news-details
Government

Etihad Credit Insurance Partners with EGAP to Boost UAE-Czech Republic Trade Relations

Etihad Credit Insurance (ECI), the UAE's Federal export credit company, has entered into a strategic partnership with the Export Guarantee and Insurance Corporation (EGAP) to streamline mutual reinsurance obligations and bolster bilateral trade between the UAE and the Czech Republic. The agreement was formalized by His Excellency Abdulla Bin Touq Al Marri, UAE Minister of Economy and Chairman of the ECI Board of Directors, and His Excellency David Havlicek, Chairman of the Board of EGAP.

Economic Strengthening and Mutual Growth

H.E. Bin Touq highlighted the growing economic relationship between the UAE and the Czech Republic, emphasizing that the new agreement with EGAP is a testament to the successful and sustainable partnerships forged between the two nations. He noted, "The UAE and the Czech Republic enjoy growing and developing economic relations. The new agreement with EGAP comes within the framework of this outstanding economic partnership between the two countries."

This partnership is expected to foster new economic opportunities for exporters in both countries, aligning with the UAE's 'We the UAE 2031' vision to establish the nation as a global economic hub.

Broad Spectrum Cooperation

The agreement focuses on extensive cooperation in areas including sovereign and quasi-sovereign debt risk management, enhancing flexibility for private sector debtors, and providing insurance facilities for export agreements compliant with OECD guidelines. This collaboration is set to benefit both countries' export and foreign trade sectors by creating a robust foundation for bilateral cooperation in areas of mutual interest.

Support for Trade and Investment

H.E. David Havlicek expressed confidence that the agreement would significantly advance trade and investment between the UAE and the Czech Republic. "Providing export credit solutions to Czech and UAE companies will undoubtedly boost their confidence and security, encouraging them to expand the scope of their mutual business and investments," he stated.

H.E. Raja Al Mazrouei, CEO of Etihad Credit Insurance, noted that the agreement is in line with ECI’s commitment to expanding its global network of partnerships, offering innovative credit solutions, streamlining export operations, reducing risks, and fostering confidence in exports, re-exports, and foreign trade channels.

Expanding ECI’s Global Network

The partnership with EGAP is a part of ECI's broader strategy to enhance cooperation with global export credit agencies. Over the past few years, ECI has established approximately 21 cooperation agreements with government export credit agencies worldwide. This new agreement further strengthens ECI’s network of collaborations under the 'Xport Xponential' initiative, which aims to support the growth of UAE exports, increase economic diversity, and promote sustainability.

EGAP, a state-owned credit insurance company in the Czech Republic, specializes in insuring non-marketable commercial risks associated with exports. The company focuses on providing bank loans with a maturity of over two years to finance the export of energy, machinery, technological systems, investment projects, and transport constructions.

Related News

Applications Open for MBZUAI’s ...

Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) invites thirty local and international executives to apply for its upcoming six-day intensive program, the MBZUAI E...

Fourth Phase of Riviera by Azi ...

Azizi Developments, a prominent private real estate developer in the UAE, has announced significant progress in the fourth phase of Riviera, their French Mediterranean-inspired wat...

GPCA to Recognize Young Talent ...

The Gulf Petrochemicals and Chemicals Association (GPCA) is set to celebrate the innovative ideas and talents of GCC university students in the field of agri-nutrient sustainabilit...

TOYOTA GAZOO Racing Achieves O ...

The TOYOTA GAZOO Racing (TGR) World Rally Team (WRT) celebrated a spectacular one-two finish at the 2024 FIA World Rally Championship's (WRC) first Rally Latvia. Reigning world cha...

Federal Tax Authority Launches Tax ...

The Federal Tax Authority (FTA) has unveiled the Tax Professionals Qualification Initiative, a significant program aimed at developing a new cadre of qualified tax experts to enhan...

UAE Residents Seek Personal Touch i ...

A recent survey conducted by Researchscape International, commissioned by Yango, highlights the growing desire among UAE residents for more personalized and human-like interactions...

Al Ansari Exchange Launches Corpora ...

 Al Ansari Exchange, the largest remittance and foreign exchange company in the UAE and a subsidiary of Al Ansari Financial Services PJSC [DFM: ALANSARI], has introduced a cor...

Qatar Airways Expands Boeing 777-9 ...

 Qatar Airways has announced a significant expansion of its Boeing 777X aircraft order during the Farnborough International Airshow 2024. The airline has added 20 Boeing 777-9...

Nitya Capital Unlocks $218 Million ...

Nitya Capital, LLC, a prominent international real estate investment firm based in Houston, has successfully completed a $218 million refinancing deal. This strategic move resulted...

LPG Expo Announces ‘Middle East LPG ...

LPG Expo, a premier exhibition and conference organizer in the Liquefied Petroleum Gas (LPG) industry, has announced the ‘Middle East LPG Expo - Saudi Arabia 2024’, set...