Turkey: 1.9 billion-euro SACE portfolio, Ankara to work also in Iraq
On the occasion of the latest Italian business mission to Turkey, Italian credit insurance agency SACE announced a pipeline of one billion euro of new operations in that country. With a Representative Office in Istanbul for the countries neighbouring on the Middle East since June 2010, SACE currently has a 1.9 billion euro portfolio of commitments in Turkey, mainly concentrated in the sectors of oil and gas, infrastructure and industrial technologies, making that country the second largest emerging economy (after Russia) in the SACE portfolio. The new operations currently being examined include finance projects in the public and private sectors, banking or leasing counterparty financing, and a growing number of export credit transactions for SMEs. Supplier credit operations, especially in the area of very small businesses, were more numerous in 2013, during which SACE deliberated 700 million new transactions. Thanks to Turkish firms’ entrepreneurship in international markets in recent years, and to increasingly frequent collaboration with Italian contractors, SACE Istanbul is also currently examining new projects with third countries that include Iraq and the Iraqi Kurdistan Region. SACE also operates in Turkey through collaboration agreements with ISPAT, a Turkish investment attraction agency that answers directly to the Prime Minister, and with Turk Eximbank.