Etihad Credit Insurance (ECI), the UAE's federal export credit agency, has signed a memorandum of understanding (MoU) with Standard Chartered Bank (StanChart) to provide what they say will be seamless access to letter of credit (L/C) and other trade credit solutions and funding for UAE businesses.Under the MoU, StanChart and ECI will collaborate to support UAE-based exporters through various financing and funding solutions.

L/C confirmation

The alliance will focus on L/C confirmation as well as credit risk management solutions, export financial tools, surety bonds, export financing, aircraft financing, corporate financing and bond support.

The partnership aims to bolster ECI's role in supporting the country's non-oil diversification programmes by developing exports, trade, investments and strategic sectors.

New markets

ECI and StanChart will also exchange market intelligence for the benefit of local businesses.

StanChart UAE's chief executive officer, Rola Abu Manneh, says the partnership's "unique range of financial solutions and seamless processes can be beneficial for UAE companies wanting to consolidate their local standing as well as those looking to venture into new markets."

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