UAE: Etihad Credit Insurance signs MoUs with Chinese parties

Source: Middle East Insurance Review | Sep 2019

Etihad Credit Insurance (ECI), the UAE federal credit insurer, has signed three strategic MoUs with China Export and Credit Insurance Corporation (Sinosure), the Industrial and Commercial Bank of China (ICBC), and the Bank of China (BOC).

The goal is to boost trade, investments and bilateral exports between the UAE and China. In 2018, total bilateral trade between the UAE and China amounted to $60bn.

These alliances will strengthen the position of ECI in the global market, as well as create opportunities that both countries will generate in terms of investments and trade, the company said in a statement.

Under the agreement with Sinosure, both sides will collaborate in the areas of insurance and co-insurance, commercial information and credit opinion-sharing, shariah-compliant solutions, trade promotions, international investments, and SME programmes.

The MoUs with ICBC and the BOC cover mutual cooperation in the areas of trade credit insurance, both conventional and murabaha, and export financing. M

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