UAE SMEs receive Dhs420m trade credit support during Jan-Nov 2020
0 Comments
Get daily business news from the region delivered straight to your inbox
I agree to the terms and conditions
SIGN UP
UAE SMEs receive Dhs420m trade credit support during Jan-Nov 2020
Etihad Credit Insurance insured the exports of the SMEs as well as their operations in the domestic market allowing them to stay competitive
by Zainab Mansoor
December 21, 2020
Small and medium enterprises (SMEs) in the UAE have received Dhs420m in trade credit support from January through to November, 2020.
The support came from Etihad Credit Insurance (ECI), the UAE’s Federal export credit entity. The trade credit support given to SMEs translates to Dhs1bn non-oil trade insured turnover.
Monday, 21 December, 2020 - 06:15
UAE s Etihad Credit Insurance (ECI) supports small and medium enterprises (SMEs) - WAM Asharq Al-Awsat
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has issued AED420 million (($114 million) worth of trade credit support to the small and medium enterprises (SMEs) from January to November 2020.
Mirroring its steadfast commitment to boost national export activity and economic diversification, the ECI has insured the exports of the SMEs as well as its operations in the domestic market allowing them to stay competitive in the trade industry, especially during the COVID-19 pandemic, state news agency WAM reported.
The guarantees have helped protect the liquidity of the SMEs amidst this challenging economic cycle, assisting businesses in reducing their cost of bank funding and allowing them to request their preferred bank to discount the invoices secured by the E
UAE: ECI Issued $114 Million Trade Credit Support to SMEs in 11 Months albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.
It looks like this was the result of either:
A mistyped address
A broken link on our site
A broken link on a search engine results page
A broken link on someone else s page
Some things to try:
Use the navigation menu at the top Most Read
In April, ECI rolled out measures to support exporters affected by the coronavirus pandemic, saying it would help businesses facing payment and supply chain disruptions with export credit insurance and additional funding.
ECI, set up in 2018, provides credit guarantees and insurance to mitigate the political and commercial risks of exporting by offering financing or refinancing for export transactions on behalf of the UAE government. The entity has partnerships with local and international banks that can offer loans to UAE companies to fund exports to overseas buyers, with ECI providing insurance.
Small and medium enterprises are an important part of the UAE’s economy and their contribution to the country’s gross domestic product was estimated at 53 per cent in 2019, up from about 49 per cent in 2018, ECI said, quoting data from the Federal Competitiveness and Statistics Authority.