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- ECI and EGAP to support local firms operating in growth sectors, such as steel and infrastructure, renewable energy, machinery, plastics, and waste management
Dubai, UAE: Etihad Credit Insurance, the UAE Federal export credit company, signed a Memorandum of Understanding (MoU) with the Czech Republic’s Export Guarantee and Insurance Corporation (EGAP) to enhance trade, investment, and economic cooperation between the two countries.
Under the agreement, the state export credit agencies will cooperate in joint projects to expand their exports globally, and support local firms operating in growth sectors, such as steel and infrastructure, renewable energy, machinery, plastics, and waste management.
ECI and EGAP will also organise workshops and forums that will promote bespoke trade finance solutions to businesses, particularly SMEs, to help them grow on an international scale.
The partnership also aims to improve halal trade through ECI’s Shariah-compliant finance solutions.
Moreover, they will explore mutual opportunities in insurance, reinsurance, and co-insurance, in addition to exchanging expertise and best practices concerning commercial underwriting, risk management, country assessment, claims and recovery.
Commenting on the agreement, Massimo Falcioni, CEO of ECI, said: “ECI’s collaboration with the export credit agency of Czech Republic will pave the way for exceptional growth prospect for local businesses in both countries. This agreement will help them to achieve a competitive edge in the global trade sector as they will be able to have easier access to finance through the backing of government-secured trade finance and insurance solutions and protection for their receivables.”
Meanwhile, Jan Prochazka, CEO of EGAP, said: “This cooperation agreement will go a long way in empowering business communities based in both countries. We firmly believe it will contribute significantly to the sustainability development drive of the Czech Republic and the UAE by bolstering key industries with necessary financial support and insurance coverage.”
The Czech Republic is a key partner of the UAE in the European Union with both countries enjoying growing political, economic and cultural relations. According to the Czech Republic Embassy, the UAE is its second largest trading partner in the MENA region.
Data from the UAE Ministry of Economy shows that UAE-Czeck Republic non-oil trade in 2020 amounted to AED 3.7 billion demonstrating a solid strategic ties between the two countries.
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About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by the UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE's non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
The UAE Federal export credit company is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses as well as support the exporters in the domestic trade through a range of export credit, financing and investment insurance products. Since 2020, in response to the country’s economic needs, it started providing credit insurance support to domestic non-oil trade and project financing guarantees too.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.
ECI has also been assigned for the third consecutive year this 2021 with an Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook according to Fitch Ratings.
For media enquiries, please contact:
Abeer Al Mutawa
Director of Marketing & Communications
Etihad Credit Insurance
abeer.almutawa@eci.gov.ae
Vince Ang
New Perspective Media Group
Email: vince@newperspectivemedia.com
© Press Release 2022
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