ABU DHABI 13 May 2020: Etihad Credit Insurance (ECI), and Abu Dhabi Exports Office (ADEX), have announced a strategic alliance to help UAE exporters overcome the pressing challenges they face in the current economic climate.
ADEX and ECI will combine their highly complementary suite of financial and insurance products and services to bring to UAE businesses a full range of credit facilities – direct financing, guarantees and export credit insurance – to maximise their competitiveness in the global marketplace.
Management of both organisations signed a Memorandum of Understanding pledging mutual cooperation to support UAE companies.
Credit facilities
One of the key collaboration areas through this MoU is that ADEX will expand its range of existing buyers credit facilities in the form of loans and guarantees to include loans guaranteed by ECI to stimulate the import of made in the UAE products from foreign buyers. ECI will offer UAE exporters access to its extensive database of more than 300 million companies worldwide to establish a new customer portfolio.
In addition, the two organisations have committed to work together to develop new joint products to help UAE companies and their overseas buyers address the immediate liquidity and cash flow issues threatening the global supply chain today.
Massimo Falcioni, Chief Executive Officer of ECI, and Saeed Al Dhaheri, Acting Director-General of ADEX, signed the MoU pledging their strategic collaboration. The signing ceremony was witnessed and endorsed by Mohammed Saif Al Suwaidi, Director-General of ADFD and Chairman of the Export Executive Committee of ADEX.
ECI and ADEX will partner on a national education campaign to help business leaders understand how to most effectively leverage this new combined offering to increase global competitiveness and safely enter new global markets to expand their businesses and contribute to broader UAE economy health and growth.
ECI provides guarantees and insurance solutions to mitigate the political and commercial risks arising from financing or refinancing export transactions on behalf of the UAE government. ECI has built a large ecosystem of strategic partners that includes local and international banks which can offer loans to UAE companies to fund exports to overseas buyers, with ECI providing insurance to secure that funding and protect the supply chain.
ADEX provides direct financing and credit guarantees to overseas buyers from the public and private sectors seeking to import goods and services from UAE companies. ADEX funding and guarantees are designed to support national businesses across the UAE in all non-crude oil sectors. ADEX has allocated AED550 million ($150 million) in funding for qualifying export transactions of national companies that is immediately available to support COVID-19 economic recovery.
CLICK FOR MORE NEWS ABOUT CORONAVIRUS
ALSO READ:
