Sun 28-04-2019 14:46 PM
DUBAI, 28th April, 2019 (WAM) -- Etihad Credit Insurance, the UAE Federal credit insurance company, was voted in as an observer member of the Berne Union, the renowned global association that represents the global export credit and investment insurance industry.
Joining the Berne Union will allow ECI to further fulfill its commitment in supporting UAE’s non-oil diversification strategy and helping UAE businesses grow.
Marking the preliminary phase of attaining complete membership at Berne Union, the association with the Union serves as a significant step as it provides ECI access to a network of government-backed official export credit agencies, multilateral financial institutions, and private credit insurers from 73 countries around the world.
In 2018, Berne Union members delivered US$2.5 trillion in payment risk protection to banking institutions, exporters and investors, which was equivalent to 13 percent of total cross-border merchandise trade.
"Ever since ECI became operational in 2018, the company’s focus has been consistent. It is to be a catalyst in the development of UAE’s non-oil exports, trade, investments and strategic sectors, in line with the country’s Vision 2021 agenda. ECI also endeavours to provide UAE businesses with solutions that meet their growth objectives locally and globally by building a broad platform of strategic partnerships with governments, international and regional export credit agencies in addition to world organisations for economic development. Being associated with Berne Union is a significant achievement, since it will assist ECI to support the UAE export community and businesses by equipping them to capitalise on opportunities and positioning them on the global map," noted Saed Alawadi, Chief Executive Officer of Dubai Export Development Corporation, and Board Member and Chairman of the Executive Committee at ECI.
Throughout ECI’s integration, the company will be engaged in the Berne Union’s meetings and initiatives, as well as participate in standing committees that represent different areas of specialisation in the credit insurance industry.