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ITALY’S SACE SIGN $3BN FINANCING AGREEMENT WITH PIF
(ICE) – ROMA, 6 MAR – Italian export credit agency Sace has pledged a financing support facility worth up to $3bn to support Italian exports for projects implemented by Saudi Arabia’s Public Investment Fund (PIF) and its portfolio companies.
The agreement will enable Italian companies, particularly [small and medium-sized enterprises] to strengthen their position as reliable suppliers and support projects implemented by PIF and its portfolio companies.
The memorandum of understanding (MoU) comes within the framework of PIF’s ongoing strategy to build strong relationships with leading international financial institutions, and increase the diversification of its financing tools.
The agreement with PIF is one of several that Sace signed in Saudi Arabia recently. In January, Sace pledged a credit facility worth $3bn to support projects at Saudi gigaproject Neom.
The agreement will enable Neom to leverage supplies from Italian businesses, particularly [small and medium-sized enterprises], to support the projects across sectors such as infrastructure, urban development, construction and transport.
The facility expands Neom’s existing funding pool, supporting its long-term financing requirements as the project moves forward.
The financing arrangement was secured through a syndicate of nine international banks: the UK’s HSBC; Spain’s Banco Bilbao Vizcaya Argentaria; France’s Credit Agricole CIB; Chinese banks Bank of China, Agricultural Bank of China and China Construction Bank; and US-based banks Citibank, JP Morgan Chase and Bank of America.
Sace also agreed to provide a credit facility worth $100m to support Saudi utility developer Acwa Power’s green projects in Central Asia.
The deal will facilitate the export of Italian companies and is in line with Sace’s mandate, a joint statement said on 26 January.
Sace also signed a memorandum of understanding with Saudi Electricity Company (SEC) to explore providing credit facilities to support SEC’s projects involving Italian companies, including engineering, procurement and construction; operations; and maintenance services. (ICE RIYADH)
INDIA IMPOSES IMPORT RESTRICTIONS ON PLATINUM ALLOY
(ICE) – ROMA, 6 MAR – The government Wednesday imposed import restrictions on platinum alloy with less than 99% purity to curb illicit imports of this precious metal blended with significant amounts of gold. The move aims to plug the gap wherein platinum alloy blended with significant amounts of gold was imported to exploit the tariff differential between gold and platinum.
India imported $2.09 billion of platinum unwrought or in semi manufactured or powder form in April-November FY25 of which $1.766 billion came from the UAE.
With the import policy for the product being changes to “restricted” from “free”, importers of such platinum alloys will now have to obtain import authorisation from the Directorate General of Foreign Trade (DGFT).
“Import policy of platinum…is revised from free to restricted except for platinum alloy of 99 per cent or more purity by weight of platinum,” the DGFT said in a notification.
To ensure a smooth supply of platinum for jewellery manufacturing and industrial use, the government allows the unrestricted import of platinum alloy with 99% or higher purity of platinum.
In October 2024, India raised concerns over a jump in imports of silver products, platinum alloy, and dry dates from the UAE and urged the country to ensure that the rules are not circumvented under their bilateral free trade agreement.
The agreement allows unlimited imports of gold, silver, platinum, and diamonds from the UAE into India at zero tariffs. While gold can be imported from Dubai at 5% duty, the imports become duty-free if the alloy contains 2% platinum leading to a tariff differential.
VIETNAM ACHIEVES CORAL REPRODUCTION MILESTONE
(ICE) – ROMA, 4 MAR – NHA TRANG — In a pioneering effort to regenerate Việt Nam’s declining coral reefs, a research team from the Việt Nam-Russia Tropical Centre has, for the first time, successfully collected coral gametes from the wild in Nha Trang Bay.
This milestone marks a significant advancement in the study of coral reproduction and underscores the arduous journey of scientists battling to preserve marine ecosystems.
Historically, Việt Nam has relied on asexual reproduction, known as coral fragmentation, to propagate corals. In this method, scientists extract branches from parent coral colonies and transplant them to degraded reef areas to restore coverage.
Each fragment, typically one to three centimetres in size, can increase coral coverage by three to six times in a short period. While simple to implement, this technique lacks long-term sustainability.
“Not all coral colonies can be fragmented. We can only select certain types suited for this method,” said Võ Sỹ Tuấn, a marine ecology expert.
He noted that asexual reproduction does not enhance genetic diversity, as each fragment retains the exact genetic makeup of its parent colony. This uniformity leaves reefs vulnerable to mass die-offs during environmental crises such as rising sea temperatures.
“Transporting fragments between distant regions is risky. If optimal conditions are not maintained, transplanted corals can die from shock,” said Nguyễn Văn Long, head of the Aquatic Resources Department at the Institute of Oceanography.
By comparison, sexual reproduction, where sperm and eggs from different coral colonies combine to produce genetically diverse offspring, offers a more resilient solution.
This method, successfully implemented in Australia, Germany, Japan, and China, is now the focus of global coral restoration efforts.
Coral sexual reproduction involves a synchronised release of eggs and sperm into the water, typically triggered by water temperature or lunar cycles.
“If the release is not simultaneous, the chances of fertilisation drop sharply as currents sweep gametes away. Corals have evolved to maximise fertilisation through mass spawning,” explained Đặng Đỗ Hùng Việt, a member of the team.
Once fertilised, zygotes develop into floating larvae for one to three weeks before settling on suitable substrates to grow into juvenile corals.
This process boosts genetic diversity and adaptability, enabling future generations to withstand rising sea temperatures, ocean acidification and diseases – key threats amid intensifying climate change.
However, coral spawning lasts mere minutes and occurs just once annually per colony, forcing the team to conduct hundreds of night dives to capture these fleeting moments.
“Eggs are mostly pink, though some are yellow or white, ranging from pearl-sized to dust-like particles. After release, they float to the surface, where sperm fertilise them,” Việt said.
However, timing remains unpredictable. “This year, corals spawned at a certain time, but next year could be different. Once, a colleague waited underwater for an hour with no spawning, only for it to happen right after he surfaced,” Long recounted.
Visible bulges on coral colonies signal imminent spawning, guiding researchers to prime observation spots. “At night, with low tides, we can not use boats. We swim long distances to reach the corals, facing unpredictable currents that make it dangerous,” Việt added.
The team, including researcher Hoàng Ngọc Lâm, endured 10-day monitoring stints from 6pm to 10pm, under immense pressure to not miss the brief spawning window. “Missing it by minutes means waiting another year,” Lâm said.
Their perseverance paid off on April 30, 2024, when they recorded coral spawning in Nha Trang Bay, the first such documentation in Việt Nam.
“While the nation celebrated a holiday, we were diving. The reward was gametes and footage of this magical process,” Việt said. “We were ecstatic after sleepless nights watching it unfold before our eyes,” Lâm added.
Collected eggs and sperm were separated and cross-fertilised in labs, avoiding inbreeding through natural genetic barriers. “In March, when the next spawning season begins, we hope to replicate this success,” said team member Đinh Thị Phương Thúy.
Nguyễn Như Hưng, coastal branch director at the Việt Nam-Russia Tropical Centre, emphasised the broader goal.
With initial gamete samples secured, the team aims to refine breeding techniques to supply coral stock for large-scale restoration projects. — VNS
IRAN TO OFFER MINING AREAS AS INVESTMENT PACKAGES
(ICE) – ROMA, 3 MAR – The Ministry of Industry, Mine, and Trade plans to transfer all mining areas in the country as investment packages, according to Mehdi Hamidi, the ministry’s director of mining operations.
In an interview with state media, Hamidi said the ministry aims to allocate all areas under its control through this new investment model. The schedule and details of the process will be announced soon, with the transfers conducted through auctions to maximize value-added benefits.
The auctions will be held separately in each province and will take place three times a year. (ICE TEHERAN)
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