ECI inks three MoUs with leading banks, insurance companies in Ethiopia

ADDIS ABABA, 19th August, 2023 (WAM) -- Etihad Credit Insurance (ECI), the UAE's federal export credit company, has entered into strategic agreements with leading Ethiopian financial institutions, fortifying its presence across the African continent. This milestone coincides with the official visit of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to the Federal Democratic Republic of Ethiopia, accompanied by a high-level UAE delegation.


Reaffirming its commitment to secure UAE exports and investments, ECI has formalised MoUs with the Commercial Bank of Ethiopia, the country's renowned financial institution; the state-owned Development Bank of Ethiopia; and the Ethiopian Insurance Company, the primary insurance solutions provider in the nation.


ECI's partnerships in Ethiopia seek to amplify UAE's non-oil trade within Africa, unlock trade and investment opportunities, and introduce innovative insurance solutions to protect UAE businesses and ensure a continuous flow of investments and trade into Ethiopia and the wider continent.


Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI, remarked, "Our enduring collaboration with Ethiopia is enriched by a shared history and robust trade dynamics, has evolved into a powerful economic partnership, with the UAE standing as Ethiopia's second-largest non-oil trading partner. With a trade volume reaching $1.4 billion in 2022, these MoUs underline our mutual ambitions to elevate our existing commercial ties, in line with the 'We are the Emirates 2031' vision."


He added, "ECI's partnerships with Ethiopia's premier banks and insurance entities reinforce our bilateral trade relations and set the stage for untapped investment opportunities. This synergy resonates with the UAE's strategic objectives of augmenting non-oil exports and underscores our commitment to Ethiopia and Africa, ensuring economic prosperity for all."


For her part, Raja Al Mazrouei, CEO of Etihad Credit Insurance, stated, "The signing of three pivotal MoUs with Ethiopia's key banking and insurance companies aim to solidify our trade bridges with one of Africa's key markets. This will not only enhance commercial prosperity and elevate the competitiveness of our national exports but also offer comprehensive insurance solutions to protect and empower the UAE businesses in their international market expansion. Such efforts align with our goal to diversify the UAE's economy and cement its status as a leading global trade and business hub."


In 2022, ECI played a pivotal role in supporting the UAE non-oil trade, which achieved record growth that exceeded AED2.2 trillion by year's end. The company's strategic initiatives included the value of non-oil insured turnover of AED14.4 billion and underwritten exposure worth AED8.1 billion. These vital measures spanned 16 different sectors and reached 106 countries, fostering international collaboration with key partners.