From MPS Bank, 60 million euros to Carraro Group with Supportitalia guarantee by SACE
The loan, guaranteed by SACE, is aimed at supporting the development plan of the leading company in power transmission systems for agricultural and earthmoving machinery
Siena, September 7, 2023 – Banca Monte dei Paschi di Siena and SACE are supporting Carraro Group, an international leader in the production of gears, transmission systems and specialized tractors for the world's leading agricultural machinery manufacturers, with a 60 million euro loan euro intended to support the financial needs of working capital, investments, payments to suppliers and employees for the production plants and business activities located in Italy.
The loan has a duration of 6 years and is backed up to 90% by the SupportItalia guarantee by SACE, the extraordinary instrument of SACE group envisaged by the 'Aid Decree' to support the liquidity and investment needs of Italian companies - impacted by the Russian-Ukrainian conflict. The credit line will contribute to the implementation of Carraro Group's development plan, which aims at reducing emissions and maximizing the efficiency of machines, both construction equipment ones and tractors for orchard and vineyard cultivation. The plan focuses on technology, innovation, and people-oriented approaches to enhance the work of those who use construction, agricultural, and earthmoving machinery on a daily basis.
“We are very pleased with the outcome of this operation, which sees MPS alongside a company of excellence such as Carraro, which has exported its experience from the Veneto Region to the world, becoming a reference point for major agricultural and earthmoving machinery manufacturers. – declared Maurizio Bai, Chief Commercial Officer Business and Private Banking of Banca Mps – This commitment confirms the Bank's constant attention to supporting businesses and the local area, with a focus on development aimed at improving the sustainability of their business, both in terms of innovation and reduction of environmental impact, providing new opportunities for growth."
“This is another confirmation of how important proximity to the Italian banking system is for our Group, and in particular to Banca Monte dei Paschi di Siena and SACE. – commented Enrico Carraro, Chairman of Carraro Group – This new loan will further support our development plans and allow us to accelerate our growth journey”.
“With this operation, we at SACE confirm our commitment alongside the Italian excellence that invests in sustainability and innovation. – declared Cristina Morelli, Managing Director Business Corporate of SACE – Thanks to this intervention, Carraro Group will be able to continue its development plans aimed at sustainable growth and technological innovation as the key to seizing new business opportunities”.