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An agreement to strengthen support given to the internationalisation of Italian companies in the Chinese market was signed in Beijing. Joint initiatives to foster growth and competitiveness of Italian enterprises
CDP and Intesa Sanpaolo signed an agreement to strengthen commitment to help the internationalisation of Italian enterprises in China on the occasion of Italian Economy and Finance Minister Giovanni Tria's mission in China. The Chinese market offers a multitude of opportunities and the collaboration between CDP and the bank will allow customised financial products to be provided and skills and resources made available to promote the growth and competitiveness of Italian entrepreneurial companies operating in the Asian country.
The new partnership particularly provides for the launch of a potential CDP loan to Intesa Sanpaolo, aimed at supplying a revolving line of credit for up to €200 million, to use to support the funding needs of the internationalisation of the Italian enterprises in China or of subsidiary companies of Italian enterprises headquartered in China. It is a preliminary pilot project that might be extended to similar transactions with the involvement of other banks as well. Beside this initiative, the agreement promotes other joint initiatives, such as identification of the operational formulas best suited to meet the needs to access credit and/or co-funding tools for Italian enterprises in China, and the promotion of the range of products and services offered by the SACE-SIMEST export and internationalisation hub with Intesa Sanpaolo customer companies.
The agreement also sets out to create incentives to use financial and insurance solutions - such as the creation of branches and joint ventures or of sales networks - and direct the interest of foreign companies operating in China toward the offer of goods and services of the Italian companies or of their local branches. The agreement signed in Beijing confirms and strengthens CDP's commitment to the growth of Italian enterprises on the foreign markets and for the competitiveness of Italy's economy.