaction has been proof of ING Group’s strong franchise in Turkey and it has strengthened the relationship with Izmir MM, a great success story which has been built up over the past years. We are happy to be a trustworthy and reliable partner for Izmir MM in relation to the ECA activities and any other banking service. Additionally, ING is playing a key role in the ECA market in Turkey and is supporting the green sustainable transaction in the region.”