Italian SACE ready to allocate EUR1 bln for work in Ukraine – Shmyhal

Italy's export credit agency SACE is ready to resume work with Ukraine, which is a very important signal for Italian business, Prime Minister Denys Shmyhal said at a briefing with Italian Prime Minister Giorgia Meloni in Rome.

"In addition to the EUR500 million line, the agency is ready, according to our data, to allocate another EUR1 billion to support trade and financial operations, in particular, in the field of healthcare and infrastructure," the head of the Ukrainian government said.

He added that the Italian financial development institution SIMEST would support the investments of Italian companies in the reconstruction of Ukraine through export credit instruments, concessional lending and direct investments.

In turn, Meloni noted that the Italian government would support the private sector, cooperation between the enterprises of the two countries, stressing that the restoration of Ukraine is a matter for all of Europe.

"Today, investing in Ukraine is not a risk, in my opinion, but one of the most far-sighted investments that can be made today," the Italian prime minister said.

As reported on the government portal, Shmyhal also said during a meeting with Meloni that he counts on Italy's active participation in the restoration of the Ukrainian state, in particular, in the implementation of joint infrastructure, logistics, production and commercial projects.

"In 2023, Ukraine needs $14 billion for rapid recovery. This is the amount that is needed to meet the most basic needs of people, such as a roof over their heads, light and warmth in winter. The G7 countries are joining the reconstruction of Ukraine. The United States is providing $2.3 billion. The European Commission some EUR 1 billion. We expect the same assistance from the SACE agency in the amount of EUR 1 billion, which will help Ukraine restore the economy, infrastructure, basic humanitarian and social needs of the people," Shmyhal said.

Source: www.en.interfax.com.ua