Etihad Credit Insurance shareholders hail federal company’s performance in 2020


His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Vice-Chairman of the Board of Directors of Etihad Credit Insurance, chaired the meeting

DUBAI, UNITED ARAB EMIRATES, July 4, 2021 /EINPresswire.com/ –

Etihad Credit Insurance, the United Arab Emirates’ federal export credit company, held its annual general meeting of shareholders to review its performance and financial statements in 2020, as well as to discuss its strategic plans and future plans .

The meeting was chaired by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Vice-Chairman of the Board of Directors of Etihad Credit Insurance (ECI).

During the meeting, shareholders commended the leadership of ECI for developing and implementing strategies in line with the National Non-Oil Diversification Program, which has significantly contributed to economic recovery and sustainability. of the UAE. Shareholders also praised the excellent business performance of the organization despite the current global economic conditions, and its unremitting efforts to stimulate the growth of the country’s exporters and re-exporters and facilitate their access to global markets.

“Despite the severe economic challenges caused by the COVID-19 pandemic, the continued support of the ECI for the cash flow of businesses protected by UAE trade and exports,” said HE Al Zeyoudi. “The company’s solutions have also made it easier for SMEs to access trade finance, accelerating economic recovery during These measures have opened up new markets for UAE exporters and re-exporters and helped stabilize the economy of the United Arab Emirates. United Arab Emirates, creating new investment and project finance opportunities, thereby adding value to the UAE’s non-oil GDP, employment and SME sector.

Shareholders approved certain enhancements to the company’s mandate (constituent articles), in order to meet the needs of UAE non-oil exporters and reach its full potential to boost non-oil GDP, enabling the company to:

Insure non-oil exporters to cover their domestic commercial risks, as part of the insurance coverage provided to these exporters, in respect of their exports outside the United Arab Emirates; providing Sharia (Islamic Window) compliant trade finance and credit insurance solutions; provide and guarantee protection against the risks associated with credit facilities offered in any form, including, but not limited to, financing of non-oil projects, financing of exports, financing of supply and / or factoring programs granted by authorized banks in the UAE in connection with the activities indicated above; insure against the risks associated with the confirmation of letters of credit issued by foreign banks, provided that such letters of credit are issued to support the export or re-export of goods, services or other capital goods outside of the United Arab Emirates.

The rationale for improving the mandate of the ECI is that the mandates of export credit agencies in prosperous economies are to help exporters grow and succeed internationally in order to create jobs. and foster economic growth. Support from ECAs is always important, but crucial in times of crisis. International trade is a key pillar of economic development and growth, and export credit agencies such as ECI create high economic impact by securing business volumes and creating new jobs and preserving existing jobs, especially in innovative micro, small and medium enterprises (MSMEs).

As of May 2021, the ECI had issued 4,039 revolving credit guarantees, equivalent to AED 7.5 billion in non-oil trade to 85 countries. A detailed performance review revealed that among the 18 sectors that have benefited from ECI’s warranties are cable, steel, petrochemicals, building materials, packaging, automotive, energy, utilities public, health and food.

Amid the economic slowdown brought on by the pandemic, these guarantees have helped protect the liquidity of businesses in the UAE, helping them reduce their cost of bank financing. These facilities also allowed companies to ask their preferred bank to discount invoices at a preferential rate.

The meeting was attended by representatives of the shareholders of ECI, namely His Excellency Rashid Abdul Karim Al Balooshi, Undersecretary of the Department of Economic Development of Abu Dhabi (ADDED) – representing the Emirate of Abu Dhabi ; His Excellency Saed Mohamed Alawadi, CEO of Dubai Exports, Member of the Board of Directors and Chairman of the Executive Committee of ECI — representing the Emirate of Dubai; His Excellency Dr Abdurahman Al Shayeb Al Naqbi, Director General of the Department of Economic Development of Ras Al Khaimah, representing the Emirate of Ras Al Khaimah; His Excellency Yousef Abdullah Alawadi, Deputy Director of the Fujairah Natural Resources Corporation, representing the Emirate of Fujairah; Tariq Al Marzooqi, Acting Director of the Department of Public Revenue at the Ajman Ministry of Finance, representing the Emirate of Ajman; Ahmad Rashid Ahmad bin Fahad, Governance and Data Analytics Team Leader at the Ministry of Finance, representing youth. ECI CEO Massimo Falcioni was also present at the meeting.

The representatives also set the agenda for future initiatives that will help accelerate the country’s economic diversification through innovative trade credit, trade finance and project finance solutions.

Vince ang
New Perspective Media Group
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