Drafted a Letter of Credit to Supply a Mixer in Iran
Sace (Cassa Depositi e Prestiti Group) and Banca Monte Paschi di Siena (Banca MPS) have finalized a transaction that will enable the Italian company Plas Mec to securely export its machinery to Iran. Specifically, Sace intervened in concert with Banca MPS in drafting a 110,000-euro letter of credit, issued by the Parsian Bank of Iran, to guarantee payment of the supply of a mixer for plastics and other accessories by Plas Mec to a local company in the chemical industry.
“Thanks to the assistance of Banca MPS and Sace, this transaction was greatly facilitated and enabled us to securely collect a credit from a country that, until a few months ago, was considered off limits, although there has always been great interest in our machinery – declared Fernanda Marinello, CFO of Plas Mec – In particular, we remark significant increase in contacts in recent months that offers good future prospects for this market in the medium term”.
Established in 1967 in Varese province, Plas Mec is a leading company in the production of machinery for mixing PVC, plastics, chemical additives, masterbatches, powder coatings, WPC and special materials. It currently exports 95% of its equipment, with more than 5,600 machines sold worldwide and more than 1,700 customers.
This project, among the first concluded on behalf of an Italian SME in Iran since suspension of the …. .
about SACE:
SACE offers a wide range of financial and insurance products and services to support the competitiveness of Italian businesses: export credit, foreign investment protection, financial guarantees and surety bonds.
Created in 1977 as a special section of the National Insurance Institute (INA), SACE was transformed into a joint-stock company in 2004. Since then, thanks to a comprehensive overhaul of the business model and a progressive extension of its scope of operation, SACE has proven to be a global player and a unique partner for Italian businesses, able to help and support them through every stage of their growth projects in Italy and across the world.
Alongside the typical services of a credit export agency, SACE offers the surety bonds required to operate abroad and provides guarantees to help with obtaining loans to support the international development of Italian businesses and the implementing projects of strategic importance for the Italian economy.
Backed by more than thirty years of experience in the assessment, assumption and management of risks associated with operating in foreign markets, SACE supports its client companies through a network of offices throughout Italy and in emerging countries with the greatest potential.
SACE belongs to the Cassa Depositi e Prestiti group and holds the entire share capital of SACE BT and SACE Fct.
