UAE, Africa to foster trade exchange through export credit alliance

UAE, Africa to foster trade exchange through export credit alliance

UAE - Mubasher: The UAE's Etihad Credit Insurance (ECI) has inked a Memorandum of Understanding (MoU) with African Trade Insurance Agency (ATI) to boost the trade between the UAE and Africa.

Under the agreement, ECI and ATI will provide financial solutions to businesses and exporters to foster global competitiveness, according to a press release on Wednesday. 

Both entities will also convene workshops, forums, B2B meetings, and events to support exporters in various sectors, including metals, steel and aluminium, renewable energy, mechanical, chemicals, and waste management industries.

The total value of non-oil trade between the UAE and Africa amounted to $40.7 billion in the first nine months of 2020, up from $36.9 billion in the year-ago period, as shown by recent data published by the Emirates News Agency (WAM).

Commenting on the partnership, the CEO of ECI, Massimo Falcioni, said: "This collaboration will give our exporters the confidence to access the African region's diverse markets and resources with state-backed assurances and safeguards against commercial and political uncertainties."

Meanwhile, the CEO of ATI, Manuel Moses, commented: "The conclusion of this agreement also comes at an opportune moment as ATI has an excellent