The UAE's new export credit agency (ECA) has been pushing local companies to use its services in a bid to boost exports.

One of the services provided by the Export Credit Insurance Company of the Emirates (ECIE) is letter of credit (L/C) insurance.

Credit risk solutions

According to the chief commercial officer of ECIE, Schuyler D'Souza,local companies could be using various trade credit risk solutions to boost exports.

Speaking to exporters at the Dubai Airport Free Zone Authority (DAFZA), he said that popular ECIE products included L/C and short-term trade cover.

He added that investment insurance policies as well as specialist cover for crude oil suppliers and aluminium smelters had attracted some interest too.

ECA role

The ECIE was established in late 2008 by the Dubai Governmentto help UAE-based companies in their export efforts.

It is one of many ECAs worldwide now playing a more active role in the L/C market by either guaranteeing or insuring documentary credits.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.