DUBAI: Etihad Credit Insurance (ECI), a UAE Federal export credit company, and Bpifrance Assurance Export, a French export credit agency, have signed a reinsurance agreement to increase joint Emirati and French projects globally.
The two agencies will work towards pursuing strategic collaboration in areas such as exploration of mutual opportunities for insurance, reinsurance, co-insurance services for the export of goods in third countries.
Both parties will also seek to identify companies that could benefit from the agreement and promote the agreement amongst their customers and potential customers.
Massimo Falcioni, CEO of ECI, said the agreement is a sequel to the MoU that ECI and Bpifrance Assurance Export signed in June 2020 to explore, strengthen, and enhance the trade and economic cooperation between France and the UAE.
“This cooperation will go a long way in helping the UAE and French exporters gain access to international markets, protect their cash flows, and offer guarantees to their lenders, thus strengthening their presence on the global marketplace,” he said.
The UAE is France’s second-largest trade partner in the region. Data from the UAE Ministry of Economy shows that the non-oil foreign trade between the countries stood at AED 19.7 billion in 2020, and the bilateral trade between Dubai and France recorded a surge to AED8.5 billion in the first half of 2021.