UAE, Italy export credit agencies explore ways for cooperation in various sectors

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

UAE’s federal export credit company, Etihad Credit Insurance (ECI), and the Italian export credit agency SACE have discussed cooperation in supporting sustainable development projects, small and medium-sized enterprises (SMEs) trade finance, and the Halal sector.

Both the state export credit agencies (ECAs) have explored collaboration in co-insurance and re-insurance opportunities in strategic sectors, as well as bolstering sustainable development projects through the use of Islamic finance and sustainable finance. This is consistent with both countries’ national sustainability goals, as well as the United Nations’ Sustainable Development Goals (SDGs).

The meeting followed a three-year-old agreement signed by ECI and SACE that laid the groundwork for future business opportunities between the two countries.

Pierfrancesco Latini
Pierfrancesco Latini

“Italy and the UAE have a similar vision to put sustainable development at the core of their global agenda. The cooperation talks between ECI and SACE in supporting strategic investments and green projects will be a major boost to both countries’ time-honored trade relations. Through this alliance, we are determined to help Italian and UAE businesses access sustainable finance which will pave the way for highly responsible trade and investment opportunities between the two countries.”

The two ECAs have also discussed how they can work together to support Berne Union, the leading global association for the export credit and investment insurance industry, whose members include government-backed official ECAs, multilateral financial institutions, and private credit insurers from all over the world, with a focus on youth training and skills development.

Mr. Massimo Falcioni, CEO of ECI said, “We are honored to further the cooperation that ECI has started with SACE three years ago. By providing support to Emirati and Italian companies involved in sustainable development and green energy projects, we will increase the competitiveness of trade and export businesses from both countries, thereby strengthening further the excellent long-lasting relationships between the UAE and Italy.”

“ECI and SACE are our esteemed members at Berne Union and we are very pleased to welcome their initiative to support our objective of increasing international trade flows, including trade finance, financing of large-scale projects, and sustainable financing, which addresses the pressing need to develop innovative mechanisms to fund green projects in emerging markets,” commented Ms. Michal Ron, Chief International Officer of SACE and President of Berne Union.

Related: Emirates NBD, ECI unite to improve UAE exporters’ liquidity