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6/25/24, 1:45 PM Etihad Credit Insurance partners with EGAP to streamline process of mutual reinsurance obligations and foster bilateral trade betw…

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Etihad Credit Insurance partners with EGAP to streamline

process of mutual reinsurance obligations and foster
bilateral trade between UAE and Czech Republic

Jun 24, 2024 (MENAFN via COMTEX) --

(MENAFN - Orient Planet Group) 24 June 2024 - Etihad Credit Insurance (ECI), the UAE Federal export credit company,
inked a strategic partnership agreement with the Export Guarantee and Insurance Corporation (EGAP) to create a
framework for bilateral reinsurance obligations and provide insurance facilities to companies within the UAE and the Czech
Republic, contributing to the promotion of bilateral trade between the two countries during the next phase. The agreement
was signed by His Excellency Abdulla Bin Touq Al Marri, UAE Minister of Economy and Chairman of ECI Board of Directors,
and His Excellency David Havlicek, Chairman of the Board of EGAP.

H.E. Bin Touq said, "The UAE enjoys growing and developing economic relations with the Czech Republic, where the two
countries have succeeded in their joint efforts to build sustainable and diversified partnerships and agreements in many
economic 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.
H.E. David Havlicek, stated, "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
maximize its benefits."
H.E. 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."

The Agreement demonstrates Etihad Credit Insurance's steadfast dedication to enhancing cooperation with export credit
agencies. 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.

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