Dubai: Etihad Credit Insurance, ECI, has signed a Memorandum of Understanding, MoU, with the Corporate Banking division of Emirates NBD to empower the UAE-based firms in strengthening their presence regionally and internationally by providing them access to ECI’s trade credit insurance solutions and Emirates NBD Corporate Banking’s customised products.
This cooperation underlines ECI and Emirates NBD’s shared commitment to achieving the UAE’s non-oil diversification strategy embodied in the country’s 2021 vision and goals.
The MoU was signed by Massimo Falcioni, CEO of ECI, and Ahmad Al Qasim, executive vice-president and general manager of Corporate Banking at Emirates NBD, in the presence of senior officials from both organisations.
The collaboration between ECI and Emirates NBD will focus on areas that include trade credit risk management solutions, export financial tools, surety bonds, export financing, SME financing, aircraft financing, corporate financing, bond support and Letters of Credit Confirmation.
The partnership will enable businesses to access customised and structured financial solutions combined with global expertise to meet their evolving needs. This allows ECI to leverage Emirates NBD’s institutional relationships, on-ground expertise, strong experience in capital investments and impressive track record in wholesale banking to support the regional and global expansion of local businesses.
Massimo Falcioni, chief executive officer, ECI, said, “Growing business regionally or globally plays a crucial role in building a strong, diversified, and sustainable economy of the country. ECI’s mandate is to give ease of access to financial solutions to local businesses. Given our national mandate and Emirates NBD’s expertise, we are confident that we will empower UAE-based exporters and local businesses to expand their footprint regionally and globally.”
Speaking on the occasion, Emirates NBD’s Al Qasim said, “We are pleased to sign this partnership agreement with ECI which is aimed, at providing financing solutions that will provide increased flexibility to UAE businesses as they pursue their expansion plans. Emirates NBD has always taken the lead in creating innovative financial solutions that benefit the local economy and our joint initiative will serve to reinforce and support the continued development of the nation’s economy.”