Etihad Credit Insurance (ECI), the UAE Federal export credit agency (ECA), and its Egyptian counterpart Export Credit Guarantee of Egypt (EGE) have signed a reciprocal reinsurance agreement to support Emirati and Egyptian projects in their respective countries as well as their collaborative initiatives around the world.
The agreement between the two state-owned firms will strengthen trade and economic cooperation as well as boost exports.
The broad range of trade credit insurance amongst these two entities will help anticipate and mitigate risks they might encounter due to various political, commercial, and non-commercial reasons.
It follows the alliance formed between ECI and EGE at the end of 2019, which propelled non-oil trade to surge despite the challenging economic cycle triggered by pandemic fallout.
Massimo Falcioni, CEO of ECI, commented on the strategic collaboration between his organization and EGE: "The Emirates have maintained a strong, historical bilateral relationship with Egypt since its establishment, and their non-oil trade relations have also remained strong."
“Deepening our existing partnership, this reinsurance agreement will give rise to unparalleled trading opportunities for local businesses to improve their regional and global competitiveness."
In the meantime, Managing Director and General Manager of EGE Mohamed Azzam stated: "The UAE has always been our leading trading partner in the region, with significant mutual business cooperation prevailing among the citizenry of both nations for a long time."
The UAE's Ministry of Economy reports that non-oil trade between the UAE and Egypt amounted to AED 25.8 billion in 2020, a 14.34 percent increase over AED 22.1 billion in 2019, demonstrating a solid and enduring strategic relationship between the two countries.
