Finance

Italy to guarantee loans to firms hit by Ukraine war – draft decree

An Italian flag flies over the Quirinale Palace in Rome, Italy, January 26, 2021. REUTERS/Guglielmo Mangiapane

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MILAN, Might 2 (Reuters) – Italy will present state ensures to firms whose exercise has been disrupted by the battle in Ukraine masking between 70% and 90% of the financing they obtain from lenders, a draft decree seen by Reuters confirmed on Monday.

Beneath the measures, credit score exports company SACE will be capable to assure till the top of December loans with a maturity of six years which may be prolonged to eight.

The doc mentioned SACE can be in cost, on behalf of Italy’s Treasury, of recovering the loans as soon as banks faucet the ensures and shift the loans again to the state.

SACE can delegate the restoration actions to the banks it had supplied the ensures to or to different third events, it mentioned.

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Reporting by Giuseppe Fonte, writing by Valentina Za, modifying by Gavin Jones

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