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(L to R) Sir Massimo Falcioni, CEO of Etihad Credit Insurance, and Louis Taylor, CEO of UK Export Finance
(left to right) Etihad Credit Insurance and UK Export Finance logos
Dubai, United Arab Emirates, 10 August 2022 /EINPresswire.com/ — • Etihad Credit Insurance has partnered with UKEF to support this national emergency response project called Redco Project Senegal.This involves the provision and establishment of emergency services in Senegal, including fire vehicles, airport fire and rescue vehicles and other safety equipment
• The project is worth AED 540 million (EUR 139 million), financed by a partial direct loan from Standard Chartered Bank and UKEF, and is supported by ECI and UKEF through a reinsurance arrangement, with ECI participating in an AED 334 million (EUR 87 million) )
• The UAE Federal Export Credit Corporation, in partnership with UKEF, guarantees loans obtained by the Senegalese Ministry of Economy, Planning and Cooperation
• Emergency service equipment will be supplied by NAFFCO, a UAE-based manufacturer and exporter of fire protection products and fire engineering
• This trade finance support is in line with Etihad Credit Insurance’s goal of promoting exports of manufactured goods and services from the UAE, as part of the $300 billion Action Strategy to develop the UAE’s industrial sector and strengthen its role in stimulating the national economy
Etihad Credit Insurance Corporation (ECI), UAE Federal Export Credit Corporation and UK Export Finance Corporation (UKEF) have announced their joint support for a major project in the Republic of Senegal to strengthen its national emergency infrastructure.
The national emergency response project, called Redco Project Senegal, will provide and build from fire vehicles, airport fire and rescue vehicles, ambulance and medical vehicles, rescue boats, water trailers, cranes with cargo trucks and other safety equipment from Senegal.
The project, valued at AED 540 million (€139 million), is funded by a partial direct loan from Standard Chartered Bank and UKEF, and is backed by ECI and UKEF under a reinsurance arrangement, with ECI participating worth AED 334 million (€87 million) .
Etihad Credit Insurance has partnered with UKEF to guarantee loans secured by the Senegalese Ministry of Economy, Planning and Cooperation.
Emergency service equipment will be supplied by NAFFCO, a UAE-based manufacturer and exporter of fire protection products and fire engineering.
This trade finance support is in line with Etihad Credit Insurance’s goal of promoting exports of manufactured goods and services from the UAE, as part of the ‘300 Billion Action’ strategy to develop the UAE’s industrial sector and strengthen its role in stimulating national development role economy.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for External Trade and Vice-Chairman of the ECI Board of Directors, said: “The longstanding bilateral relationship between the UAE and the UK is built on the shared vision of both countries to promote sustainable global development and economic prosperity. The UAE has always Passionate about participating in these extraordinary projects that can transform the lives of hundreds of thousands of people. This new agreement between our export credit agencies is part of the UAE’s relentless commitment to advancing key sectors such as emergency services, healthcare, the environment and technology. This The collaboration is based on an effective public-private partnership framework that will also lead to substantial investment opportunities for UAE companies around sustainability, which is becoming the norm for the next generation of development strategies.”
Meanwhile, UK Export Minister Mike Freer said: “The UK can play a leading role in exporting fire safety equipment. This deal demonstrates how UK ingenuity combined with UAE initiative can better protect communities overseas and demonstrate how a joint government initiative can help businesses export their best-in-class equipment and services.”
Federal Export Credit Corporation’s trade finance support is in response to the UAE Africa Initiative and Senegal’s call for aid to strengthen and strengthen its fire and emergency response capabilities.
The UAE dispatched a plane of emergency medical supplies to Senegal to mitigate the damage recently after a fire in the neonatology unit at Mame Abdou Aziz Sy Dabakh Hospital in Tifwani, north of the capital Dakar, killed 11 newborns. .
The UAE’s response in humanitarian and trade finance reflects the longstanding relationship between the UAE and Senegal, which dates back to the mid-1970s and spans multiple economic and development sectors.
Sir Massimo Falcioni, CEO of Etihad Credit Insurance, said: “Our partnership with UK export credit agency UKEF to support emergency services in Senegal marks the UAE’s strategic vision and leadership mission for a sustainable world. This partnership The relationship offers many opportunities for the UAE, UK and Senegal to explore joint projects that will help domestic entrepreneurs and exporters secure their access to international markets while safely protecting their receivables. It will further strengthen the global presence of UAE companies influence on the stage and cement its position as one of the most favorable global trade and business centers.”
Louis Taylor, chief executive of UK Export Finance, said: “Senegal is a unique market for UK exporters to access. I have seen firsthand how the UK and Senegal can work on projects in the country through our financing partnership and open up new trade routes for UK companies We are grateful to the UAE Federal Export Credit Corporation for its support of this project, which will pave the way for similar cooperation that will benefit exporters from both countries.”
Vince Ang
New Perspective Media Group
+971 554739253
Email us here
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