UAE, Jordan strengthen trade ties through ECI and JLGC partnership - GulfToday

UAE, Jordan strengthen trade ties through ECI and JLGC partnership

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Officials at the signing ceremony.

Etihad Credit Insurance (ECI), the UAE Federal Credit Insurance Company has signed a Memorandum of Understanding (MoU) with the Jordan Loan Guarantee Corporation, JLGC, to explore, develop and strengthen the trade relationship between the UAE and Jordan on the basis of equality, mutual benefit, respect and trust.

This partnership will enable enhance trade and business activities through the exchange of information and exploring business practices and conducting training programmes in areas of shared interest.

The MoU was signed by Massimo Falcioni, CEO of ECI and Dr. Mohammed Al Ja’fari, Director General of JLGC in the presence of senior representatives from both organisations.

Under the MoU, both institutions will collaborate on defined workstreams that include cooperation in insurance, reinsurance, and collections; sharing of commercial information and credit opinion on businesses located in the UAE and Jordan; conducting technical workshops; development of Halal industry and Shariah-compliant insurance and financial solutions; participation in trade shows; and enhancing investments and SME programmes.

Massimo Falcioni, CEO, ECI said, “Our partnership with JLGC marks the continuation of the cordial relationship shared between the UAE and the Kingdom of Jordan.

ECI has always looked at the SME segment as a dynamic sector that plays a crucial role in the sustainable development of the UAE. ECI’s mandate, right from the beginning, has been to empower the UAE-based businesses by strengthening their business capabilities through risk mitigation.

“We are certain that our collaboration with JLGC will help to increase UAE businesses and the SME’s access to funding in the region.”

Commenting on this strategic alliance, Dr. Mohammed Al Ja’fari, Director General of JLGC, stated, “The collaboration between ECI and JLGC marks a new momentous phase in the UAE-Jordan relations.

“JLGC’s objective has been to collaborate with financial institutions to showcase and expand its guarantee system to all economically sustainable sectors thereby contributing to the economic growth of the country and the region at large.

By offering guarantees to local businesses and SMEs, we are enabling them to receive adequate funding for the development of their businesses.”

According to the statistics provided by the UAE Ministry of Economy, the total non-oil export trade volume between the UAE and Jordan has increased to USD741.0 million in 2018, from $610.1 million in 2017.

Etihad Credit Insurance (PJSC) was established by UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.

It is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses through a range of export credit, financing and investment insurance products.

To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.

JLGC was established as a public shareholding company in 1994 in order to cover exporter’s credit and encourage SMEs venture outside Jordan. JLGC aims to provide the necessary guarantees to facilitate financing of SMEs and national export, to contribute to the process of economic growth, job creation and national export encouragement.

Trading of goods is the backbone of any economy, as import and export of supplies are vital for raising the standards of living.

Etihad Export Credit Insurance (ECI), is specialised state institution that enables this sector in the country, as it facilitates export and re-export of UAE goods, works and services, along with foreign investments of UAE companies. It does so through its range of export credit, financing and investment insurance products.

Recently, ECI signed a memorandum of understanding with First Abu Dhabi Bank, to assist exporters and local businesses based in the UAE in managing their trade finance needs as well as their international expansion plans.

WAM/Agencies