Etihad Credit Insurance (ECI), the UAE’s federal export credit company, and Emirates NBD have signed an agreement that will improve liquidity for UAE exporters and businesses and enhance their global competitiveness.
This agreement follows the Memorandum of Understanding signed in 2019 between Massimo Falcioni, CEO of Etihad Credit Insurance, and Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate & Institutional Banking, Emirates NBD. This partnership is part of the UAE government’s ‘Make it in the Emirates’ initiative, as it will build confidence in the financial sector to finance UAE companies towards their manufacturing, export and expansion goals.
As a result of the agreement, Emirates NBD will be able to leverage the ECI insurance policy to provide credit facilities to UAE companies. The support of a federal export credit such as ECI helps the bank to reduce the risks that may be associated with credit facilities, while supporting the cash flow and capabilities of Emirati companies to seek or continue international operations.
This alliance is a positive step for local businesses. Through this partnership with Emirates NBD, ECI can help UAE companies strengthen the reach of UAE products and exports internationally, which can lead to more opportunities to promote the uniqueness and quality of locally produced products, thereby improving their competitiveness in the global market.
Highlighting ECI’s commitment to supporting UAE financial institutions, Mr. Falcioni said, “We are very pleased to support the ‘Make it in the Emirates’ initiative, which aims to create pride in locally made products, through this strategic alliance with Emirates NBD.
More than 80% of global trade depends on trade finance, most of it short-term. We are delighted to offer the solutions we have developed to support banks’ factoring and supply finance activities, which can be effectively leveraged by lenders to provide innovative financial solutions to their customers, whether they are large corporations or SMEs, thereby benefiting the local economy and supporting its continued development.”
Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate & Institutional Banking, Emirates NBD, added: “Emirates NBD is delighted to partner with ECI to support our country’s businesses and strengthen their competitive strengths. As the UAE looks to create value in the country, this is a crucial time for local manufacturers and exporters looking to enhance their proposition on the global stage. As strategic contributors to the UAE economy, Emirates NBD’s partnership with ECI builds on our long-term commitment to providing robust financing facilities and support to UAE businesses to boost their trade competitiveness and global confidence.”