HAMBURG: Etihad Credit Insurance (ECI), the UAE Federal export credit company, and the Multilateral Investment Guarantee Agency (MIGA), an institution of the World Bank Group, have entered into a strategic agreement to enhance cooperation in foreign direct investments (FDI) and expand their co-insurance and reinsurance activities. The agreement was signed on the sidelines of the Berne Union Annual General Meeting, which began on October 15th in Hamburg, Germany. According to Emirates News Agency, the new partnership aims to leverage the extensive experience and proven track records of ECI and MIGA in investment guarantees and commercial credit. The collaboration is designed to foster joint efforts that will enhance the quality of solutions offered to clients, facilitating increased FDIs through innovative co-insurance and reinsurance solutions. This includes support for projects, investment agreements, equity insurance, loans, and various types of shareholders' and non-shareholders' assurances. Raja Al Mazr ouei, CEO of Etihad Credit Insurance, emphasized the importance of the agreement in strengthening strategic ties and exchanging expertise with major global institutions. He highlighted the alignment of this initiative with the UAE's national economic objectives under the vision "We the UAE 2031." Al Mazrouei noted that the partnership with MIGA underscores a shared commitment to bolstering bilateral cooperation, which is expected to spur new investment opportunities and enhance trade flows, exports, and re-exports on both regional and global scales. 'This collaboration agreement with MIGA marks a significant stride in the company's growth trajectory, providing new opportunities for initiating joint investment projects based on the expertise and potential of both parties. With this mutual cooperation, we aim to provide a broader spectrum of clients with cutting-edge insurance and investment solutions," said Al Mazrouei. He also pointed out the UAE's robust global standing as a top destination for FDI, citing its rank as the second-highest globally for FDI inflows in 2023. Hiroshi Matano, Executive Vice President of MIGA, also commented on the partnership, expressing enthusiasm for the expanded collaboration. "The agreement with ECI showcases our commitment to expand partnerships to offer a wide range of services to attract foreign direct investment in emerging markets and developing countries. We hope to co-create innovative financial solutions to address private sector needs in our member countries," stated Matano.