Dei – Cuba: SACE 100 million euro in support for exports and investments

SACE has increased the limit on what it can earmark for exports to and investments in Cuba from 10 to 100 million euro. The decision confirms the insurance-financial group’s growing interest in the Cuban market, in which it has become gradually more operational thanks to its careful monitoring of developments in the country and active participation in the most recent technical and institutional missions. SACE’s Cuban insurance portfolio has major growth prospects and, in collaboration with the Banco Nacional de Cuba and other local banks, the group is considering new operations in the sectors of energy, metallurgy, machinery and electro-medical equipment. Sectors fundamental to the industrial and socio-economic development of Cuba, where the Made in Italy brand has much to offer, thanks not least to the recent reform of the “Ley de Inversión Extranjera” that reduced barriers to the importation of industrial machinery. This latter a sector that already accounts for over 35% of a total 230 million euro in Italian exports to that country. According SACE estimates, if the reforms undertaken by the government achieve their full potential, Italian firms could gain 220 million euro in new exports within 2019.