Commerce hails new credit insurance facility |
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Monday, Dec 01, 2008
Gulf News
Dubai: Businessmen in Dubai on Sunday lauded the Dubai Government for setting up a credit insurance facility that seeks to protect UAE-based exporters against the risk of payment defaults by buyers in overseas markets.
The new initiative, introduced yesterday by the Dubai Export Development Corporation (EDC) to members of the Indian Business and Professional Council, is considered a timely move given that several companies are facing liquidity issues amid the financial turmoil.
The service is yet to be officially launched, but it was revealed yesterday that it will have a capital base of Dh50 million and will cover manufacturing, trading and service-oriented firms that have markets in 175 countries except Iran, Nigeria, Pakistan and Iraq.
"This came at a better timing given that in the face of the current economic downturn, a lot of companies across the globe are today plagued with liquidity problems. This puts a lot of organisations more at risk of not being paid by customers either overseas or locally than ever before," said Schuyler D'Souza, EDC chief commercial officer.
© Gulf News 2008. All rights reserved.
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