Etihad Export Credit Company (EEC) said it is helping UAE exporting companies by offering financial solutions that provide insurance coverage to protect them against the risk of default by buyers.
The company said in a press statement that it has signed agreements with major local and foreign banks to support the banking operations and facilities for UAE companies working in the field of export.
Majid Julfar, Head of Trade Credit Protection and Export Finance at Union Export Credit Company, said that the company, which started operations last year, is working to help UAE exporting companies, whether small, medium or large, by providing financial solutions that provide insurance coverage To protect them against the risk of default by buyers that such companies may be exposed to during export operations.
Julphar said in a press statement on the sidelines of the future industrial and trade summit which concluded in Dubai recently, that the insurance solutions and products provided by the company helps UAE companies to facilitate access to finance from banks and financial institutions, which supports the growth and global expansion of these companies.
Julphar said that the company has entered into agreements with major local banks, such as Emirates NBD, Abu Dhabi Commercial Bank and First Abu Dhabi Bank, as well as several foreign banks such as HSBC, Standard Chartered Bank and Deutsche Bank. He pointed out that these banks regard Union Credit Exports Company as a reliable federal entity, which provides insurance coverage that contributes to encourage and support the banking operations and facilities of UAE companies working in the field of export.
He explained that the Union of Export Credit provides commercial credit insurance services against commercial and political risks to exporters in the UAE, as it covers bankruptcy and default on the payment of trade receivables, the refusal of the buyer to receive goods, and problems in the conversion and currency trading, in addition to delayed foreign remittances.
Galfar pointed out that the recently launched SME Protection Service offers online credit solutions that are flexible and short-term. It is an export and trade insurance policy that is included in the commercial credit insurance products and is designed specifically for SMEs operating in the UAE. Export and re-export.