The UAE's federal export credit company Etihad Credit Insurance (ECI) announced on Sunday that it has partnered with National Bank of Fujairah (NBF) to support businesses in the UAE by securing sales receivables of NBF's corporate customers.
ECI said in a statement that the pact would benefit small and medium-sized businesses, especially companies in challenged industries, by offering risk mitigation tools as well as trade credit solutions to facilitate cash flow support.
Massimo Falcioni, CEO of ECI, said businesses would have access to NBF's export credit funding, backed by ECI's guarantees and insurance solutions for both discount receivables and their supply financing.
Both institutions have agreed to cooperate in the areas of Trade Credit Insurance (conventional and Murabaha); Export & Project Financing; Factoring; SME Financing; and LC Confirmation, the statement said.
Vince Cook, CEO of NBF said access to ECI's customised and trade credit solutions "brings an unrivalled source of support" to the bank's customers."
Earlier this month, ECI had said it has partnered with local and international banks, including FAB, ADCB, Emirates NBD, RAK Bank, NBF, HSBC, Standard Chartered and Natixis to provide UAE-based companies loans at concessional rate and guaranteed by ECI to secure the funding of the supply chain.
(Writing by Madhura Deulgaonkar; Editing by Anoop Menon)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© Thomson Reuters Projects News 2020