Italian companies ask for $20 billion in state-guaranteed loans: credit agency By Reuters

© Reuters. A logo of the Atlantia Group is seen outside their headquarters in Rome

MILAN (Reuters) – Large Italian companies have requested 18.5 billion euros ($20 billion) in state-guaranteed loans to weather the coronavirus crisis, state-backed export credit agency SACE said on Saturday.

Last month the Italian government approved a package of emergency measures offering liquidity and bank loans to companies hit by the health emergency.

One of the measures allows medium-sized and large companies to ask SACE to guarantee new bank loans, provided the firms refrain from approving dividend payments for a year.

The credit agency said that banks had received 250 requests for state-guaranteed loans so far. It pledged to act quickly to ensure fresh funds were available for cash-starved companies, adding that once it received a request from a bank it could issue the guarantees within 48 hours.

SACE said it had already given the green light to requests for 30 million euros in loans.

The motorway and airport units of infrastructure group Atlantia (MI:) and high-street retailer OVS (MI:) are among companies to have expressed interest in such loans.

More than 30,000 people have died as a result of the coronavirus outbreak in Italy since the crisis started in February, the third highest death toll in the world.

Rome, which shuttered all businesses not deemed essential until May 3, has forecast a full-year GDP drop of 8% this year, before a partial rebound of 4.7% next year.

($1 = 0.9225 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*