Kenya's fresh produce exporters to get Dubai cover for defaulted pay

Kenya's fresh produce exporters to get Dubai cover for defaulted pay

Published 10 Mar,2021 via Business Daily - Kenyan fresh produce exporters and traders will gain access to Dubai's export insurance provider to cover for losses where buyers default on already exported goods.

Etihad Credit Insurance (ECI) UAE Federal export credit company will offer local exporters up to $200,000 (Sh21 million) insurance for up to five months.

Fresh produce traders have been raising concerns and even blacklisted buyers over non-payment for orders prompting a Kenyan trade lobby to look for a way of unlocking the impasse.

The Kenya National Chamber of Commerce and Industry (KNNCI) President Richard Ngatia said the deal was brokered during a benchmark visit hosted by Etihad Credit Insurance chief executive Massimo Falcioniand.

An MoU will soon be signed to formalise the commitment of both parties.

“We launched secure credit insurance against non-payment for exports or international sales transacted on open credit terms. Through ECI project financing investors will now be able to secure their foreign assets against non-commercial risks.