Etihad Credit Insurance (ECI), the UAE Federal export credit company, and the Multilateral Investment Guarantee Agency (MIGA), a World Bank Group institution, have signed a significant agreement aimed at enhancing cooperation in driving foreign direct investments (FDI) and expanding co-insurance and reinsurance activities.
The signing took place during the Berne Union Annual General meeting, where both parties agreed to leverage their extensive experience in investment guarantees and commercial credit. This partnership will establish a framework to promote joint efforts to enhance FDIs through innovative co-insurance and reinsurance solutions.
The scope of the bilateral cooperation includes providing insurance for investment agreements, equity, loans, and assurances for shareholders and non-shareholders alike. Raja Al Mazrouei, CEO of ECI, emphasized the commitment to strengthen ties with key international institutions, highlighting the importance of fostering a resilient national economy and bolstering the UAE’s reputation in export and foreign trade sectors, aligning with the goals of ‘We the UAE 2031.’
Al Mazrouei remarked,
“This collaboration with MIGA represents a significant milestone in our growth trajectory, creating new opportunities for joint investment projects. Our aim is to offer a broader range of clients cutting-edge insurance solutions, empowering them to expand their market presence.”
Hiroshi Matano, MIGA's Executive Vice President, echoed this sentiment, stating,
“The agreement with ECI reflects our commitment to expand partnerships and provide innovative financial solutions to attract FDI in emerging markets.”
This strategic alliance signifies a shared vision for fostering investment and trade, enhancing both regional and global economic landscapes.
News Source: Emirates News Agency
