Spanish re/insurance firm MAPFRE has announced a new partnership with China Re, which will see them collaborate on insuring investments related to China’s massive infrastructure plan, the Belt and Road Initiative (BRI).

As part of the agreement, which was marked by a memorandum of understanding, MAPFRE will offer insurance and reinsurance support to Chinese interests in Latin American and European countries where it has a local presence.

MAPFRE will also act as a cedant for China Re on projects of interest to both parties.

The companies have already been collaborating for a number of years via reinsurance transactions and in roadside assistance, through their respective subsidiaries, Road China Assistance and China Continent.

Launched by the Chinese government in 2013, the BRI is a long-term intercontinental project that aims to connect China to the world’s major economies.

It includes the construction of roads, railways, ports, airports, oil and gas pipelines and power plants, as well as other projects like educational programs and the construction and development of special economic zones.

China and 131 other countries are currently BRI members, together accounting for 30% of global GDP, 62% of the world’s population and 75% of known energy reserves.