UAE and Czech Republic Strengthen Trade with New Insurance Agreement
Etihad Credit Insurance (ECI) of the UAE and the Export Guarantee and Insurance Corporation (EGAP) of the Czech Republic have signed a strategic partnership agreement. This partnership aims to create a framework for bilateral reinsurance obligations and provide insurance facilities to companies within the UAE and the Czech Republic, promoting bilateral trade.
Key Figures
The agreement was signed by Abdullah bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, and David Havlicek, Chairman of the Board of EGAP.
Statements from Leaders
Abdullah bin Touq Al Marri stated, “The UAE enjoys growing and developing economic relations with the Czech Republic, where the two countries have succeeded in their joint efforts to build sustainable and diversified partnerships and agreements in many economic and investment sectors.”
David Havlicek added, “We are confident that this agreement will contribute to advancing trade and investment between the two countries in the coming period.”
Agreement Details
The agreement includes cooperation across various duties such as addressing risks related to sovereign and quasi-sovereign debtors, improving flexibility for private sector debtors, and offering insurance facilities for export agreements in line with OECD guidelines.
Benefits
This partnership is expected to boost confidence and security among Czech and UAE companies, encouraging them to expand their mutual business and investments. It also aligns with the UAE’s ‘We the UAE 2031’ vision, aiming to establish the UAE as a global economic partner.
About EGAP
EGAP is a state-owned credit insurance company in the Czech Republic, focusing on non-marketable commercial risks associated with exports. The company provides bank loans to finance the export of energy, machinery, technological systems, investment projects, and transport constructions.
