UAE, UK join forces to back $147.13mln national emergency response project in Senegal

UAE, UK join forces to back $147.13mln national emergency response project in Senegal

DUBAI - Etihad Credit Insurance (ECI), the UAE Federal export credit company, and UK Export Finance (UKEF) announced that they have jointly supported a major project in the Republic of Senegal to strengthen its national emergency response infrastructure.

This national emergency response project, called the Redco Project Senegal, will see the supply and building up of emergency services from fire fighting vehicles, airport firefighting and rescue vehicles, ambulances and medical vehicles, rescue boats, water trailers, cranes with cargo trucks and other safety equipment in Senegal.

The project, worth AED540 million, is funded by Standard Chartered Bank along with partial direct lending by the UKEF and is backed by the ECI and UKEF under a reinsurance arrangement with the ECI’s participation worth AED334 million.

Etihad Credit Insurance, in partnership with the UKEF, has provided guarantees for the loan obtained by the Senegal Ministry of Economy, Planning and Cooperation.

The emergency services equipment will be provided by NAFFCO, a UAE-based manufacturer and exporter of firefighting products and fire protection engineering.

This trade finance support is in line with Etihad Credit Insurance’s goals to boost the exports of Made in the UAE products and services as part of the "Operation 300bn" strategy, which aims to develop the UAE’s