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Etihad Credit Insurance teams up with Adex to boost technology sector in Angola

10/09/2023

Etihad Credit Insurance (ECI), the UAE’s federal export credit agency, has joined forces with the Abu Dhabi Export Office to drive the technology sector in Angola by supporting UAE companies to launch new projects in the West African nation.

The collaboration between the two entities aims to secure funding for projects awarded to UAE-based companies in Angola, ECI said in a statement on Sunday.

Presight AI, a unit of Abu Dhabi's G42 group focused on data analytics and artificial intelligence, secured funding from Adex backed by ECI for the implementation of a project in Angola.

“This collaboration not only enables companies like Presight to expand beyond the UAE’s borders, but it also fuels our mission to enhance the national economy and solidify the Emirates’ position as a global business hub," Mohamed Al Suwaidi, director general of Abu Dhabi Fund for Development and chairman of the exports executive committee of Adex, said.

Set up in 2019, Adex offers financing solutions to exporters to help increase the UAE’s trade volumes and promote its export business in global markets.

The entity provides credit facilities to overseas buyers and importers through direct and indirect loans and guarantees.

The latest announcement follows Adex signing two green finance agreements in February with the government of Angola to support the country’s IT sector and infrastructure projects.

One agreement, worth Dh330 million ($90 million), relates to the acquisition of an analytical platform, main data centre, backup data centre, and national cloud platform to strengthen the Angolan IT sector. The project will be carried out by Presight, Adex said at the time.

The other agreement, valued at Dh115 million, will allow Mark Cables, a UAE company specialising in manufacturing cables, lighting, water and electrification projects, to install and maintain street lights in the cities of Luanda, Malanje, N’dalatando and Uíge.

Established in 2018, ECI provides export guarantees and trade insurance for UAE companies to minimise payment risks associated with exporting.

It has partnerships with local and international banks that offer loans to UAE companies to fund exports to overseas buyers, with ECI providing insurance.

ECI said on Sunday it recently formalised three preliminary agreements with top banks and insurance companies in Ethiopia, to "unlock a multitude of trade and investment possibilities" and position "UAE enterprises at the forefront of global market growth".

"These partnerships underscore ECI's focus on nurturing economic alliances, enriching trade, and catalysing sustainable business expansion across Africa," it said.

Raja Al Mazrouei, chief executive of ECI, said the collaboration with UAE industry champions helps to "empower UAE-based companies for global prominence".

Source