Sace, the Italian export credit agency, and Deutsche Bank have signed a framework insurance agreement which provides further support to export contracts of Italian companies.
Sace aims at further implementing insurance products in favour of Deutsche Bank’s Italian clients, notably small and medium-sized enterprises.
Sace will allow Deutsche Bank to insure export credit transactions with different tenors and towards different countries, within a target ceiling of €165mn.
Thanks to the agreement, Deutsche can stipulate buyer’s credit facilities and confirm documentary credits, which will be automatically insured by Sace, towards 32 foreign countries and 198 pre-determined foreign banks.
The insurance total limit is subdivided into a revolving ceiling, which can be used for transactions with up to 24 months repayment period, and into a non-revolving ceiling for transactions with repayment period up to five years.
The agreement provides Sace and Deutsche with a quick instrument for export-led Italian companies and increases the support to companies active on international markets.