Bujumbura – SACE, SMBC, and Citibank have announced a new €100 million Push operation in favor of the Trade Development Bank, aiming to promote sustainable growth and regional integration in Africa while boosting export opportunities for Italian companies. This initiative is groundbreaking as it represents the first long-term Push financing guaranteed by SACE to a multilateral development bank, with SMBC serving as Mandated Lead Arranger, Bookrunner, and SACE Agent, and Citi as Mandated Lead Arranger. The operation seeks to support economic growth, job creation, and sustainable development across Africa, involving Italian companies in projects within the 25 member states. Furthermore, SACE's Push Facility aims to facilitate Italian procurement by connecting Trade Development Bank borrowers with Italian suppliers through matchmaking events and encouraging participation in tenders for services and products. The agreement also aims to enhance cross-border cooperation and economic integration within the African Continental Free Trade Area, aligning with sustainable development goals.
Admassu Tadesse, President and CEO of the Trade Development Bank Group, expressed his enthusiasm: “We are pleased to strengthen our partnership with SMBC and Citi, among our historic partners, and to establish a new partnership with the Italian SACE. We thank SACE for choosing the Trade Development Bank as the first multilateral financial institution in the world to benefit from a SACE Push Facility. We are also delighted to expand our relationships with Italian institutions, with which the TDB group has collaborated for several years, financing projects in renewable energy and manufacturing, as well as commercial transactions supporting food security, job creation, and SMEs in our member states.”

Michal Ron, Chief International Business Officer of SACE, added, “We are very pleased with this operation, the first SACE Push Facility for a multilateral development bank like TDB, which will have significant impacts on sustainable growth and economic relations between Italy and Africa. This initiative, fully in line with the strategic objectives of the Mattei Plan, will create new connections and opportunities between Italian and African companies in key sectors such as renewable energy, agri-food, manufacturing, healthcare, and transportation.”

Richard Hodder, Global Head of Export & Agency Finance at Citibank, stated, “Citi is pleased to collaborate once again with SACE on the Push Facility. We are committed to encouraging economic growth and progress, and this line of credit supports both Italian value chains and economic development across Africa: a true win-win for both parties.”

Layth Irani, Managing Director and Co-General Manager of International and Structured Finance at SMBC Group, commented, “SMBC is very proud to have managed, led, and organized a SACE Push Facility with two key partners, TDB and SACE. This tailor-made solution is the first of its kind globally for a financial institution. This SACE Push Facility further consolidates the diversity and depth of our relationship with TDB and SACE, continuing to support TDB’s mission of promoting growth and regional integration.” (9colonne)