Emirates NBD, ECI deal aims to foster UAE exporters, businesses

Dubai lender will leverage ECI's insurance policy to provide credit facilities to UAE businesses

  
FILE PHOTO: Emirates NBD bank is seen in Mall of Emirates in Dubai, United Arab Emirates, December 30, 2018. Image for illustrative purposes.

FILE PHOTO: Emirates NBD bank is seen in Mall of Emirates in Dubai, United Arab Emirates, December 30, 2018. Image for illustrative purposes.

REUTERS/ Hamad I Mohammed

The UAE federal export credit company, Etihad Credit Insurance (ECI), and the Dubai-based lender, Emirates NBD, signed an agreement that enables the bank to leverage ECI’s insurance policy to provide credit facilities to UAE businesses.

The backing of a federal export credit such as ECI helps the bank reduce any risks that may be associated with credit facilities, while supporting UAE businesses’ cashflow and capabilities to seek or continue their global operations, the export credit company said in a statement Sunday.

The initiative, which is expected to improve the liquidity of UAE exporters and businesses and enhance their global competitiveness, follows the memorandum of understanding (MoU) signed in 2019 between the two partners.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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