The Italian export credit agency Sace has signed a co-operation agreement with the Kurdistan International Bank for Investment and Development (KIB).

The agreement will see both parties commit to organising technical training programmes, workshops and seminars for the promotion of insurance and financial instruments to help Italian and Iraqi Kurdistani companies. However, there is no binding financial commitment as part of the agreement.

A spokesperson for Sace tells GTR about the ECA’s role: “The initiative is in line with Sace’s strategy to create a wide international network of partnerships with key local economic and financial operators, in order to reinforce its capacity to act as a business facilitator and better serve Italian companies in their internationalization projects.”

Speaking of Sace’s hopes for trade in Iraqi Kurdistan, the spokesperson says: “Thanks to a greater political stability and willingness to invest in infrastructure and development, the region is going to offer growing opportunities to Italian companies, not only for the major groups in the oil and gas sector, but also for SMEs operating in the construction, infrastructure and mechanical equipment and machinery.”