SACE
Country Presentation Senegal and Sierra Leone
Antonio Massoli Taddei
Rome (Ministry of Foreign Affairs), 21st July, 2009
SACE Group
SACE Group
Export credit
Investment protection
Financial guarantees
Project & structured finance
Credit insurance
Surety & construction risks
100%
100%
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.
2
SACE Group
A 30-year experience in credit insurance
1977

Establishment of SACE as public entity under the surveillance of the Ministry of Economy & Finance (MEF)

1998
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

The 2007 Finance Act extended SACE’s business to transactions of strategic interest for Italy’s
economy.
2004
2005
2006
2007
2008

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.

SACE BT acquires 30% of ASSEDILE, becoming its shareholder
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SACE Group
A strong financial partner
27,554
23,614
2007
381.6
589.9
530.1
311.8
2008
New business (€ mln)
2007
2008
Premia (€ mln)
2007
2008
Profit before tax (€ mln)
4
SACE Group
A strong financial partner
46,430
546
5,993
5,772
2007
37,055
2008
Equity (€ mln)
2007
511
2008
Outstanding commitments (€ mln)
2007
2008
Employees
5
Doing business in Africa
Breakdown of SACE commitments by geographical area (2008)
Other European
Countries and
CSI
18.8%
Americas
10.3%
Asia and
Oceania
6.1%
Others
1.8%
Sub-Saharan
Africa
4.5%
EU 27
44.0%
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
Sub-Saharan Africa – Number of approved transactions & percentage
of new Guarantees to SACE total new Guarantees (2006 - 2008)
21
5%
4.5%
20
4%
3.2%
Middle East and
North Africa
14.6%
Sub-Saharan Africa
Middle East and North Africa
EU 27
Other European Countries and CSI
Americas
Asia and Oceania
Others
15
3%
10
2.3%
10
2%
6
5
1%
0%
0
2006
2007
SACE Committment in Africa
2008
Transactions
6
Focusing on Sub-Saharan Africa: the “Africa
Program”
Why?
SACE commitment - Breakdown by country
IMF-World Bank debt-relief initiative - structural
reforms
More favorable operating environment
Growing interest by Italian companies
70%
64.0%
60%
50%
New SACE cover policy towards sub-Saharan Africa
(“Africa Program”) aiming at assisting Italian
companies investing or exporting in the continent
40%
30%
20%
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
15.0%
14.0%
10%
0.3%
0.0%
1.0%
1.0%
Ethiopia
Gabon
Kenya
Mauritius
5.0%
0%
Angola
Nigeria
South
Africa
Tanzania
€847 million of new commitments guaranteed by SACE
(51 transactions in 12 countries) since the inception of
the Africa Program
Launching contacts with local and international
banks for risk sharing
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Focusing on Sub-Saharan Africa: the “Africa
Program”
The Africa Program: New Terms of Cover (2009)
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)
MAURITANIA
MALI
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
2005
CAPE VERDE
NIGER
SENEGAL
GAMBIA,
THE
GUINEABISSAU
ERITREA
CHAD
SUDAN
GUINEA
SIERRA LEONE
LIBERIA
BURKINA
FASO
COTE
D’IVOIRE
DJIBOUTI
BENIN
TOGO
NIGERIA
GHANA
ETHIOPIA
CENTRAL AFRICAN
REPUBLIC
SOMALI
A
CAMEROO
N
UGAND
A
EQUATORIAL GUINEA
SAO TOMÉ AND
PRINCIPE
GABON
KENYA
CONGO,
REPUBLIC
RWANDA
CONGO,
DEMOCRATIC
REPUBLIC
BURUNDI
SEYCHELLES
TANZANIA
COMORO
S
ANGOLA
MALAWI
ZAMBIA
MAURITIUS
ZIMBABW
E
NAMIBIA
MOZAMBIQUE,
REPUBLIC
MADAGASCAR
BOTSWANA
SWAZILAN
D
LESOTHO
SOUTH
AFRICA
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Future outlook



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
SACE pipeline in Africa
Power
34%
Infrastructure
54%
Transportation
9%
Oil & Gas
3%
Power
Transportation
Oil & Gas
Infrastructure
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Focus Paese
Senegal
Interscambio con l’Italia
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.
Condizioni di assicurabilità SACE
Categoria OCSE: 6/7
Rischio sovrano: chiusura
Rischio bancario: apertura
Rischio privato: apertura
Plafond paese: € 50 mln, max 5 anni
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.
Esportazioni italiane in Senegal per settori
(2008, %)
prod. in
gomma e
plastica
5,4%
vetro,
ceramica e
materiali
5,2%
160
mezzi di
trasporto
4,9%
Garanzie SACE al 31 marzo 2009
140
altro
8,2%
120
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.
100
prod. chimici
e fibre
6,3%
80
60
mobili e altri
manufatti
6,6%
metallurgia e
prod. in
metallo
7,7%
Interscambio commerciale con il Senegal
(1999- 2008, mln €)
40
20
0
elettronica ed
elettrotecnica
8,6%
prod.
energetici
raffinati
13,6%
meccanica
strumentale
33,6%
-20
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
-40
esportazioni
im portazioni
saldi
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Focus Paese
Sierra Leone
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.
Condizioni di assicurabilità SACE
Categoria OCSE: 7/7
Rischio sovrano: chiusura
Rischio bancario: chiusura
Rischio privato: chiusura
Investimenti diretti esteri. Non sono presenti rilevanti investimenti italiani nel paese.
Esportazioni italiane in Sierra Leone per settori
(2008, %)
metallurgia e
prod. in
metallo
5,1%
vetro,
ceramica e
materiali
2,0%
prod. chimici
e fibre
1,9%
mobili e altri
manufatti
1,5%
Interscambio commerciale con il Sierra Leone
(1999- 2008, mln €)
25
altro
3,2%
elettronica ed
elettrotecnica
13,7%
20
Garanzie SACE al 31 marzo 2009
15
L’esposizione di SACE in Sierra Leone
è nulla.
10
mezzi di
trasporto
18,3%
5
meccanica
strumentale
22,0%
prod.
alimentari
32,2%
0
1999
2000
2001
2002
esportazioni
2003
2004
2005
im portazioni
2006
2007
2008
saldi
11
Thank you for your attention.
Antonio Massoli Taddei
Economic Research and Public Affairs
@: [email protected]
Tel. +39 06 67 36 413
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Contacts
HEADQUARTERS
INTERNATIONAL NETWORK
Rome
Piazza Poli, 37/42 • 00187 Rome
Tel. +39 06 67361 • Fax +39 06 6736225
Moscow
Krasnopresnenskaja Naberejnaja, 12
123610 Moscow - Office n.1202
Tel. +7 49 52582155, Fax +7 49 52582156
REGIONAL OFFICES
Milan
Via A.de Togni, 2 - 20123 • Milano
Tel. +39 02 434499701, Fax +39 02 434499749
Modena
Via Elsa Morante, 71 - 41100 • Modena
Tel. +39 059 331201, Fax +39 059 820832
Turin
c/o ICE - Via Bogino, 13 - 10100 • Torino
Tel. +39 011 836128 - Fax +39 011 836425
Venice
Viale Ancona, 26 - 30172 • Venezia - Mestre
Tel. +39 041 2905111, Fax +39 041 2905103
Hong Kong
40/f Suite 4001 - Central Plaza 18, Harbour Road
Wanchai, Hong Kong
Tel. +852 36202323, Fax +852 36210227
Johannesburg
Chester Road, 42
2193 Parkwood Johannesburg
Tel. +27 11 8800020, Fax +27 11 8801019
Sao Paulo
Av. Pauista 1971 – 3° andar
01311-300 Sao Paulo
Tel. +55 11 31712138, Fax +55 11 32664051
SACE BT CREDIT & SURETY: Piazza Poli, 42 • 00187 Rome
Tel. +39 06 6976971 Fax +39 06 697697725
Via Ade Togni, 2 - 20123 • Milan
Tel. +39 02 480411 Fax +39 02 8041292
www.sace.it
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Disclaimer
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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