Italy and Russia’s export credit agencies (ECAs), respectively Sace and Exiar, have signed a reinsurance agreement to increase bilateral trade.

The ‘agreement governing reciprocal reinsurance obligations’ is expected to generate new transactions in the sectors of infrastructure, power, aircraft, and oil & gas construction by creating a common risk-sharing platform. It will also promote the creation of a legal framework to bring into effect joint Russian-Italian projects in third counties.

Co-operation between Sace and Exiar in the past year has included an advisor role for Sace in the set-up of the Russian ECA and a memorandum of understanding to enhance opportunities in both markets through the exchange of information.