Etihad Credit Insurance, the UAE’s government export credit agency, has inked a preliminary agreement with Greece’s Export Credit Insurance Organization in order to strengthen bilateral trade and economic cooperation.

The organizations’ goal is to provide trade finance instruments to local enterprises in the agribusiness, construction, steel and aluminum, ceramics, renewable energy, mechanical, and waste management sectors in order to assist them develop worldwide.

Through the development and use of Sharia-compliant financing solutions, the cooperation would also stimulate the growth of small and medium-sized firms and mid-caps, as well as improve halal commerce, ECI said in a statement on Monday.

“This agreement will assist firms from both nations in expanding on a worldwide scale, supported by a wide range of credit insurance solutions, market knowledge, and ease of access to international commerce,” said Massimo Falcioni, CEO of ECI.

“It will also shield SMEs and large organizations from commercial and non-commercial dangers encountered along their business trip.”

The agreement comes as a result of recent high-level diplomatic negotiations between the UAE and Greece. These discussed the potential for enhancing strategic ties between the two countries as well as a variety of regional and international concerns.

Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Cooperation, and Greece’s Foreign Minister, Nikos Dendias, had meetings in Washington. Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, and Greece’s Prime Minister, Kyriakos Mitsotakis, met in Athens.

In addition, the new partnership will investigate mutual potential in insurance, reinsurance, and co-insurance, as well as share experience and best practices in commercial underwriting, risk management, country assessment, claims, and recovery.

This agreement will assist firms from both nations in expanding on a worldwide scale by providing a variety of credit insurance options, market knowledge, and ease of access to international commerce.

Massimo Falcioni is the CEO of ECI.

“Building on Greece and the UAE’s long-standing bilateral relationship, this cooperation will play a critical role in boosting both nations’ economic stability and trade strength,” said Gregory Stamatopoulos, director general of the ECIO.

“It is our goal to meet the demands of all export enterprises by offering credit insurance and simultaneous financing through straightforward procedures.”

The UAE and Greece created a strategic alliance in 2020, building on a connection that began in 1976, when the nations formed a joint committee for economic, cultural, and technological cooperation.

Today, the two countries’ alliance spans a wide range of spheres of cooperation, including economics, politics, defense, culture, governance, and food security.

Non-oil international trade between the UAE and Greece was Dh1.2 billion ($326 million) last year, increasing 41% from the previous year, according to figures from the Ministry of Economy. The growing number of visitors traveling between the two nations is aided by a robust airline industry.