Etihad Credit Insurance (ECI), the UAE Federal export credit company, and its Indonesian counterpart PT Reasuransi Indonesia Utama (Persero) or Indonesia Re, have signed a reciprocal reinsurance agreement to bolster their bilateral trade.
The two agencies also agreed to expand their collaborative initiatives across the globe by fostering sustainable and inclusive economic development and corporation.
Etihad and Persero will help domestic companies of the respective countries grow overseas by making it easier for these companies to access liquidity and funds to pursue their international expansion.
They will also support domestic enterprises in several growth sectors with innovative trade finance products, including ECI’s unique Shariah-compliant finance solutions, ECI Islamic.
This pact follows the MoU signed between ECI and Indonesia Re, as part of a high-level delegation meeting of both countries’ ministers and government officials held in the UAE in November, in the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI’s Board of Directors and Kartika Wirjoatmodjo, Vice Minister of State-Owned Enterprises of Indonesia.
Massimo Falcioni, CEO of ECI, commented, “The reinsurance agreement between ECI and Indonesia Re is a natural progression of decade-long business relation between the two countries and the implementation of the recently signed MoU.”
For his part, Benny Waworuntu, CEO of Indonesia Re, said, “We are delighted to reinforce our partnership with ECI through this reciprocal reinsurance agreement. We’re confident that this will become a catalyst in empowering Indonesia’s commercial ties with the UAE.”