Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a Memorandum of Understanding (MoU) with Greece’s Export Credit Insurance Organization (ECIO) to boost bilateral trade and economic cooperation between the two countries.
Both export credit agencies will use trade finance tools to help local firms operating in agriculture, construction, steel and aluminum, ceramics, renewable energy, mechanical, and waste management and will help them expand globally.
Through the promotion and use of Sharia-compliant finance solutions, the partnership will also enable small and medium-sized enterprises (SMEs) and mid-caps to grow and improve halal trade.
This agreement follows the recent UAE-Greece high-level diplomatic meetings which reviewed the prospects of bolstering the strategic partnership ties in economics, politics, defense, culture, governance, food security, and deliberated many regional and international issues of interest, including the latest developments in the eastern Mediterranean and the importance of strengthening peace and stability in the region.
“We are pleased to forge this new alliance with the export credit agency of Greece, which will be instrumental for the growth and increased competitiveness of UAE exporters. This agreement will help businesses from both countries to expand on a global scale, backed by a wide range of credit insurance solutions, market intelligence, and ease of access to international trade. It will also protect SMEs and large enterprises from both commercial and non-commercial risks they come across in their business journey.”
Under this MoU, ECI and ECIO will explore mutual opportunities in insurance, reinsurance, and co-insurance. They will also exchange expertise and best practices in commercial underwriting, risk management, country assessment, claims and recovery.
Mr. Gregory Stamatopoulos, Director-General of ECIO said that, “Building on the long-term bilateral relationship between Greece and the UAE, this partnership will play a pivotal role in enhancing the economic stability and trade strength of both countries.”
In 2020, the UAE and Greece established a strategic partnership on a solid basis of friendship and mutual respect, which dates back to 1976 when the respective countries set up a joint committee for economic, cultural and technical cooperation. According to data from the UAE Ministry of Economy, non-oil foreign trade between the UAE and Greece reached $327 million in 2020, up 41 percent from $231.4 million in 2019.