Etihad Credit Insurance (ECI), the UAE Federal export credit company, and UK Export Finance (UKEF) have collaborated to jointly support a major project in the Republic of Senegal to strengthen its national emergency response infrastructure.
This national emergency response project, called the Redco Project Senegal, will see the supply and building up of emergency services from fire fighting vehicles, airport firefighting and rescue vehicles, ambulances and medical vehicles, rescue boats, and water trailers, cranes with cargo trucks and other safety equipment in Senegal.
The project, worth $147 million, is funded by Standard Chartered Bank along with partial direct lending by UKEF and is backed by ECI & UKEF under a reinsurance arrangement with ECI’s participation worth $91 million.
ECI, in partnership with UKEF, has provided guarantees for the loan obtained by the Senegal Ministry of Economy, Planning and Cooperation. The emergency services equipment will be provided by NAFFCO, a UAE-based manufacturer and exporter of firefighting products and fire protection engineering.
“The long-standing bilateral relationship between the UAE and the UK is built on the shared vision of both countries to promote sustainable development and economic prosperity across the globe. This new agreement between our export credit agencies is part of UAE’s relentless commitment to advance key segments such as emergency services, healthcare, environment, and technology. This collaboration is based on an effective public-private partnership framework that will also bring about substantial investment opportunities for UAE companies around sustainability, which is becoming the norm for the next generation developmental strategies.”
Mr. Mike Freer, UK Minister for Exports, said that “The UK can provide a leading role when it comes to exporting fire safety equipment. This deal demonstrates how British ingenuity coupled with UAE’s proactiveness can better protect communities abroad and shows how joint government initiatives can help businesses export their best-in-class equipment and services.”