ECI-backed trade finance lending tops AED1bn in first year, DP World announces

ECI-backed trade finance lending tops AED1bn in first year, DP World announces

The value of trade facilitated by DP World’s financing arm and guaranteed by Etihad Credit Insurance (ECI) has exceeded AED1bn (US$272mn) in little over a year, the duo have announced.  The UAE export credit agency last year forged a partnership with DP World Trade Finance – a fintech platform launched by the logistics giant in ...

The post ECI-backed trade finance lending tops AED1bn in first year, DP World announces appeared first on Global Trade Review (GTR).The value of trade facilitated by DP World’s financing arm and guaranteed by Etihad Credit Insurance (ECI) has exceeded AED1bn (US$272mn) in little over a year, the duo have announced. 

The UAE export credit agency last year forged a partnership with DP World Trade Finance – a fintech platform launched by the logistics giant in October 2021 – with the aim of bringing trade finance to SMEs and helping diversify the UAE’s economy away from oil. 

In a joint announcement on February 20, DP World and ECI say transactions include exports of agri-commodities, chemicals, manufacturing and construction materials, with a “significant portion” originating from smaller companies. 

Speaking at the GTR Mena event in Dubai, DP World Trade Finance board director Raj Jit Singh Wallia said: “50% of global