MIGA and ECI Announce Partnership to Expand Guarantees
WASHINGTON, October 16, 2024 – The Multilateral Investment Guarantee Agency (MIGA), part of World Bank Group Guarantees, and Etihad Credit Insurance (ECI), the United Arab Emirates' Federal export credit company, signed an agreement to coordinate their activities in promoting foreign direct investment by providing co-insurance and reinsurance guarantees.
The agreement, signed on the sidelines of the Berne Union Annual General Meeting in Hamburg, Germany, will combine ECI’s expertise in trade credit insurance with MIGA’s capacity to provide guarantees to mobilize international financing in emerging markets and developing countries. MIGA and ECI will collaborate to identify and support joint projects and combine their respective expertise to provide comprehensive support for investments.
“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,” said Hiroshi Matano, MIGA Executive Vice President. “We hope to co-create innovative financial solutions to address private sector needs in our member countries.”
The three-year agreement provides a framework for developing standardized roles and scalability of partnerships formats. Both organizations will consult, conduct joint due diligence, and project preparation activities, maximizing cost efficiencies and eliminating duplications.
“ECI’s partnership with MIGA signifies both parties’ common interest in fostering bilateral cooperation to support FDIs and the expansion of insurance and reinsurance activities,” said Raja Al Mazrouei, CEO of Etihad Credit Insurance. “It fosters new opportunities for investment projects and activities and helps in the promotion of trade flows, investment and export and re-export activities in both the regional and global markets.”
The strategic partnership highlights the shared commitment of the World Bank Group and ECI to create a world free from poverty on a livable planet. By pooling expertise and resources, the two organizations aim to expand access to finance and reduce investment risks, ultimately accelerating growth opportunities in emerging markets.
About Etihad Credit Insurance
Established in 2018, Etihad Credit Insurance (ECI) is the UAE’s Federal export credit company. It provides businesses, lenders, and investors with a diverse and robust range of solutions to accelerate and secure international trade. In alignment with the “We, the UAE 2031” agenda, ECI is poised to deliver the assistance and support you need to succeed in the global marketplace. ECI received AA- Fitch rating in 2020 and became a member of the Berne Union in 2021, and an affiliate member of the UN Environment Programme – Finance Initiative’s NZECA.
ECI is dedicated to fostering sustainability and non-oil trade to support the resilience and diversification of the UAE economy, while empowering businesses to conduct seamless global trade by providing robust credit solutions and expert market insights. Guided by the core organisational values of protection, customer-centricity, integrity, collaboration, global competitiveness, innovation, and sustainability, ECI remains committed to ensuring client success.
About World Bank Group Guarantees
Initiated in 2024, World Bank Group Guarantees consolidates all guarantee products and experts from across the World Bank Group institutions at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the WBG’s annual guarantee issuance to $20 billion by 2030.
For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees
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Contact:
In Washington: Elizabeth Howton, (202) 458-5922 or ehowton@worldbankgroup.org