UAE Federal export credit company, Etihad Credit Insurance (ECI) has signed a Memorandum of Understanding (MoU) with Turkey’s export credit agency, Turk Eximbank in order to enhance trade and support business relations between the countries.
The two export credit agencies will work together to facilitate trade and export as well as ease access to credit insurance and project financing.
The signing ceremony took place in Istanbul as part of the 2022 Spring Meeting of Berne Union, the international organization and community of leading export credit and political risk insurers.
According to the statement, the agreement will focus on improving the growth of SMEs and mid-caps by facilitating tailor-made solutions in the export and investment sectors. It will also strive to improve halal trade by leveraging Shariah-compliant insurance and finance solutions.
“This agreement will usher in a new era of increased trade relations and exceptional investment opportunities for businesses in the UAE and Turkey. Improving the economic and trade horizons through close partnerships will certainly result in doubling the volume of trade exchanges and greater stability for both countries. It will also boost the prospective Comprehensive Economic Partnership Agreement between the countries and support the UAE’s strategy to double the size of its economy and empower the country’s progressive vision for the next 50 years.”
Furthermore, both parties will join forces to protect local exporters through several bespoke trade credit insurance, reinsurance, and coinsurance solutions.
Mr. Ali Güney, CEO of Turk Eximbank, said that, “By collaborating with the UAE’s Federal export credit company, we look forward to enhancing our local and international trade as well as instilling confidence in our business community with ideal insurance protection.”
“Together, we’ll also explore the prospects of joint projects in rapidly growing industries such as renewable energy, reinforcing the efforts towards building a more sustainable world,” the CEO of Turk Eximbank added.