UAE, Israel export credit agencies sign agreement to boost relations

The export credit agencies of the UAE and Israel have signed an agreement to develop economic relations between the two countries.

Under this MoU, the UAE's Etihad Credit Insurance (ECI) and the Israel Foreign Trade Risks Insurance Corporation (ASHR’A) will be able to jointly create strategic cooperation in supporting exports, trade and investment; explore new business opportunities; and forge collaborations in technical assistance and capacity building.

The agreement will also ease access to export credit facilities and non-payments risk mitigation, as well as allow access to key sectors of both markets.

The agreement was signed by Massimo Falcioni, CEO of ECI, and Nissim Ben Eli, CEO of ASHR’A.

Falcioni described it as the first-of-its-kind agreement between the two countries. "It is a result of the giant leap for sustainable peace taken by our visionary leaders through the Abraham Accords. The historic agreement is now ushering a fresh start of economic relations, and on this front, ECI is beyond confident that this alliance will be a game-changer in terms of generating an efficient exchange of expertise that would bolster the trade and export communities of our respective countries," he added.

Meanwhile, Eli highlighted that MoU "reflects the fruitful efforts of Israel and the UAE to forge a strong bilateral cooperation, which serves as a global model for partnerships that will benefit various businesses".

The annual exchange of trade between the UAE and Israel is expected to reach $4 billion (AED14.68 billion) a year.