Daewoo E&C announced on the 9th that it has secured a borrowing fund of 200 million euros (approximately 325.9 billion won) based on guarantees from the Italy Ministry of Economy and Finance's export credit agency, SACE.

SACE is a public export credit agency that provides various financial products to expand the exports of its national corporations. In this agreement, it provided guarantees for the borrowing fund arranged by Daewoo E&C, a potential buyer of Italian companies, through one of its financial products called 'push strategy.'

Key stakeholders from Daewoo E&C and SACE take a commemorative photo after signing a financial agreement. From left, Hwang Won-sang, Deputy Minister of Financial Management at Daewoo E&C, Michal Ron, Head of International Business at SACE Italy, and Michela Cicenia, Co-Head of Global Trade at Natixis CIB France. /Courtesy of Daewoo E&C

The agreement included global financial institution Natixis as the lead underwriter and lender, structured finance agent, and SACE agent. The agreement matures three years from the date of first withdrawal.

Previously, Daewoo E&C successfully raised funds in Singapore last March under a guarantee from the Credit Guarantee and Investment Facility (CGIF) under the Asian Development Bank, starting with the issuance of sukuk, an Islamic bond, in 2023. In April of this year, it also completed the issuance of green bonds, which are ESG (Environmental, Social, Governance) bonds.

A representative from Daewoo E&C noted, 'We have established a foundation to further expand our cooperation and market entry with global companies by building a stable financial base overseas,' adding, 'In the future, we will enhance our corporate competitiveness in the global market through various funding methods and cooperation models.'

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