UAE’s Etihad Credit Insurance Voted As Permanent Member Of Berne Union
DUBAI, (UrduPoint / Pakistan Point News / WAM - 13th Oct, 2021) The Berne Union, the international organisation and community of leading export credit and political risk insurers, has confirmed Etihad Credit Insurance (ECI), the UAE Federal export credit company, as a permanent member.
By becoming a representative of the world’s largest body of the export credit and investment insurance industry, ECI has marked an important milestone since its inception in 2018. The UAE export credit agency was officially welcomed as a full member at Berne Union’s (BU) Annual General Meeting Budapest 2021, Hungary, which is currently under way.
ECI has been voted full member thanks to its continued support and cooperation with other ECAs, through sharing its knowledge in re-insurance, short term credit insurance and partnership strategy development, innovation capabilities and outstanding growth in supporting UAE Trade and Exports companies, through Trade Credit Insurance and Trade Finance solutions.
Commenting on this, Massimo Falcioni, CEO of ECI, said, "I am deeply moved by the expression of confidence received from our peers at Berne Union, and I thank all the export credit agencies which voted in favor of ECI. I am immensely grateful to the employees who so devotedly contributed with their professionalism and efforts to ECI's achievements and success since its start in 2018.
We are proud to become a full member of Berne Union, a great platform for ECI to participate in global dialogues and to collaborate with other stakeholders for deeper insight about governments’ initiatives in energy transition, trade credit insurance and finance, that will allow us to further boost the growth and development of UAE businesses."
As of September 2021, ECI recorded in a new milestone by issuing AED 3.4 billion worth of revolving credit guarantees, which is 3 times higher than the same period of previous year, equivalent to AED 10 billion supported UAE non-oil trade (50 percent of which are exports).
In 2019, ECI was voted in as the youngest observer member of the Berne Union General Assembly in Singapore, which allowed the UAE Federal company to fulfill further its steadfast commitment in supporting UAE’s non-oil diversification strategy and helping UAE businesses grow. Marking the preliminary phase of attaining complete membership at Berne Union, the association give ECI access to a network of government-backed official export credit agencies, multilateral financial institutions, and private credit insurers from 80 export credit agencies full members, plus 1 observer and 3 guests institutions, from around the world.