ECI issues AED6 billion worth of revolving credit guarantees to companies active in 20 sectors

ECI issues AED6 billion worth of revolving credit guarantees to companies active in 20 sectors

ECI issues AED6 billion worth of revolving credit guarantees to companies active in 20 sectors
DUBAI, 1st February, 2022 – Massimo Falcioni, CEO of Etihad Credit Insurance (ECI), has said that since its launch in 2018, ECI has supported various sectors with its trade credit solutions, improving the competitiveness of the UAE non-oil trade and export.

Over the past four years, ECI recorded a new milestone by issuing AED6 billion worth of revolving credit guarantees, which is equivalent to AED18 billion supported UAE non-oil trade.

These guarantees were given out to companies active in 20 sectors.

Over the past couple of years, we’ve managed claims across various business segments and recently paid claims in diverse manufacturing sectors, including construction, steel, food, retail, and packaging.

In a statement to the Emirates News Agency (WAM), Falcioni said that ECI is integral in reaching the goals adopted in the UAE National Agenda for non-oil export development by accessing 25 new global markets and advancing our foreign trade through our strategic alliances with foreign governments’ Export Credit Agencies and extensive database of more than 320 million companies worldwide.

And we are well on our way to shaping the course of the UAE economy in line with the vision of the UAE leadership for the next 50 years.

On ECI’s participation and activities at Expo 2020 Dubai, he stated that, leveraging the global significance of Expo 2020 Dubai, ECI hosted several events connected to export credit insurance in association with leading international organisations in this field.

On the sidelines of the world expo, we signed a memorandum of agreement with export credit agencies of Greece and Poland to intensify efforts in enhancing economic corporation and boosting trade between the countries.

He added, “We also joined forces with Sky Power Mena, a leading corporation in utility-scale solar PV energy projects in the world.

Under the MoU, ECI will provide trade credit insurance solutions to bolster strategic sectors projects such as renewable energy, water treatment and any other projects of national interest.

There are many more programmes ECI has scheduled to organise in connection with the Expo, which include the Prague Club Committee Meeting of Berne Union, a high-level summit that will explore vital topics on export-orient innovation and the role of ECA’s in empowering global trade relations, as well as the “CEOforLife” Awards, which honors CEOs who lead their organisations to contribute to Sustainable Development Goals (SDGs).

About association with Korean export credit agency Ksure, he said that the economic and trade relations between the UAE and South Korea have seen dramatic growth lately with major projects in sustainable development.

This agreement between both export credit agencies will serve as a catalyst in enhancing the competitive edge of export and business communities in the respective countries.

Moreover, the crucial aspect of this pact lies in its greater focus on reinforcing initiatives that aim to reduce carbon emissions, reflecting the UAE’s national drive to achieve net-zero emissions by 2050.

He added, “Thanks to rapidly declining renewable energy costs and technological advances, green hydrogen can become the medium of choice for transporting cheap, clean energy across the globe.

We firmly believe this MoU will have a tremendous impact on reinforcing the adoption of green hydrogen projects worldwide.

ECI’s association with Ksure will usher in a promising future for meeting the energy requirements of both countries without relying on fossil fuels.

On ECI’s collaboration with other export credit agencies, he said that ECI has always been staunch in its mandate to bolster its international relations in order to enhance trade opportunities for the country’s export sector striving hard to establish close ties with various institutions in order to strengthen UAE businesses in line with the vision of the UAE’s leaders.

He stated, “We understand that strategic partnership among the global trade credit insurance players is crucial in ensuring the stability of businesses.

With the various collaborative initiatives between ECI and our counterparts in other countries, we provide a broad range of bespoke credit insurance solutions for businesses as well as facilitate much-needed protection from the commercial and political risks associated with exports in the global marketplace.