The UAE Trade Finance Gateway project was launched to mark the UAE’s Golden Jubilee. Khushnum Bhandari / The National
The UAE Trade Finance Gateway project was launched to mark the UAE’s Golden Jubilee. Khushnum Bhandari / The National
The UAE Trade Finance Gateway project was launched to mark the UAE’s Golden Jubilee. Khushnum Bhandari / The National
The UAE Trade Finance Gateway project was launched to mark the UAE’s Golden Jubilee. Khushnum Bhandari / The National

ECI and Emirates NBD sign pact to boost financing access for small enterprises


Sarmad Khan
  • English
  • Arabic

Etihad Credit Insurance (ECI), the UAE Federal export credit agency, signed a preliminary agreement with Emirates NBD and Crediti Fintech, for the implementation of the UAE Trade Finance Gateway that helps small and medium-sized businesses to access finance quickly.

The scheme launched as part of the UAE’s Golden Jubilee is a "receivables financing marketplace that is designed to help businesses based in the UAE to obtain fast and easy access to finance and boost their business”, ECI said on Sunday.

The public-private partnership will position the government body as the main channel, enabling ECI, banks and exporters to trade credit and financial solutions on one unified platform. The ECI insurance cover will allow businesses to obtain secured loans from Emirates NBD, powered by Crediti Fintech's Monimove platform, it said.

“The UAE Trade Finance Gateway addresses a number of challenges faced by exporters and re-exporters in obtaining finance to fund their working capital requirements,” Massimo Falcioni, chief executive of ECI, said. “In collaboration with leading banks and financial institutions in the country, it will help SMEs through a wide range of financial and technological solutions to establish a strong SME sector and a resilient economy.”

The agreement is in line with ECI’s aim to support the UAE’s "Operation 300bn" industrial strategy that aims to raise the sector’s contribution to the country’s economic output to Dh300 billion ($81.6 million) from Dh133bn by 2031.

In addition to Emirates NBD, ECI is also teaming up with several other lenders in the country to encourage smooth collaboration between all parties in an end-to-end digitised process with standardised mechanisms for counterparties to monetise their receivables.

Supported by the UAE Ministry of Economy, the project effectively addresses the shortage or restricted availability of trade finance solutions for small enterprises, while simplifying cumbersome, confusing and time-consuming processes, ECI said.

“A receivables financing marketplace backed by ECI’s strong insurance coverage will help to strengthen the financial supply chain for UAE businesses and further boost the nation's position as a global trade hub,” Ahmed Al Qassim, group head for corporate and institutional banking at Emirates NBD, said.

“A strong financial supply chain network not only helps small enterprises in obtaining faster financing at competitive rates, it also benefits large corporates by meeting consumer demand and supporting sustainable business growth.”

ECI backs UAE manufacturers by facilitating access to trade finance, which boosts their exports, enhances their competitiveness in international markets and reduces the cost and timeline of obtaining funds.

The agency aims to support companies with Dh3.3bn in revolving credit guarantees, the equivalent of Dh10bn worth of non-oil trade, by the end of the year, Mr Falcioni told The National earlier this year.

In November, the government body signed a preliminary deal to provide more trade finance solutions to customers of Tradeling, an e-marketplace focused on business-to-business transactions.

Under the deal, ECI will provide Tradeling’s customers with solutions that will protect them against commercial and non-commercial risks arising from customers’ insolvency, protracted defaults and supply and political risks. The deal will also provide them with market intelligence and grant them access to international trade.

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Engine: twin-turbocharged 3.5-liter V6

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Director: Scott Cooper

Starring: Jeremy Allen White, Odessa Young, Jeremy Strong

Rating: 4/5

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UAE currency: the story behind the money in your pockets
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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

The Cairo Statement

 1: Commit to countering all types of terrorism and extremism in all their manifestations

2: Denounce violence and the rhetoric of hatred

3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC  

4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.

5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.

6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security

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Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality  within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

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Updated: December 26, 2021, 2:53 PM