Etihad Credit Insurance (ECI), the UAE Federal export credit company, recently signed a strategic partnership agreement with the Export Guarantee and Insurance Corporation (EGAP) to promote bilateral trade between the UAE and the Czech Republic. The agreement was signed by high-ranking officials from both companies, highlighting their commitment to creating a framework for bilateral reinsurance obligations and offering insurance facilities to companies from both countries.
The UAE Minister of Economy and Chairman of ECI Board of Directors, Abdullah bin Touq Al Marri, emphasized the importance of the partnership in strengthening economic relations between the UAE and the Czech Republic. He noted that the agreement would create new economic opportunities for exporters from both countries and contribute to the UAE’s vision of becoming a global economic hub by 2031. The agreement covers various aspects, including addressing risks related to debtors, exploring innovative solutions for private sector debtors, and providing insurance facilities for export agreements in line with OECD guidelines.
The agreement between ECI and EGAP is expected to enhance trade and investment between the UAE and the Czech Republic in the future. By providing export credit solutions to companies from both countries, the agreement aims to boost confidence and security, encouraging businesses to expand their activities and investments. The CEO of Etihad Credit Insurance, Raja Al Mazrouei, highlighted the company’s commitment to expanding its global network of partnerships with strategic markets, offering credit solutions, and reducing risks for exporters.
Etihad Credit Insurance has established several cooperation agreements with government export credit agencies worldwide, including EGAP. These partnerships are part of the company’s strategic initiative, Xport Xponential, which aims to support UAE exports, diversify the national economy, and promote sustainability. EGAP, on the other hand, is a specialized state-owned credit insurance company that focuses on insuring non-marketable commercial risks associated with exports from the Czech Republic, with a particular focus on financing exports in sectors such as energy, machinery, and investment projects.
In conclusion, the partnership agreement between ECI and EGAP is a significant step towards strengthening economic ties between the UAE and the Czech Republic. By providing insurance facilities and credit solutions to companies from both countries, the agreement aims to enhance trade and investment opportunities, boost confidence in export operations, and support the growth of both economies. This collaboration reflects the commitment of both companies to fostering bilateral cooperation and creating a conducive environment for businesses to thrive in the global market.
