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Nairobi/ Abu Dhabi, January 19th 2021 – The Eastern and Southern African Trade and Development Bank (TDB) and Etihad Credit Insurance (ECI), the UAE Federal export credit company, have, today, during a virtual ceremony, signed a Memorandum of Understanding (MoU) with the purpose of bolstering business activity and trade between the United Arab Emirates and TDB Member States.
More specifically, via the MoU, UAE-based companies will be supported in their business ventures in Eastern and Southern Africa via various financing solutions such as conventional and murabaha trade credit insurance, export credit financing, project financing, factoring, forfaiting, SME financing, LC confirmation and corporate financing.
The institutions have also agreed to exchange market intelligence and jointly organize educational events on commercial and political risks associated to cross-border trade activities in the region served by TDB and these can be addressed through solutions such as those proposed in the framework of this partnership.
“We are pleased to sign this MoU with Etihad Credit Insurance to further stimulate trade and investment in our region” says Admassu Tadesse, TDB Group MD and TDB Chief Executive. “Over the past few years, financial cooperation with our ECA partners have led to significant triple bottom-line impact in our region. We look forward to collaborating with ECI in this spirit, via enhanced trade flows between the UAE and TDB Member States.”
Mary Kamari, TDB Corporate Affairs and Investor Relations Executive added that “this cooperation will also be instrumental in raising awareness among the Emirati business community regarding real versus perceived risks in our region, thus encouraging further cooperation and win-win partnerships between TDB and businesses from the UAE.”
Under this partnership, Massimo Falcioni, CEO of ECI, said: “This agreement reflects the goal of ECI to help UAE exporters develop higher market share and grow their business throughout the world. It also mirrors the mandate of TDB to help give businesses in the region a competitive edge in the global arena. Both institutions share a common goal, which is to support companies to expand internationally.”
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a multilateral, treaty-based, investment-grade development finance institution, with 40 sovereign and institutional shareholders and assets of USD 6.7 bn. TDB serves 22 economies in its region, with the mandate to finance and foster trade, regional economic integration and sustainable development.
About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
It is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses as well as support the exporters in the domestic trade through a range of export credit, financing and investment insurance products.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.
ECI has also been assigned Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook from Fitch Ratings.
Anne-Marie Iskandar, Senior Communications Officer
Corporate Affairs and Investor Relations
Trade and Development Bank
Abeer Al Mutawa
Director of Marketing & Communications
Etihad Credit Insurance
+971 4 245 4445
New Perspective Media Group
T: 055 473 9253 / 04 244 9642