Italy’s export credit agency (ECA) Sace has been awarded an advisory contract to help set up the newly-formed Russian ECA Exiar.

Sace will provide technical consultancy services alongside a technical training programme with a focus on products, work practices, risk management and assessment.

Additionally, Sace and Exiar will today sign a memorandum of understanding to enhance trade and investment opportunities in their respective markets.

These initiatives are expected to generate new transactions worth over €1bn in the near term for sectors including energy, infrastructure and aviation Sace says in a statement.

With an overall exposure exceeding €5.4bn, Russia continues to be a key market for Sace and a strategic partner for operations in the CIS region.

Exiar is a fully-owned subsidiary of Russian development bank Vnesheconombank (VEB).