Dubai, UAE, April 19, 2020:
In the wake of the COVID-19 outbreak, banking institutions in the UAE are establishing many new ways to help their customers.
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has partnered with National Bank of Fujairah (NBF) to support businesses in the UAE by securing customer’s sales receivables and providing another source of working capital. This collaboration will benefit small and medium-sized businesses, especially companies in challenged industries, by offering risk mitigation tools as well as trade credit solutions to facilitate cash flow support. These tools will help them navigate better the current crisis by safeguarding their business goals and future growth.
The partnership between ECI and National Bank of Fujairah was sealed in a virtual meeting attended by senior officials from both organisations.
Underscoring how the collaboration between Etihad Credit Insurance and the National Bank of Fujairah will be beneficial for businesses and investors in the UAE, Massimo Falcioni, CEO of ECI, said: “ECI’s partnership with National Bank of Fujairah will support the banks’ customers to manage risk and cash flow, during this global economic cycle. It also comes following numerous stimulus packages and financial measures declared by the UAE Federal and governments, and several leading banking institutions in the UAE to address the effects of the COVID-19 contagion. This partnership will be vital for businesses, as they will have access to bank’s export credit funding, backed by Etihad Credit Insurance guarantees and insurance solutions for both discount receivables and their supply financing”.
Meanwhile, Vince Cook, CEO of NBF, stated, “We are pleased to have partnered with ECI, an exciting new initiative from the Government of the UAE. Over the years, NBF has been recognised for its customer-centric approach to banking and as a leader in trade finance. Its deep-sector knowledge and understanding of each customer’s priorities ensures it is in a strong position to help companies during difficult times. Access to ECI’s customised and comprehensive trade credit solutions brings an unrivalled source of support that we know will be of great service to our customers and to the wider economy as a whole. I am sure that together we can play a significant role across the UAE driving regional and international trade forward.”
Under this agreement, both the institutions have agreed to cooperate on the following areas: Trade Credit Insurance (conventional and Murabaha); Export & Project Financing; Factoring; SME’s Financing; and LC Confirmation as well as conduct workshops to showcase the benefits of trade protection solutions against the risk of non-payment. ECI will also provide market intelligence reports to highlight the commercial and political risk associated in international trade activities through its database of 360 million companies from across the globe.
About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
It is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses as well as support the exporters in the domestic trade through a range of export credit, financing and investment insurance products.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.
ECI has also been assigned Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook from Fitch Ratings
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