Bank of China extends US$1bn credit line to Italy's Enel with Sinosure backing

(Global Trade Review, London, 25 January 2016) Italian utility group Enel has secured a US$1bn line of credit from the Bank of China, backed by Sinosure, the Chinese state export credit insurer. The five-year facility is aimed at financing projects involving Chinese companies around the world and has an option to be extended upon completion... In the last few years, [Enel] has inked numerous agreements in an effort to enlarge its Chinese footprint. In 2014, it signed agreements with the Bank of China, China National Nuclear and the State Grid Corporation of China... The latest transaction is sure to result in Enel’s participation in China’s booming green and renewable energy and cleantech sectors... Meanwhile, in 2015, Sinosure signed a reinsurance agreement with Sace, the Italian export credit agency, aimed at facilitating projects involving companies from both countries.