Page 525 - MOE ENGLISH PR - MAY 2024

5/27/24, 4:23 PM PRESSR: Etihad Credit Insurance records 21-fold growth in gross exposure by end of 2023 to reach AED 9.6bln in 5 years — Tra…
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.

https://www.tradingview.com/news/reuters.com,2024-05-22:newsml_ZawSqVrx:0-pressr-etihad-credit-insurance-records-21-fold-growth-in-gross-expo… 5/7