Italian export credit agency (ECA) Sace has agreed to back up to US$1.25bn of credit lines for new Boeing aircraft.

The financing will support Italian exports in the aeronautical sector by creating a shared platform for facilitating the financing of aircraft purchases of mutual interest.

Sace will guarantee credit lines from third parties for the sale of Boeing aircraft, which will support Boeing’s contracts and subcontracts with Italian firms specialised in precision aeronautical components.

The ECA’s commitment will be evaluated on a year-by-year basis and adjusted according to the work allocated by Boeing to Italian companies.

Commenting on the new deal, Sace CEO Alessandro Decio says: “We intend to use this commitment to generate new opportunities for Italian excellence in this sector, with positive impact on growth and employment for many subcontractors, especially small and medium enterprises”.

According to Sace, from 2015 to 2016, Boeing purchased US$2.5bn in goods and services from Italian companies, generating 12,000 jobs along the supply chain.

Boeing’s business in Italy is centred around the 787 Dreamliner programme, of which 14% is built by Leonardo Aerostructure. The company works on the construction of the central and rear fuselage sections and horizontal stabilisers.