Italian ECA Sace and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) have signed two agreements to expand their mutual business opportunities.

The first is a reinsurance agreement to facilitate export credit transactions, investment insurance and sureties between Italy and ICIEC member countries. ICIEC will reinsure Sace for transactions involving Italian exports of capital goods and services and investments in its members.

The second agreement sets a framework for advisory collaboration. Sace will assist ICIEC in enhancing operational aspects like its international best practices in export credit insurance.

Director of international relations and network at Sace, Michal Ron, comments: “These initiatives lay the foundation for a partnership framework expected to generate new transactions in a variety of sectors of common interest. We are keen to share our experience and risk assumption capacity with a key player like ICIEC, and we are pleased to offer our advisory services.”

Chief operating officer of ICIEC Khemais El Gazzah says: ”Signing these agreements is strategically important for ICIEC because it will strengthen our relationship with one of the leading national ECAs in the world.”

“It will help ICIEC to achieve its mandate as a multilateral developmental institution aiming at facilitating the flow of foreign direct investments into its member countries, encouraging their exports and helping them import capital goods.”