Page 508 - MOE ENGLISH PR - MAY 2024

5/27/24, 4:19 PM Etihad Credit Insurance records 21-fold growth in gross exposure by end of 2023 to reach AED 9.6bln in 5 years
of AED 14 billion in 2023. This success was facilitated by approximately 21 agreements
signed with government export credit agencies worldwide, solidifying ECI’s position as a

trusted partner for international trade.

Additionally, the report highlighted ECI’s commitment to supporting clients beyond credit
insurance. This commitment was demonstrated by the company’s effective handling of

overdue payments, leading to the collection of AED82 million. It showcases ECI’s

significant contributions to facilitating access to financing for UAE exporters, with over
AED 1.8 billion worth of credit cover provided to financial institutions over the past five

years. It also stated that ECI secured AA- international rating by Fitch for the fifth
consecutive year, reflecting on the company’s ability to mitigate potential risks and

reiterating its strong presence in global markets.

Furthermore, the report stated that ECI has given a credit cover of AED 4.7 billion to UAE’s
industrial sector, a key contributor to non-oil exports, with AED 1.4 billion committed in

2023 alone, enabling manufacturers’ exports achievement and in line with the company’s
partnership with the Ministry of Industry and Advanced Technology (MoIAT).

It further highlighted ECI’s projects that aims to support economic development and

improve the quality of living, including credit insurance commitment of USD 500 million to
boost Africa’s clean energy transition as part of the UAE’s USD 4.5 billion Africa Green

Investment initiative, announced during the Africa Climate Summit held in September

2023. The report underscored ECI’s strong track record of managing claims and
recoveries across its portfolio. The company supported clients with management of late

payments worth AED 415 million, of which AED 353 million or 83 per cent were
successfully recovered, it added.

It stated that ECI-backed trade finance lending crossing AED 1 billion in the first year of a

partnership with DP World Trade Finance. The partnership aims to broaden SME access
to trade finance by mitigating the potential risks and covered industries including

agricultural commodities, chemicals, manufacturing, and construction material.

The report also outlined ECI’s plans to leverage the UAE’s Comprehensive Economic
Partnership Agreements (CEPAs) to further enhance trade and strengthen commercial

relations. These efforts will be supported by ECI’s expanding information database, which

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