sace country presentation senegal and sierra leone antonio massoli taddei rome (ministry of foreign...
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SACE
Country Presentation Senegal and Sierra Leone
Antonio Massoli Taddei
Rome (Ministry of Foreign Affairs), 21st July, 2009
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The SACE Group is Italy’s leading provider of credit insurance, investment protection and surety, covering political and commercial risk in over 150
countries around the world.
100%
Export creditInvestment protectionFinancial guarantees
Project & structured finance
Credit insuranceSurety & construction risks
SACE Group
100%
SACE Group
3
A 30-year experience in credit insurance
Establishment of SACE as public entity under the surveillance of the Ministry of Economy & Finance (MEF)
SACE is transformed into an independent institution
SACE is transformed into a joint stock company, whose capital is wholly owned by MEF
SACE creates SACE BT, entering the short-term credit insurance market
SACE BT acquires 70% of Assedile, leading operator in the surety sector
Moody’s assigns SACE a first time insurance financial strength rating of Aa2, with stable outlook
SACE enlarges its area of business accordingly to the Competitiveness Decree
1977
1998
2006
2005 SACE’s capital was reduced by €3.5 billion.
SACE won the Oscar di Bilancio - the Italian annual report award – for the insurance sector’s best annual report.2007
2004
The 2007 Finance Act extended SACE’s business to transactions of strategic interest for Italy’s economy.
2008 SACE BT acquires 30% of ASSEDILE, becoming its shareholder
SACE Group
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A strong financial partner
23,614
27,554
2007 2008
311.8
381.6
2007 2008
Premia (€ mln)New business (€ mln) Profit before tax (€ mln)
589.9
530.1
2007 2008
SACE Group
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A strong financial partner
37,055
46,430
2007 2008
5,7725,993
2007 2008
Outstanding commitments (€ mln)Equity (€ mln)
511546
2007 2008
Employees
SACE Group
6
Doing business in Africa
4.5%
3.2%
2.3%10
6
21
0%
1%
2%
3%
4%
5%
2006 2007 2008
0
5
10
15
20
SACE Committment in Africa Transactions
Sub-Saharan Africa – Number of approved transactions & percentage of new Guarantees to SACE total new Guarantees (2006 - 2008)
Breakdown of SACE commitments by geographical area (2008)
Middle East and North Africa
14.6%
Other European Countries and
CSI18.8%
Sub-Saharan Africa4.5%
Americas10.3%
EU 2744.0%
Asia and Oceania
6.1%
Others1.8%
Sub-Saharan AfricaMiddle East and North AfricaEU 27Other European Countries and CSIAmericasAsia and OceaniaOthers
Exposure on Sub-Saharan Africa has increased over the last three years
New guarantees in Sub-Saharan Africa as a percentage of SACE’s total new guarantees doubled from 2.3% in 2006 to 4.5% in 2008
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€847 million of new commitments guaranteed by SACE (51 transactions in 12 countries) since the inception of the Africa Program
Focusing on Sub-Saharan Africa: the “Africa Program”
SACE commitment - Breakdown by country
14.0%
0.3% 0.0% 1.0% 1.0%
15.0%
64.0%
5.0%
0%
10%
20%
30%
40%
50%
60%
70%
Angola Ethiopia Gabon Kenya Mauritius Nigeria SouthAfrica
Tanzania
What is the “Africa Program”?
Terms of Cover revision: 15 sub-Saharan African countries have been brought back on cover
Representative office in Johannesburg
Starting technical and financial cooperation with Multi-lateral Agencies (including African Trade Insurance) and Development Finance Institution
Launching contacts with local and international banks for risk sharing
Why?
IMF-World Bank debt-relief initiative - structural reforms
More favorable operating environment
Growing interest by Italian companies
New SACE cover policy towards sub-Saharan Africa (“Africa Program”) aiming at assisting Italian companies investing or exporting in the continent
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2005
OPEN:Potential involvement in all kind of transactions
OPEN WITH RESTRICTIONS:Restrictions may apply according to:counterparts (i.e. sovereign)amounts (i.e. cap for country or single transaction)tenors (i.e. short, medium-long term)
OPEN ON A CASE-BY-CASE BASIS:No cover available. Potential exemptions (on case-by-case basis):project finance; co-financing with Multilaterals, local development banks and other ECAs;investments;non-credit risks
Focusing on Sub-Saharan Africa: the “Africa Program”
GH
AN
A
NIGERIA
NIGER
CHAD
CENTRAL AFRICAN REPUBLIC
S U D A N
CAMEROON
SA
O T
OM
É A
ND
P
RIN
CIP
E
GABON
CO
NG
O,
RE
PU
BL
IC
CONGO, DEMOCRATIC
REPUBLIC
BURKINA FASO
BE
NIN
TO
GO
COTE D’IVOIRE
LIBERIA
SIERRA LEONE
GUINEAGUINEA-BISSAU
MAURITANIA
SENEGALGAMBIA, THE
MALI
ETHIOPIA
KENYA
UGANDA
MALAWI
MOZAMBIQUE, REPUBLIC
M A
D A
G A
S C
A R
ZIMBABWE
BOTSWANA
SWAZILAND
LESOTHO
SOUTH AFRICA
NAMIBIA
ANGOLA
Z A M B I A
EQUATORIAL GUINEA
RWANDA
TANZANIA
DJIBOUTI
BURUNDI
ERITREA
SEYCHELLES
COMOROS
SOMALIA
MAURITIUS
CAPE VERDE
The Africa Program: New Terms of Cover (2009)
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Future outlook
SACE pipeline in Africa
Transportation9%
Infrastructure54%
Power 34%
Oil & Gas3%
Power Transportation Oil & Gas Infrastructure
SACE focus on Africa remains strong; infrastructure will represent one of the most important sector (more than half of potential commitments in the continent)
Italian interest in the region is robust Due to the recent global economic events and the following decrease of international
investment flows, SACE business in Africa is likely to remain stable in the short-term
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Focus PaeseSenegal
Condizioni di assicurabilità SACE
Categoria OCSE: 6/7
Rischio sovrano: chiusuraRischio bancario: aperturaRischio privato: aperturaPlafond paese: € 50 mln, max 5 anni
Garanzie SACE al 31 marzo 2009
Le garanzie deliberate (capitale e interessi) in Senegal sono pari a 10,6 milioni di euro. Le garanzie perfezionate in quota capitale ammontano a 9,2 milioni di euro, interamente erogati.
Commercio. Nel 2008 l’ammontare delle esportazioni italiane verso il Senegal ha registrato un incremento del 45,6% rispetto al 2007, raggiungendo un valore complessivo pari a 147,5 milioni di euro e con la meccanica strumentale, i prodotti energetici raffinati e l’elettronica ed elettrotecnica tra i settori trainanti. Le importazioni italiane, pari a 69,8 milioni di euro, sono in calo del 14,8% rispetto all’anno precedente. Si amplia pertanto il surplus commerciale a favore dell’Italia, pari a 77,7 milioni di euro. Nei primi quattro mesi del 2009 le esportazioni e le importazioni italiane dal Senegal hanno registrato una contrazione, rispettivamente pari a -41,2% e -48,9%, rispetto allo stesso periodo del 2008.
Investimenti diretti esteri. Nel 2008 l’Italia figura al settimo posto tra i paesi investitori in Senegal, con un investimenti complessivi pari a circa 13 milioni di euro convogliati in diversi settori, ad esempio quelli dell’energia, del tessili, dei materiali edili e dell’agroalimentare.
Interscambio con l’Italia
Interscambio commerciale con il Senegal(1999- 2008, mln €)
Esportazioni italiane in Senegal per settori(2008, %)
-40
-20
0
20
40
60
80
100
120
140
160
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
esportazioni importazioni saldi
meccanica strumentale
33,6%
prod. energetici
raffinati 13,6%
elettronica ed elettrotecnica
8,6%
metallurgia e prod. in metallo
7,7%
altro8,2%
mobili e altri manufatti
6,6%
prod. in gomma e plastica
5,4%
vetro, ceramica e materiali
5,2%
prod. chimici e fibre6,3%
mezzi di trasporto
4,9%
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Focus PaeseSierra Leone
Condizioni di assicurabilità SACE
Categoria OCSE: 7/7
Rischio sovrano: chiusuraRischio bancario: chiusuraRischio privato: chiusura
Garanzie SACE al 31 marzo 2009
L’esposizione di SACE in Sierra Leone è nulla.
Interscambio con l’Italia
Commercio. Nel 2008 le esportazioni italiane in Sierra Leone sono state pari a 13,4 milioni di euro, in aumento di oltre il 66% rispetto al 2007 e incentrate principalmente su prodotti alimentari, meccanica strumentale e mezzi di trasporto. Come negli anni precedenti, le importazioni italiane rimangono su livelli modesti, pari a 345 mila euro. Il saldo commerciale è quindi ampiamente a favore dell’Italia, per un valore pari a 13 milioni di euro. Nei primi quattro mesi del 2009, il valore dell’export italiano nel paese è aumentato del 29,4% rispetto allo stesso periodo dell’anno precedente, mentre le importazioni dalla Sierra Leone sono più che raddoppiate nel medesimo intervallo di tempo.
Investimenti diretti esteri. Non sono presenti rilevanti investimenti italiani nel paese.
Interscambio commerciale con il Sierra Leone(1999- 2008, mln €)
Esportazioni italiane in Sierra Leone per settori(2008, %)
0
5
10
15
20
25
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
esportazioni importazioni saldi
altro3,2%
vetro, ceramica e materiali
2,0%
mobili e altri manufatti
1,5%
prod. chimici e fibre1,9%
metallurgia e prod. in metallo
5,1%
elettronica ed elettrotecnica
13,7%
mezzi di trasporto
18,3%
meccanica strumentale
22,0%
prod. alimentari
32,2%
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Thank you for your attention.
Antonio Massoli TaddeiEconomic Research and Public Affairs
Tel. +39 06 67 36 413
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Contacts
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This presentation has been prepared solely for information purposes and should not be used or considered as an offer to sell or a solicitation of an offer to buy any insurance/financial instrument mentioned in it.
The information contained herein has been obtained from sources believed to be reliable or has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, SACE does not represent or warrant that the information is accurate and complete.
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