Media ININ Economy We Trust
28-04-2019 Media in\ Dubai
The Union of Export Credit, the federal government’s credit protection company, has announced that it has voted for its membership as an observer in the Berne Union, a global consortium representing the global export credit industry and investment insurance.
This membership allows UICC to fulfill its commitment to help UAE companies achieve growth and access to global markets, supporting the country’s non-oil diversification strategy.
The partnership with the Berne Union is an important step as it enables the ETF to access a wide network of official export credit agencies backed by governments, multilateral financial institutions and private credit protection companies from 73 countries around the world.
In 2018, members of the Berne Union provided $ 2.5 trillion in protection against the risk of non-payment to banking institutions, exporters and investors, equivalent to 13 per cent of the total cross-border merchandise trade.
The Executive Director of the Export Development Corporation of Dubai and the Chairman of the Executive Committee of the Federation of Export Credit said that since the company started its business in 2018 and is focused on being a catalyst in the development of exports, trade and investment and the sectors of the strategy of non-oil in the UAE in line with the agenda UAE Vision 2021, pointing out that the company also seeks to provide companies in the UAE with solutions that meet their growth goals locally and globally by building a broad platform of strategic partnerships with governments and international and regional export credit agencies As well as international organizations for economic development .. Considering that their partnership with the Berne Union is an important achievement because it will help the Union of export credit to support exporters in the UAE and companies to take advantage of the opportunities and thus put them on the global map.
“Members of the Berne Union represent the vast majority of export credit and investment insurance companies worldwide and together provide support for more than 13 percent of cross-border exports,” said Bernhard Riegerou, president of the Berne Union.
“We welcome the EU Export Credit Association as their newest member, “We are confident that this will enhance their representation and the depth of their experience in all sectors and in the different geographic regions where they work.”
“The strategic objective of the Berne Union is to support the development of newly established export credit protection companies while building their capacity,” said Vinceau David, Secretary General of the Berne Union.
The effective participation of the Berne Union’s Export Credit Union will benefit the members of the Union and the wider export credit sector by adding to its range of views and experiences.
The Union is expected to contribute to export credit at meetings and initiatives of the Berne Union as well as to participate in standing committees representing different areas of specialization in the credit protection industry.
