Emirates news agency – Nine industrial plants obtained credit insurance on their exports with AED 2 billion

ABU DHABI, November 28, 2021 (WAM) – The Abu Dhabi Economic Development Department (ADDED) has announced the completion of the first phase of the financial ecosystem program for industrial facilities in the Emirate of Abu Dhabi, which is in progress by the Industrial Development Bureau, a subsidiary of ADDED. The program aims to improve the credit environment for the industrial and commercial sectors by motivating banks to compete and provide leading financing services and products to the economic sectors of the Emirate of Abu Dhabi.

In this context, the program was successful in its first phase, in cooperation with Etihad Credit Insurance Company, a credit protection company established by the Federal Government of the United Arab Emirates, to enable 9 industrial facilities in the Emirate of Abu Dhabi to obtain export credit insurance. on their turnover, after having led several educational workshops organized by the Industrial Development Bureau for industrial exporting companies.

In addition, the total value of insured turnover for the beneficiary industrial facilities has amounted to AED 2.144 billion since March 2020, of which AED 1.588 billion for metallurgical industries, AED 367 million for industrial industries. plastic and glass, 100 million AED for construction industries, 70 million AED. for the chemical industries and 19 million AED for the electrical and electronic industries.

The financial ecosystem program, in its second phase starting early next year, aims to secure export credit insurance for 28 industrial facilities in Abu Dhabi, with a total turnover value of 7.5 billion AED, including metal, electricity, chemicals, plastics, glass, construction, food, wood, paper, machinery and equipment industries.

He said the Industrial Development Bureau is working, in cooperation with the Abu Dhabi Digital Authority, to provide a digital platform through which the financial ecosystem program is implemented through the integrated service system ” Tamm “. The integration will facilitate the process for business owners to obtain the appropriate financing for their entities, in an easy and accessible manner that is compatible with the nature of their economic activities. The program, in its first phase, is currently available on the Abu Dhabi Ministry of Economic Development website www.added.abudhabi.ae.

The program aims to improve the financial ecosystem, which helps to promote and stimulate investment in the local industrial sector, thereby creating a harmonious investment environment for foreign direct investment, with the aim of strengthening business chains. procurement associated with the local industrial sector, including logistics services. , supply, marketing, transport and packaging activities.

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