According to a memorandum of understanding signed by the "Export Credit Union" and "Korea Commercial Insurance"

UAE and South Korea cooperate to support green hydrogen projects

The UAE and South Korean sides during the signing of the Memorandum of Understanding.

From the source

Yesterday, Union Export Credit, the federal government's credit protection company, signed a Memorandum of Understanding (MoU) with Korea Commercial Insurance, the South Korean export credit agency.

Under the agreement, the two parties will work together to facilitate the support of joint projects in strategic sectors such as the hydrogen economy, renewable energy, and electric vehicles, through a wide range of trade credit protection solutions.

The two parties will also cooperate to facilitate the access of exporters operating in various sectors to global markets without concern about delays in payment that may result from commercial and non-commercial risks.

The partnership will focus on providing assistance in recovering claims through close cooperation and coordinated procedures.

The agreement was signed during a dialogue session on "Hydrogen Partnerships between the UAE and Korea", in the presence of the Minister of Energy and Infrastructure Suhail Mohammed Al Mazrouei, and the South Korean Minister of Trade, Industry and Energy, Moon Seung-wook, while the event was presided over by the President of South Korea, Moon Jae-in.

Massimo Falcioni, CEO of ECI, said that the protection provided by export credit agencies helps the financial sector to provide the necessary cash for companies operating in this field by sharing risks and providing long-term financing.

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