IRENA, ECI to back financing of renewable energy projects

The International Renewable Energy Agency (IRENA) signed a collaborative partnership agreement with Etihad Credit Insurance (ECI).

ECI is bringing a suite of innovative credit insurance and risk mitigation solutions that are highly complementary to ETAF, the Energy Transition Accelerator Financing platform.

ECI has a broad geographic footprint covering 110 countries, with particular focus on Africa, Central Asia, the Middle East and Gulf Cooperation Council (GCC), South and Southeast Asia, and the Comprehensive Economic Partnership Agreement (CEPA) partner countries.

Francesco La Camera, Director-General of IRENA, said, “IRENA works with its global Membership and funding partners to facilitate access to financing for renewable energy project. However, in many developing markets, perceived risks continue to constrain investment. ECI’s participation in IRENA’s ETAF Platform creates new opportunities to attract financing for projects through targeted risk mitigation solutions, helping to close this gap and catalyse greater investment in the energy transition.” Raja Al Mazrouei, Chief Executive Officer of ECI, said, “Our partnership with IRENA marks a significant step forward in accelerating the global transition to a sustainable, low-carbon future. At ECI, we believe that addressing financing and risk-related challenges is essential to scaling renewable energy investments, particularly in emerging and high-growth markets. By providing comprehensive credit insurance and risk mitigation solutions to ETAF-supported projects, we aim to enhance investor confidence, unlock greater capital flows, and improve the bankability of clean energy initiatives. This collaboration also reflects ECI’s commitment to advancing climate action, supporting sustainable economic development, and strengthening international cooperation in line with the United Nations Sustainable Development Goals and the UAE’s Net Zero 2050 ambitions.” Established in 2021, the ETAF Platform combines project facilitation, financing matchmaking, and access to risk-mitigation solutions to advance viable projects from pipeline to financing. It also aligns with country energy transition priorities, climate commitments, and sustainable development goals.

The partnership between IRENA and ECI will enable combining the institutions’ project original channels and network of partners on a single platform - the ETAF - maximising chances for renewable energy projects across the globe to get to financing and construction.

ECI’s joining brings ETAF’s partner count to 15, with pledges totalling US$4.15 billion, highlighting its role as one of the most inclusive financing and de-risking platforms for a renewable-based energy transition.

Franchising key driver of economic growth: Ali Mohamed Al Marzooqi, Director-General of the Abu Dhabi Chamber of Commerce and Industry and Chairman of the Emirates Franchise Association, affirmed that the franchising sector is one of the most vital contributors to the global economy, comprising more than two million businesses worldwide and supporting over 19 million jobs, reflecting its significant role in driving economic growth and enabling entrepreneurs to expand locally and internationally.

He highlighted the sector’s strong momentum in the UAE, with a growing number of international brands choosing the country as a strategic hub for regional and global expansion, supported by a dynamic and investor-friendly business environment, advanced infrastructure, and a diversified economy spanning key sectors such as industry, tourism, education, healthcare, retail, and hospitality.

He noted that the Emirates Franchise Association continues to support the growth of the franchising sector as a strategic enabler of national economic competitiveness, helping empower small and medium-sized enterprises (SMEs), unlock high-value investment opportunities, promote franchising culture, and strengthen international partnerships.

Al Marzooqi added that the Association is committed to reinforcing the UAE’s presence on the global franchising stage through knowledge exchange, the adoption of international best practices, and supporting the international expansion of UAE-based businesses through modern franchise models.

He also highlighted the Association’s continued efforts to build strategic global partnerships as a member of the World Franchise Council since 2017.

The UAE’s franchising sector continues to benefit from the country’s advanced investment ecosystem, which has reinforced its position as one of the world’s leading destinations for investment and entrepreneurship. In 2024, the UAE ranked first globally for developing its entrepreneurship ecosystem, reaffirming its position as one of the world’s most supportive economies for entrepreneurship and a preferred destination for establishing businesses and commercial ventures.

This achievement reflects the UAE’s sustained efforts to diversify its economy, particularly across non-oil sectors, alongside integrated policies that have created a highly enabling environment for entrepreneurship, accelerated the growth of SMEs and start-ups, and strengthened sectors such as franchising as key contributors to economic development.

WAM