Etihad Credit Insurance partners with Standard Chartered Bank ensuring ease of access to funding for UAE businesses

Business

Etihad Credit Insurance partners with Standard Chartered Bank ensuring ease of access to funding for UAE businesses

Dubai, United Arab Emirates, 18 February 2019: Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with Standard Chartered Bank, a leading global banking group. The collaboration will provide seamless access to trade credit solutions and funding for UAE businesses which are aiming to establish their presence locally and globally. This strategic move will not only support entrepreneurial ventures and empower local businesses, but also boost the overall development of the UAE economy.

Under the MoU, both institutions will collaborate to support UAE-based exporters through various financing and funding solutions. Areas of focus include credit risk management solutions, export financial tools, surety bonds, export financing, aircraft financing, corporate financing, bond support and Letters of Credit Confirmation. ECI and Standard Chartered Bank will likewise team up in terms of market intelligence exchange as well as to educate the local businesses by conducting a series of seminars that will highlight the benefits of trade protection solutions.

The alliance between ECI and Standard Chartered Bank will support the UAEs non-oil diversification strategy as well as the countrys sustainable growth.

The MoU was signed by Massimo Falcioni, Chief Executive Officer at ECI, and Rola Abu Manneh, Chief Executive Officer of Standard Chartered Bank, UAE.

Massimo Falcioni, CEO, ECI, said: "It is a positive step towards ECIs objective to assist local entrepreneurial ventures and businesses by offering insightful intelligence, trade protection solutions and easier access to financial services.

Rola Abu Manneh, CEO of Standard Chartered Bank, UAE, said: Factors such as the UAEs ease of doing business, strategic geographic location as well as strong regulatory and legal framework have created a conducive environment for entrepreneurs and homegrown companies.

According to the Federal Customs Authority (FCA), the UAE export reached AED139.1 billion during the first nine months of 2017, with re-exports value recorded at AED325 billion during the same period. The FCA also revealed that UAE General Trade volume during the phase from January to September 2017 amounted to AED1.17 trillion, in comparison to AED1.16 trillion during the same period in 2016.