ECI voted as observer member of Berne Union
April 28, 2019 | 5:09 PM
by Times News Service
Massimo Falcioni. - Supplied picture

Muscat: Etihad Credit Insurance (ECI), the UAE Federal credit insurance company, was voted in as an observer member of the Berne Union, a renowned global association that represents the global export credit and investment insurance industry.

This allows ECI to further fulfill its steadfast commitment in supporting UAE’s non-oil diversification strategy and helping UAE businesses grow.

Marking the preliminary phase of attaining complete membership at Berne Union, the association with the prestigious forum serves as a major milestone and a significant step as it provides ECI access to a network of government-backed official export credit agencies, multilateral financial institutions, and private credit insurers from 73 countries around the world.

In 2018,Berne Union members delivered US$2.5 trillion of payment risk protection to banking institutions, exporters and investors which is equivalent to 13 per cent of total cross-border merchandise trade.

Engr. Saed Alawadi, Chief Executive Officer of Dubai Export Development Corporation, and Board Member and Chairman of the Executive Committee at ECI, said: “Ever since ECI became operational in 2018, the company’s focus has been consistent. It is to be a catalyst in the development of UAE’s non-oil exports, trade, investments and strategic sectors, in line with the country’s Vision 2021 agenda."

"ECI also endeavours to provide UAE businesses with solutions that meet their growth objectives locally and globally by building a broad platform of strategic partnerships with governments, international and regional export credit agencies in addition to world organisations for economic development," he added.

"Being associated with Berne Union is a significant achievement since it will assist ECI to support the UAE export community and businesses by equipping them to capitalise on opportunities and positioning them on the global map,” he said.

Massimo Falcioni, CEO of ECI, said: “ECI is honoured to be affiliated with Berne Union as it can help ECI discover various opportunities geared towards understanding the requirements of the UAE export community and strengthening local businesses in line with the UAE Vision 2021 agenda."

"This is also a great platform for ECI to participate in global dialogues and to collaborate with other stakeholders for a deeper insight about the insurance industry that will allow us to further boost the growth and development of UAE businesses,” he added.

Beatriz Reguero, President of the Berne Union, said: “Berne Union members account for the vast majority of export credit and investment insurance worldwide, and together provide support for more than 13 per cent of cross-border exports. We are delighted to welcome Etihad Credit Insurance as our newest Observer Member and are certain that this will further strengthen our breadth of representation and depth of expertise across all industries and geographies.”

Vinco David, Secretary General of the Berne Union, adds: ““It is a strategic objective of the Berne Union to support the development of newly established export credit insurers as they build up their capabilities. Having the active involvement of ECI in our community will benefit Berne Union members and the wider industry by adding to the already diverse pool of perspectives, experiences and expertise we are able to channel.”

Throughout ECI’s integration, the company will be engaged in the Berne Union’s meetings and initiatives, as well as participate in standing committees that represent different areas of specialisation in the credit insurance industry.

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