Under officially supported export credit programs, SACE, an Italian Export Credit Agency specializes in providing export credit guarantees and insurances for buyers credit, suppliers credit and structured and project finance to help companies developing foreign business and investments through insurance cover. SACE has provided an €8mn guarantee to an Italian textile manufacturer, Maglital.

Maglital based in Trevi (Perugia), manufactures most of the products it sells in-house. The company sells made in Italy accessories and clothing under the brand Cruciani, is planning a €21mn international expansion, opening 20 stores and 100 franchising points worldwide, particularly focusing on the Chinese and Turkish markets.

The company’s stores are already present in the UAE, the US, Japan, South Korea, Spain and other European markets.

Banca Monte dei Paschi di Siena is disbursing €3mn of the total guaranteed by Sace. The other financing tranche is also provided by a bank, but its name remains confidential for the time being.

Additional financial support is being provided by Simest, which is also part of the Cassa Depositi e Prestiti group like Sace. Simest bought a 26% stake, worth €7mn, in Maglital’s mother company Gruppo Finac, owned by the Caprai family.