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trading Trade between the United Arab Emirates (UAE) and several African countries is growing steadily.
Etihad Credit Insurance (ECI), the Emirates Federal Export Credit Corporation and the African Trade Insurance Institute (ATI) have signed a mutual reinsurance agreement to strengthen trade links and facilitate the two markets by providing trade credit insurance and trade finance solutions for businesses between the exits.
The deal follows a Memorandum of Understanding (MoU) signed by each entity in March 2021 and aims to enhance exporters’ global competitiveness by increasing their awareness of export credit and trade finance solutions.The initiative encourages them to use risk mitigation tools to combat business and political risk.
Under the agreement, signed by Etihad Credit Insurance CEO Massimo Falcioni and ATI CEO Manuel Moses, both organizations aim to support UAE and African joint ventures in their respective countries. The arrangement will also help companies share risks, thereby boosting global trade growth.
Stressing the importance of this strategic alliance, Falcioni said: “This collaboration will provide real confidence to UAE exporters, enabling them to access the diverse markets and resources of the African region under state-backed guarantees against commercial and political uncertainty.”
Moses said: “This transaction with ECI is an important step in strengthening our commitment to provide risk solutions to corporates, investors and commercial lenders interested in doing business in the UAE and Africa.
Deepening our ongoing partnership, this reinsurance agreement will pave the way for businesses to trade opportunities to enhance their regional and global competitiveness. “
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