SACE and MPS guarantee Plas Mec machinery exports to Iran

(AGI) Rome, Sept 21 - Italy's export credit agency SACE and Banca Monte dei Paschi di Siena (Banca MPS) have finalized a transaction that will allow the small and medium enterprise (SME) Plas Mec to export its machinery to Iran safely. The transaction, one of the first in favour of an Italian SME in Iran since sanctions were suspended, was made possible by agreements that SACE had already signed with Iran's largest private banks (Parsian Bank, Bank Pasargad, and Saman Bank). It confirms the growing interest towards a market where there is ample room for penetration by SMEs. In order to facilitate these activities, SACE said in a statement, it has also set 800 million euros aside through a trade finance line of 500 million euros and a credit line of 300 million euros. Specifically, SACE acted in tandem with Banca MPS to finalise a letter of credit for 110,000 euros emitted by Parsian Bank as a guarantee of payment for the delivery of a plastic materials mixer and other equipment by Plas Mec to a local company in the chemicals sector. "The transaction, also thanks to the assistance of Banca MPS and SACE, went very smoothly and allowed us to safely collect credit in a country that was considered off limits up until only a few months ago, even if there has always been considerable interest in our machinery there," affirmed Plas Mec's Chief Financial Officer, Fernanda Marinello. "In particular, we would like to point out that contacts have increased significantly in recent months, and this is a positive sign for this market's medium-term prospects." Plas Mec was founded in 1967 near Varese and is a leading producer of machinery for the mixing of PVC, plastic materials, chemical additives, masterbatches, powder coatings, WPC, and special materials. Today it exports around 95 percent of its equipment, with more than 5,600 machines sold throughout the world with more than 1,700 clients. (AGI). .