JLGC, Etihad Credit Insurance sign MoU to boost trade
Amman, The Jordan Loan Guarantee Corporation (JLGC) signed a memorandum of understanding (MoU) with Etihad Credit Insurance (ECI), the UAE Federal Credit Insurance Company, to explore, develop and strengthen the trade relationship between Jordan and the UAE.
This partnership will enable the two nations to enhance trade and business activities through the exchange of information and exploring business practices and conducting training programs in areas of common interest.
It will also allow UAE-based businesses to expand internationally by providing them with ECI’s comprehensive portfolio of financial solutions along with its expertise in commercial underwriting, risk management, country assessment, claims and recovery, and the JLGC’s tailored security schemes, namely loan guarantee and export and domestic credit guarantee.
This risk mitigation solutions will enable the financing of SMEs, which will ensure their sustainable growth.
The MoU was signed by Massimo Falcioni, CEO of ECI and Mohammed Al Ja’fari, Director General of JLGC in the presence of senior representatives from both organizations.
Under this MoU, both institutions will collaborate on specific work streams that include co-operation in insurance, reinsurance, collections, sharing of commercial information and credit opinion on businesses in the UAE and Jordan, conducting technical workshops, development of Halal industry and Sharia-compliant insurance and financial solutions, participation in trade shows, and enhancing investments and SME programs.
Al Ja’fari said: “The collaboration between the ECI and the JLGC marks a new important phase in the Emirati-Jordanian ties.”
The MoU’s comes within the JLGC’s efforts to collaborate with financial institutions to showcase and expand its guarantee system to include all economically sustainable sectors thereby contributing to the economic growth of the country and the region at large.
Falcioni said: “Our partnership with the JLGC marks the continuation of the strong relations between the UAE and Jordan.”
“The ECI has always looked at the SME sector as a dynamic sector that plays a crucial role in the sustainable development of the UAE,” he noted.
“The ECI’s mandate, from the beginning of its establishment, has been to empower the UAE-based businesses by strengthening their business capabilities through risk mitigation. We are certain that our collaboration with the JLGC will help to increase Emirati businesses and the SME’s access to funding in the region,” he added.
According to the statistics provided by the UAE Ministry of Economy, the total non-oil export trade volume between the UAE and the Jordan has increased to $741 million in 2018, compared to $610.1 million in 2017.
Source: Jordan News Agency