Monday, July 15, 2019
Dubai, UAE, July 7th 2019:
Etihad Credit Insurance (ECI), the UAE federal credit insurance company has signed a Memorandum of Understanding (MoU) with the Corporate Banking division of Emirates NBD, a leading bank in the region to provide export insurance services to UAE companies, enabling them to expedite their global business reach.
This partnership will empower UAE-based firms to strengthen their presence regionally and internationally by providing them access to ECI’s comprehensive range of trade credit insurance solutions and Emirates NBD Corporate Banking’s customised products such as trade finance solutions while including but not limited to trade receivables, discounting, pre-shipment, export funding, surety bonding as well as advisory services. This cooperation underlines ECI and Emirates NBD’s shared commitment to achieving UAE’s non-oil diversification strategy embodied in the country’s 2021 vision and goals.
The MoU was signed by Massimo Falcioni, CEO of ECI and Ahmed Al Qassim, Executive Vice President, General Manager of Corporate Banking, Emirates NBD in the presence of senior officials from both organisations.
The collaboration between ECI and Emirates NBD will focus on areas that include trade credit risk management solutions, export financial tools, surety bonds, export financing, SME financing, aircraft financing, corporate financing, bond support and Letters of Credit Confirmation. The partnership will enable businesses to access customised and structured financial solutions combined with global expertise to meet their evolving needs. This allows ECI to leverage Emirates NBD’s institutional relationships, on-ground expertise, strong experience in capital investments and impressive track record in wholesale banking to support the regional and global expansion of local businesses.
Massimo Falcioni, Chief Executive Officer, ECI, said, “Growing business regionally or globally plays a crucial role in building a strong, diversified, and sustainable economy of the country. ECI’s mandate is to give ease of access to financial solutions to local businesses. Given our national mandate and Emirates NBD’s expertise, we are confident that we will empower UAE-based exporters and local businesses to expand their footprint regionally and globally.”
Commenting on this strategic collaboration, Ahmed Al Qassim, Executive Vice President, General Manager of Corporate Banking at Emirates NBD said, “We are pleased to sign this partnership agreement with ECI which is aimed at providing financing solutions that will provide increased flexibility to UAE businesses as they pursue their expansion plans. Emirates NBD has always taken the lead in creating innovative financial solutions that benefit the local economy and our joint initiative will serve to reinforce and support the continued development of the nation’s economy.”