Business

 Etihad Credit Insurance (ECI), the UAE’s federal export credit company, has signed an agreement with the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, to enhance cooperation in driving foreign direct investments (FDI), co-insurance, and reinsurance activities. The agreement was signed during the Berne Union Annual General Meeting in Hamburg, Germany.

This partnership leverages the extensive expertise of both parties in investment guarantees and commercial credit, establishing a framework for joint efforts in co-insurance and reinsurance solutions. These include investment agreements, equity insurance, loan assurances, and other forms of financial protections to promote FDI in regional and global markets.

H.E. Raja Al Mazrouei, CEO of ECI, emphasized the importance of this strategic collaboration, highlighting its alignment with the UAE's national economic vision, "We the UAE 2031." Al Mazrouei noted that the partnership will provide new opportunities for investment projects, expand trade flows, and reinforce the UAE’s position as a global hub for foreign investments.

MIGA’s Executive Vice President, Hiroshi Matano, praised the agreement as a crucial step in offering innovative financial solutions to attract FDI in emerging markets and developing economies.

The UAE has seen significant growth in its FDI balance, which reached USD 225 billion by the end of 2023, an increase of 15.8% over the previous year. ECI’s insured trade and non-oil investments in 2023 totaled AED 14 billion, covering a substantial portion of the nation's non-oil exports.

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