UAE, Egypt sign reinsurance agreement to bolster trade and economic cooperation

UAE, Egypt sign reinsurance agreement to bolster trade and economic cooperation

WAM: Etihad Credit Insurance (ECI), the UAE Federal export credit agency (ECA), and its Egyptian counterpart Export Credit Guarantee of Egypt (EGE) have signed a reciprocal reinsurance agreement to support Emirati and Egyptian projects in their respective countries as well as their collaborative initiatives around the world.

The agreement between the two state-owned firms will bolster the strong trade and economic cooperation, in addition to boosting export relations.

The broad range of trade credit insurance amongst these two entities will help anticipate and mitigate risks they might encounter due to various political, commercial, and non-commercial reasons. This comes as a follow-up to the alliance ECI and EGE formed at the end of 2019, which spawned a tremendous surge in their non-oil trade despite the challenging economic cycle triggered by the pandemic fallout.

Commenting on the strategic collaboration between ECI and EGE, Massimo Falcioni, CEO of ECI, said: “The UAE has been maintaining a strong, historical bilateral relationship with Egypt since its establishment, and the non-oil trade relations between these regional powers continue to improve, riding on a host of strategic collaborations. Deepening our existing partnership, this reinsurance agreement will give rise to unparalleled trading opportunities for local businesses to improve their regional and global competitiveness.”