The UAE Federal export credit company, Etihad Credit Insurance (ECI) and the largest banking group in the Middle East Emirates NBD have entered into an agreement to increase the liquidity of exporters and businesses in the country and improve their global competitiveness.
The agreement follows the Memorandum of Understanding (MoU) signed in 2019 by Massimo Falcioni, CEO of ECI and Ahmed Al Qassim, Senior Executive Vice President and Group Head of Corporate and Institutional Banking at Emirates NBD.
As part of the deal, Emirates NBD can strengthen ECI’s insurance policy to provide credit facilities to businesses in the country. The support of a federal export credit helps the bank to reduce any risks that may be associated with credit facilities while maintaining UAE businesses’ cash flow and capabilities to seek or continue their global operations.
The alliance between Emirates NBD and ECI can support the businesses to extend the reach of UAE products and exports globally, which can lead to more avenues to promote the quality of regionally produced goods, thereby enhancing their competitiveness in the international marketplace.
“Emirates NBD is delighted to join hands with ECI to support our nation’s businesses and enhance their competitive strengths. As the UAE looks to build in-country value, this is a critical time for local manufacturers and exporters looking to enhance their proposition on an international stage. As strategic contributors to the UAE economy, Emirates NBD’s partnership with ECI builds on our long-term commitment to deliver robust financing facilities and support to UAE businesses to boost their trade competitiveness and overall confidence.”
The partnership is following the UAE government’s ‘Make it in the Emirates’ initiative as it will increase the confidence of the financial sector to fund companies in the country to attain their business goals.
Commenting on the agreement, Mr. Falcioni said, “We are very pleased to support the ‘Make it in the Emirates’ initiative, which aims to create a sense of pride in locally made products, through this strategic alliance with Emirates NBD. We are delighted to offer the solutions we have developed for supporting banks’ factoring and supply financing activities, which can be leveraged effectively by the lenders, to offer innovative financial solutions to their clients, whether large companies or SMEs, thereby benefiting the local economy and supporting its continued development.”