Page 74 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

6/4/24, 4:00 PM ECI records 21-fold growth in gross exposure by end-2023 to reach AED9.6 billion in 5 years | Emirates News Agency
Al Mazrouei added, “As we continue to adapt and grow, expanding ECI’s services to strengthen national exports stands as our primary objective, marking a significant
leap forward in our capabilities and outreach. This new strategic phase aims to double the growth rate of UAE exports through ECI and increase our contribution to the
non-oil GDP by 7-fold by 2031.”
The report stated that ECI’s global outreach efforts resulted in the support of UAE exporters across 17 sectors in 110 countries, amounting to a non-oil trade and
investment of AED14 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 AED1.8 billion worth of credit coverage 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 AED4.7 billion to UAE’s industrial sector, a key contributor to non-oil exports, with AED1.4 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 the
management of late payments worth AED415 million, of which AED353 million or 83 percent were successfully recovered, it added.
It stated that ECI-backed trade finance lending crossed AED1 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 covering industries including agricultural commodities, chemicals, manufacturing, and construction materials.
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 grants access to over 300 million corporates globally, empowering
UAE-based exporters with valuable insights and intelligence.

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