SACE, Italy’s Export Credit Agency, and the National Bank of Kuwait, the leading bank in Kuwait (NBK), have signed a Memorandum of Understanding today, with the objective to enhance trade and economic cooperation between Italy and Kuwait.
The Agreement was signed by Pierfrancesco Latini, Chief Executive Officer of SACE and Salah Al-Fulaij, Chief Executive Officer of NBK, in the presence of the Italian Ambassador in Kuwait Carlo Baldocci and Michal Ron, Chief International Officer of SACE.
Under the Memorandum, SACE and NBK provided for a reinforced mutual cooperation and exchange of information scheme, committing to explore insurance and financial solutions to facilitate export and internationalization projects involving Italian companies, with specific attention to green finance projects as well as transactions positively contributing to sustainable development.
The Parties also agreed to explore opportunities of training and capacity building programs, relying on SACE’s experience in the field of advisory and technical assistance.
Today’s initiative further enhances an already consolidated collaboration between SACE and NBK. In 2017 the two Parties supported a 625 million dollar-credit line in favour of the Kuwait National Petroleum Company (KNPC), inviting 200 Italian companies to participate in match-making events in the oil & gas sector as well as in other business matching opportunities promoted by SACE.