Page 372 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024 (International)

6/4/24, 4:50 PM Insights and Opportunities in Chinese Companies - ChineseWire - Press Releases

Etihad Credit Insurance

records 21-fold growth in

gross exposure by end of

2023 to reach AED 9.6

billion in 5 years

24-7 Press Release Newswire Thursday, May 23, 2024 at 11:00am GMT+4

DUBAI, UAE, May 23, 2024 /24-7PressRelease/ -- Etihad Credit Insurance (ECI), the UAE Federal export
credit company, unveiled its growth trajectory in its annual report for 2023. With a gross exposure of AED 9.6
billion, ECI experienced a 21-fold increase compared to 2019.

H.E. Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, said: "Under the
guidance of our wise leadership, the UAE achieved regional and international success, becoming a leading
hub for trade and investment. Emphasising emerging industries and SMEs, we are diversifying our economy
according to the 'We the UAE 2031' vision. ECI's financial and strategic support contributes to the 2030
Agenda for Sustainable Development."

H.E. Raja Al Mazrouei, Chief Executive Officer of ECI, said: "We provide innovative credit solutions, easy
financial access, expert market insights, and nurture strategic collaborations. Our dedication to UAE exporters
is reflected by the 25 per cent increase in policies issued. Our primary aim is to expand ECI's services to
strengthen national exports."

ECI's supported UAE exporters across 17 sectors in 110 countries, amounting to a non-oil trade and
investment of AED 14 billion in 2023. This was facilitated by 21 agreements with government export credit
agencies.

ECI's commitment to supporting clients beyond credit insurance is demonstrated by the company's handling of
overdue payments, resulting in collection of AED 82 million. It showcases ECI's contributions to facilitating
financial access for UAE exporters, with over AED 1.8 billion worth of credit cover provided.

ECI has given a credit cover of AED 4.7 billion to UAE's industrial sector with AED 1.4 billion in 2023, in line
with the partnership with Ministry of Industry and Advanced Technology (MoIAT).

It further highlighted ECI's 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. The company supported clients with
management of late payments worth AED 415 million, with recovery of AED 353 million or 83 per cent.

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