Dubai (Union)
Etihad Export Credit, the credit protection company of the UAE federal government, and the British Export Finance Corporation have announced their joint support for a major project in the Republic of Senegal to strengthen infrastructure and the national emergency response.
Under this national project, named REDCO Senegal Project, emergency services of firefighting vehicles, airport fire and rescue vehicles, ambulances, medical vehicles, rescue boats, water trailers, cranes with cargo trucks and other safety equipment will be supplied and built in Senegal.
The value of the project financed by Standard Chartered Bank is 540 million dirhams, with partial direct lending by the British Export Finance Corporation. The re-insurance of the project will be supported by the ECI and the British Export Finance Corporation together under a reinsurance agreement signed between the two agencies, where the value of the ECI contribution is 334 million dirhams.
The two export credit agencies for the loan, which was obtained by the Senegalese Ministry of Economy, Planning and Cooperation, also provided guarantees that provide protection to the lending parties, as emergency services equipment will be provided by NAFFCO, a leading UAE company in the production and supply of firefighting products and fire protection engineering.
The trade finance support for this project is in line with the objectives of the Export Credit Union to enhance exports of products and services made in the UAE, as part of the 300 billion project, which aims to develop the industrial sector in the UAE and enhance its role in stimulating the national economy.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Vice Chairman of the Board of Directors of Etihad Export Credit Company, said: “The long-standing bilateral relationship between the United Arab Emirates and the United Kingdom is built on the shared vision of both countries, to promote sustainable development and economic prosperity around the world. The United Arab Emirates is keen to engage in such distinguished projects that would change the lives of hundreds of thousands of individuals. This new agreement between the two export credit agencies is part of the country’s ongoing commitment to developing key sectors such as emergency services, healthcare, environment and technology. This cooperation is based on an effective framework of public-private partnership, which will also provide great investment opportunities for Emirati companies in the field of sustainability, which has become a standard in development strategies for the next generation.”
leading role
Mike Freer, UK Minister of Exports, said: “The UK is playing a leading role in the export of fire safety equipment. Under this deal, British expertise will be combined with the UAE’s proactive activity to better protect communities abroad and demonstrate how joint government initiatives can help companies export their best products and services.
The ECI trade finance support comes in response to the UAE’s Africa Initiative, and Senegal’s call for assistance to enhance and strengthen its firefighting and emergency response capabilities. The UAE recently sent a plane of medical supplies to Senegal, to contribute to alleviating the repercussions of the fire that broke out in the neonatal department of Mam Abdulaziz Si Dabakh Hospital in the city of Tifwani, north of the Senegalese capital, “Dakar”, which resulted in the death of 11 infants. The UAE’s response, at the humanitarian and commercial financing levels, reflects the long-term relations between the UAE and Senegal, which date back to the mid-seventies, and include a range of economic and development fields.
Massimo Falcioni, CEO of ECI, said: “Our cooperation with the British Export Finance Corporation to support the emergency services sector in Senegal reflects the strategic vision of the United Arab Emirates and the message of rational leadership to achieve sustainable development in the world. This type of partnership opens many opportunities for the United Arab Emirates, the United Kingdom and Senegal to explore joint ventures that will help local entrepreneurs and exporters access international markets while securing their dues. The presence of Emirati companies in the global arena will enhance the country’s position as one of the most convenient business centers for trade and business.”
Lewis Taylor, Chief Executive Officer of British Export Finance, said: “The Senegal market offers unique opportunities for UK exporters. Through our partnership with Senegal, we have been able to open up projects in the country by providing trade finance and opening new trade routes for British companies. We are grateful to ECI for its support of this project, which will pave the way for similar joint cooperation benefiting exporters in both countries.”
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