Page 89 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

6/4/24, 4:02 PM Etihad Credit Insurance records 21-fold growth in gross exposure - Middle East News 247

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 grants access to over 300 million corporates
globally, empowering UAE-based exporters with valuable insights and intelligence.

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