Etihad Credit Insurance (ECI) has enhanced its support for letters of credit (L/Cs) in its efforts to meet the needs of the UAE's non-oil exporters and boost the country's non-oil economy.

The enhancements were announced by ECI after its annual shareholders' general meeting discussed the UAE's federal export credit company's strategic plans and future projects.

Additional risk cover

ECI will now be able to insure against risks associated with the confirmation of L/Cs issued by foreign banks.

Such L/Cs however can only be issued to support the export or re-export of goods, services or other capital goods outside the UAE.

Major bank involvement

Other enhancements will see ECI provide Shariah-compliant trade credit insurance and trade finance solutions.

The export credit agency will also insure and guarantee risks associated with credit facilities offered in whatever form, including but not limited to non-oil project finance, export finance, supply financing or factoring programmes granted by banks licensed in the UAE.

ECI is working with major banks, including HSBC, Standard Chartered and Emirates NDB to improve access to L/Cs for UAE exporters.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.