SACE, an Italian financial insurance group participated by the Ministry of Economy and Finance, and CSN, the Brazilian National Steel Company, have formalized a Debt4ESG Swap restructuring agreement in which CSN undertakes to invest 2 million dollars for the implementation of ESG projects in Brazil, particularly in the state of Rio Grande do Sul, particularly hit by unprecedented heavy floods. The amount concerned a credit claimed by SACE from CEEE-G, subsequently acquired by CSN.
An integral part of the Debt4ESG agreement is the commitment to promote concrete ESG initiatives to support young people and the weakest social groups in Brazil and Rio Grande do Sul, as part of a path shared with SACE itself. CSN will send a periodic report to SACE which will verify the actual progress of the ESG projects. Projects include adaptation and mitigation initiatives to protect agricultural and coastal areas; professional training and empowerment of young people and the creation of a climate disaster prevention unit.
Through this initiative with a strong impact for the communities, SACE – which presides over the country with the office in Sao Paulo – strengthens its collaboration with CSN and confirms its support for Brazil and Italian exports thanks also to a solid track record of operations in the country.
