Etihad Credit Insurance (ECI) and African Trade Insurance Agency (ATI) have signed a reciprocal reinsurance agreement to strengthen trade ties and boost exports between the two markets by providing trade credit insurance and trade finance solutions to businesses.
The deal follows the Memorandum of Understanding (MoU) each entity signed in March last year, to enhance the global competitiveness of exporters by improving their awareness of export credit and trade finance solutions, as well as encouraging them to use risk mitigating tools against commercial and political risks.
The agreement was signed by both Massimo Falcioni, CEO of Etihad Credit Insurance, and Manuel Moses, CEO of ATI.
Under the agreement, both organisations aim to support joint Emirati and African ventures in their own countries, as well as their collaborative initiatives in other countries by sharing risks enabling these companies to grow trade globally.
“The UAE and Africa continent enjoy illustrious historic bilateral trade relations, and we at ECI are proud to reinforce that tradition with the support of ATI. This collaboration will provide UAE exporters real confidence to access the African region’s diverse markets and resources with state-backed guarantees and safeguards against commercial and political uncertainties,” said Falcioni.
“This deal with ECI is a major step to strengthen our commitment to providing risk solutions to businesses, investors and commercial lenders interested in doing business in the UAE and Africa. Deepening our ongoing partnership, this reinsurance agreement will pave the way to unparalleled trading opportunities for businesses to improve their regional and global competitiveness,” added Moses.
