Etihad Credit Insurance (ECI), the UAE Federal export credit company, has issued over 1,400 revolving credit guarantees covering AED 4 billion ($1.08 billion)-worth of non-oil exports from January to June 2020, hence providing solid contribution to employment and the non-oil economy of the country.

With idea to boost national export activity and economic diversification, ECI has insured non-oil exports to more than 70 countries, ensuring business continuity from the early days of the coronavirus outbreak to the height until COVID-19 pandemic eases, a statement said.

The main beneficiaries of ECI in terms of sectors in the first half of 2020 are cable (35 per cent), steel (26 per cent), and petrochemicals (13 per cent). These sectors represent three-quarters of ECI’s insured sectors. Along with, the healthcare (9%), automotive (9 %), building materials (7%), and food (1%) sectors rounded out the beneficiaries.

To further support exports, ECI has increased payment protections, relaxed terms for policyholders, and expedited approvals and claims processing. The company has also introduced flexibility on premium rates despite the increase in bankruptcy risk to continuously provide stable risk coverage.

ECI has also become a backstop for the supply chain with its increased financial support on aspects indirectly related to exports, such as coverage for working capital, pre-shipment finance, supply financing guarantees, and support to domestic suppliers and exporters.

Falcioni underlined ECI’s unswerving commitment to support UAE businesses in the days ahead: “ECI will always stay consistent with the UAE government’s multi-pronged fiscal policy approach to provide support to businesses in order to fast track their recovery and accelerate their growth to ultimately contribute to a more robust economy in the post COVID-19 era.”