The deal includes a revolving credit line worth 300 million euros
Cassa Depositi e Prestiti (CDP) and UniCredit have today signed a memorandum of understanding to strengthen the support available for Italian companies in China.
The new collaborative partnership is aimed at supporting the development of Italian companies operating in the Chinese market, through specially designed forms of financing and expertise provided by respective specialist local units.
The first concrete activity arising from this new partnership will be for CDP to provide financing to UniCredit, in order to create a revolving credit facility of up to 300 million euros, to be used to fund the internationalisation of Italian companies in China and Chinese subsidiaries of Italian companies.
More generally, the memorandum signed today allows for the establishment of operational solutions that would best satisfy the credit access needs of Italian companies in China, including the use of co-financing and funding instruments in local currency (Renmimbi).
"Thanks to this agreement with UniCredit, we are strengthening support activities for Italian companies operating abroad, as envisaged by the broader internationalization support strategy outlined in the CDP Industrial Plan. Exports have been the main source of development for Italian companies in the most intense years of the crisis and will continue to be strategic for a manufacturing production system such as that of our country. In this context, China is clearly one of the main markets for Made in Italy products" states Nunzio Tartaglia, Head of CDP Corporate.
"In 2018, trade with China accounted for more than 5% of Italy's total foreign trade. To enable companies to take full advantage of major opportunities, they need effective financing and insurance facilities. The memorandum signed with CDP takes us in this direction, benefiting companies that represent the most dynamic components of the Italian economic system and which can find in UniCredit - present in Asia for over 40 years, with units in all the key financial and industrial hubs - effective support for their activities in the region," says Gianfranco Bisagni, Co-Head of Corporate & Investment Banking at UniCredit.
Rome, 21 February 2019
Media Relations UniCredit
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