UAE, France export credit agencies ink strategic reinsurance deal to boost joint projects

By Shilpa Annie Joseph, Official Reporter
  • Follow author on
Representational Image

UAE’s federal export credit company, Etihad Credit Insurance (ECI) has signed a reinsurance agreement with the French Export Credit Agency, Bpifrance Assurance Export in order to expand joint Emirati and French projects around the world.

The partnership would improve the UAE and France’s strong trade and economic ties and boost exports in both nations by providing export insurance solutions for Emirati and French enterprises.

According to the statement, “The UAE and France’s export credit agencies entered into this agreement to work towards pursuing strategic collaboration in areas such as exploration of mutual opportunities for insurance, reinsurance, co-insurance services for export of goods in third countries.” Both parties will also look for companies that could profit from the arrangement and will advertise it to their existing and potential consumers.

The export communities in both countries stand to gain from this alliance as it intends to offer ease of access to a range of export credit and financing and investment insurance products.

Massimo Falcioni
Massimo Falcioni

“The UAE and France have always shared exceptional trade relations, and over the past years, these bilateral ties have witnessed a significant leap. The new agreement comes as a sequel to the MoU that ECI and Bpifrance Assurance Export signed in June 2020 to explore, strengthen, and enhance the trade and economic cooperation between France and the UAE. This agreement underscores ECI’s commitment to consistently improve and create alliances to help provide much-needed incentives for businesses and exporters. This cooperation will go a long way in helping the UAE and French exporters gain access to international markets, protect their cash flows, and offer guarantees to their lenders, thus strengthening their presence on the global marketplace.”

Mr. Pedro Novo, Executive Director in charge of Export at Bpifrance said, “We believe this partnership will reinforce France’s commercial ties with the UAE and make a significant difference for our respective businesses, especially SMEs, by making it easier to access the wide range of export credit solutions offered by both ECAs.”

Earlier, ECI struck agreements with equivalents in key European nations such as the UK and Italy to strengthen investment and trade ties. The agreement with France has been deemed another milestone in ECI’s mission to deepen the UAE’s economic ties and non-oil trade, according to the statement.

Related: Dubai Chamber Member trade activity hit $40bn between Jan-Aug 2021