Daewoo Engineering & Construction Secures EUR 200 Million Backed by Italian Public Agency Guarantee

On September 9, Daewoo Engineering & Construction announced that it had secured a loan of 200 million euros (approximately 325.9 billion won) backed by a guarantee from the Italian public export credit agency, Export Credit Agency.

The Italian Export Credit Agency provides a variety of financial products to boost exports by Italian companies. Daewoo Engineering & Construction was identified as a potential buyer for Italian firms, and the agency provided a guarantee for this loan. Global financial institution Natixis participated in the agreement as the lead arranger, main lender, structuring agent, and agency representative for the Export Credit Agency. The term of the agreement is three years from the initial drawdown date.

Hwang Wonsang, Head of Financial Management at Daewoo Engineering & Construction (left), Micalon, Head of International Business at Italian Export Credit Agency, and Michela Cicenia, Co-CEO of Natixis Global Trade, are signing a financial agreement in Seoul on the 5th. Daewoo Engineering & Construction

Michalron, Head of International Business at the Export Credit Agency, stated, "We hope that the regular matchmaking events included in the guarantee terms will create meaningful opportunities for cooperation between Italian companies and Daewoo Engineering & Construction." A representative from Daewoo Engineering & Construction commented, "We have already collaborated with Italian companies on the purchase of construction equipment, materials, and technical cooperation in domestic and overseas projects. We expect this partnership to lead to even more opportunities for collaboration."

Daewoo Engineering & Construction began issuing Islamic bonds (Sukuk) in 2023 and secured funding in Singapore last year with a guarantee from an institution under the Asian Development Bank. This year, the company also issued green bonds (GB), continuing to explore new financial instruments both domestically and internationally.

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