ECI, First Abu Dhabi Bank to provide trade financing for UAE exporters

Wednesday 27 March 2019 09:54 CET | News

Etihad Credit Insurance has partnered with First Abu Dhabi Bank to assist UAE-based exporters and businesses in managing their trade finance needs.

Exporters and businesses will benefit from products and solutions that will allow them to mitigate commercial and political risks associated with international trade activities while supporting their financing needs. In a statement, ECI stated that the collaboration is a step towards supporting local businesses and their capability to trade globally, as well as to encourage them to strengthen their position regionally and internationally, in line with the country’s diversification strategy.

Etihad Credit Insurance and FAB will also cooperate in providing conventional and Murabahah trade credit insurance, credit risk, and supply risk solutions as well as export and SME financing, factoring, and letter of credit confirmations.

According to the Central Bank of the UAE, real GDP is expected to grow by 4.2% in 2019 as oil and non-oil sectors are projected to grow by 5.2% and 3.7%. Etihad Credit Insurance enables increased trade financing to the local SME export sector, which is a significant customer segment within the UAE economy.

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Keywords: Etihad Credit Insurance, First Abu Dhabi Bank, partnership, United Arab Emirates, UAE, trade finance, exports, international trade, supply risk solution, Middle East, MENA
Countries: World