Page 41 - ETIHAD CREDIT INSURANCE PR REPORT - JUNE 2024

and investment sectors. The new partnership agreement with EGAP complements
these efforts as it comes within the framework of the distinct economic partnership
between the two countries.
"The agreement will promote the creation of new economic prospects between the
two exporters' communities in the two countries and contribute to the consolidation
of common economic relations, thereby supporting the establishment of the UAE as
a global partner and attractive and influential economic centre by the next decade
in light of the goals of the'We the UAE 2031'vision."

The agreement calls for robust cooperation across a broad spectrum of duties, such
as addressing risks related to sovereign and quasi-sovereign debtors, explore
innovative avenues in improving flexibility for private sector debtors, and offering
insurance facilities for export agreements that are in accordance with the official
guidelines of the Organisation for Economic Co-operation and Development (OECD)
Arrangement on Officially Supported Export Credits.
Furthermore, this agreement cultivates a strong foundation for bilateral cooperation
in areas of common interest, which is beneficial to both countries' export and foreign
trade industries.
Havlicek said: "We are confident that this agreement will contribute to advancing
trade and investment between the two countries in the coming period. Providing
export credit solutions to Czech and UAE companies will undoubtedly boost their
confidence and security, encouraging them to expand the scope of their mutual
business and investments. We will work side by side with our partners in the UAE
to guarantee the success of this agreement and maximise its benefits."
Raja Al Mazrouei, CEO of Etihad Credit Insurance, said: "This agreement aligns with
ECI's steadfast commitment to broadening its global network of partnerships with
strategic markets, offering innovative credit solutions, streamlining export
operations, reducing risks, and fostering confidence in exports, re-exports, and
foreign trade channels."
Over the past few years, Etihad Credit Insurance has successfully formed around 21
cooperation agreements with government export credit agencies across the
globe. This move further helps to broaden the ECI's network of collaborations, which
is a crucial component of the recently introduced strategic initiative'Xport
Xponential'. This initiative aims to support the growth of UAE exports and increase
the diversity of the national economy while also promoting its sustainability.
EGAP is a specialised state-owned credit insurance company that focuses on the
insurance of non-marketable commercial risks associated with exports of goods and
services from the Czech Republic.
The company's primary focus lies in providing bank loans with a maturity of more
than two years in order to finance the export of energy, machinery, technological
systems, investment projects and transport constructions.

https://www.khaleejtimes.com/business/uae-aims-to-boost-economic-relations-with-czech-
republic