Emirates NBD has signed a cooperation agreement between it and Etihad Export Credit, a government-affiliated credit protection company in the UAE, and it is a trade finance agreement with the National Bank of Dubai, as it is the leading banking group in a region in North Africa, the Middle East and Turkey, which will enhance Of the cash value of all exporters and UAE companies to compete strongly in global markets.
Details of Emirates NBD’s agreement with Etihad Export Credit:
This agreement comes in implementation of the memorandum of understanding signed between Emirates National Bank Union Export Credit Company During the year 2019, it was signed by Massimo Falcioni, who is the CEO of the company, and Dr. Ahmed Al-Qassem, Executive Vice President and Head of the Corporate and Institutional Banking Group at the bank. This agreement is also in line with the “Make in the UAE” initiative, which will enhance the confidence of banking institutions and their ability to give financing to Emirati companies, and accordingly, support their activities, export operations and plans to expand their business in foreign markets.
Under this agreement, Export Credit Union will work to secure banking transactions, which will strengthen its ability to provide commercial financing to local companies. The support provided by the Credit Protection Company of the Federal Government in the United Arab Emirates contributes to reducing the risks that banks face when providing credit facilities, thus ensuring that UAE companies obtain the necessary financial liquidity to strive for the continued growth of their business at the global level.
This cooperation is considered a positive step for all Emirati companies, as “Al-Ittihad” will support these companies in facilitating the access of their products to global markets, which will lead to the promotion of all homemade and high-quality products in many markets, thus strengthening their global competitiveness.
Emphasizing the company’s commitment to providing support to financial institutions in the UAE, Massimo Falcioni said: “We are pleased to conclude this agreement with Emirates NBD Bank Through which we aspire to support the “Make in the UAE” initiative that aims to create a sense of pride in homemade national products, as more than 80% of global trade relies on short-term financing most of the time, so we are happy to support banking institutions and encourage them to provide solutions. Innovative finance to support emerging, medium and large Emirati companies as well, which will be of general benefit to the national economy and support sustainable development.
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