KHALEEJ TIMES, Monday, Apr 19, 2021 | Ramadan 7, 1442
Emirates NBD and ECI sign agreement on trade finance
Emirates:
Etihad Credit Insurance (ECI) and Emirates NBD have signed an agreement
that will improve the liquidity of UAE exporters and businesses and enhance
their global competitiveness.
The agreement follows the Memorandum of Understanding (MoU) signed in 2019
between Massimo Falcioni, CEO of Etihad Credit Insurance and Ahmed Al Qassim,
senior executive vice president and group head, Corporate & Institutional
Banking, Emirates NBD. The partnership is in line with the UAE government’s
‘Make it in the Emirates’ initiative as it will boost the confidence of the
financial sector to fund UAE companies towards their manufacturing, export and
expansion goals.
Following their agreement, Emirates NBD can leverage ECI’s insurance policy to
provide credit facilities to UAE businesses. The backing of a federal export
credit such as ECI helps the bank reduce any risks that may be associated with
credit facilities, while supporting UAE businesses’ cashflow and capabilities to
seek or continue their global operations.
This alliance is a positive step for local businesses. Through this partnership
with Emirates NBD, ECI can help UAE businesses in strengthening the reach of UAE
products and exports internationally, which can lead to more avenues to promote
the uniqueness and quality of locally manufactured goods, thereby enhancing
their competitiveness in the global marketplace.
Underlining ECI’s commitment in supporting financial establishments in the UAE,
Falcioni said: “We are very pleased to support the ‘Make it in the Emirates’
initiative, which aims to create a sense of pride in locally made products,
through this strategic alliance with Emirates NBD. More than 80 per cent of
world trade relies on trade finance, mostly of a short-term nature. We are
delighted to offer the solutions we have developed for supporting banks’
factoring and supply financing activities, which can be leveraged effectively by
the lenders, to offer innovative financial solutions to their clients, whether
large companies or SMEs, thereby benefiting the local economy and supporting its
continued development.”
Ahmed Al Qassim added: “Emirates NBD is delighted to join hands with ECI to
support our nation’s businesses and enhance their competitive strengths. As the
UAE looks to build ICV (in-country value), this is a critical time for local
manufacturers and exporters looking to enhance their proposition on an
international stage. As strategic contributors to the UAE economy, Emirates
NBD’s partnership with ECI builds on our long-term commitment to deliver robust
financing facilities and support to UAE businesses to boost their trade
competitiveness and overall confidence.”
|