DUBAI, UAE, May 23, 2024 /24-7PressRelease/ -- Etihad Credit Insurance (ECI), the UAE Federal export credit company, unveiled its growth trajectory in its annual report for 2023. With a gross exposure of AED 9.6 billion, ECI experienced a 21-fold increase compared to 2019.
H.E. Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, said: "Under the guidance of our wise leadership, the UAE achieved regional and international success, becoming a leading hub for trade and investment. Emphasising emerging industries and SMEs, we are diversifying our economy according to the 'We the UAE 2031' vision. ECI's financial and strategic support contributes to the 2030 Agenda for Sustainable Development."
H.E. Raja Al Mazrouei, Chief Executive Officer of ECI, said: "We provide innovative credit solutions, easy financial access, expert market insights, and nurture strategic collaborations. Our dedication to UAE exporters is reflected by the 25 per cent increase in policies issued. Our primary aim is to expand ECI's services to strengthen national exports."
ECI's supported UAE exporters across 17 sectors in 110 countries, amounting to a non-oil trade and investment of AED 14 billion in 2023. This was facilitated by 21 agreements with government export credit agencies.
ECI's commitment to supporting clients beyond credit insurance is demonstrated by the company's handling of overdue payments, resulting in collection of AED 82 million. It showcases ECI's contributions to facilitating financial access for UAE exporters, with over AED 1.8 billion worth of credit cover provided.
ECI has given a credit cover of AED 4.7 billion to UAE's industrial sector with AED 1.4 billion in 2023, in line with the partnership with Ministry of Industry and Advanced Technology (MoIAT).
It further highlighted ECI's commitment of USD 500 million to boost Africa's clean energy transition as part of the UAE's USD 4.5 billion Africa Green Investment initiative. The company supported clients with management of late payments worth AED 415 million, with recovery of AED 353 million or 83 per cent.
ECI-backed trade finance lending crossed AED 1 billion in the first year of a partnership with DP World Trade Finance. It aims to broaden SME access to trade finance by mitigating the potential risks. ECI's plans to leverage the UAE's Comprehensive Economic Partnership Agreements (CEPAs) to enhance trade and strengthen commercial relations.
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