Latham & Watkins has advised SACE S.p.A, Italy’s Export Credit Agency (SACE), HSBC Bank Middle East Limited, and HSBC Saudi Arabia on a new Push Program with a substantive facility aimed at supporting the Italian value chain in the food and beverage sector. The program is in collaboration with the IFFCO Group, an international group headquartered in the United Arab Emirates, that manufactures and markets a well-integrated range of mass-market food products, related derivatives, intermediates, and services.
As part of the program, and for the first time globally, SACE has guaranteed financing with an Islamic finance structure (Commodity Murabaha) in favor of the IFFCO Group, with HSBC Bank Middle East Limited acting as structuring bank and sole participant, and HSBC Saudi Arabia acting as Murabaha facility agent.
The Latham team was led by Dubai finance partner Christian Adams and London partners Tom Bartlett and John-Patrick Sweny, with Dubai associate Isabel Overton and London associate Daniel Chen.
