UAE and Italian export credit agencies explore joint funding for sustainable projects

The two organisations are also looking to extend trade finance to SMEs and companies in the halal products sector

The UAE flag on a boat in Dubai Marina in Dubai. Export credit agencies of the UAE and Italy are exploring options to jointly support sustainable development projects. Reuters

The export credit agencies of the UAE and Italy are exploring options to jointly support sustainable development projects and extend trade finance to small and medium-sized enterprises, as well as companies in the halal products market.

The two sides are also exploring ways to boost the flow of goods, services and investment between the two markets by providing trade credit insurance and guarantees to protect exporting companies, investors and financial institutions against political and commercial risks.

The move by Etihad Credit Insurance (ECI), the UAE's federal export credit agency, and SACE, the Italian export credit company, is in line with national strategies of the two countries, ECI said in a statement on Monday.

An Italian delegation led by SACE chief executive Pierfrancesco Latini on Monday met ECI head Massimo Falcioni to discuss collaboration on co-insurance and re-insurance opportunities.

The meeting followed an initial agreement between ECI and SACE signed three years ago, which laid the framework to encourage business development opportunities between the two countries.

Greater cooperation between the two bodies will increase the “competitiveness of trade and export businesses from both countries”, Mr Falcioni said.

The organisations also discussed opportunities through supporting sustainable development projects and jointly offering Islamic and sustainable financing to help both countries achieve their sustainability goals.

“Italy and the UAE have a similar vision to put sustainable development at the core of their global agenda,” SACE's Mr Latini said. “Green projects will get a major boost” with support from the two organisations, he added.

“Through this alliance, we are determined to help Italian and UAE businesses access sustainable finance, which will pave the way for … responsible trade and investment opportunities between the two countries.”