Today, a historic signing of an MoU was witnessed between KNCCI and UAE based Etihad Credit Insurance. The MoU was signed electronically by both the CEO of Etihad Credit Insurance H.E. Massimo Falcioni and KNCCI President Mr. Richard Ngatia on behalf of the two Organizations.
On the part of ECI, the signing was witnessed by Mr. Abdulla Al Hosani, (Director of Commercial & Distribution) and Ms. Mengjia Gao, (International Cooperation Manager). From the side of KNCCI, the signing was witnessed by: Mr. Walid (UAE Kenya Trade Centre Chairman), Ms. Fatma Elmaawy (Chamber 2nd Vice President), Mr. Kariuki Theuri (Director for Economic Diplomacy), Mr. Omarsadik Mohamed (Director), Mr. Samuel Matonda (CEO) and Mr. Patrick Nyangweso (COO).
The discussions leading to the signing of the MoU were cemented during a discussion held at the World Trade Centre in Dubai on 23rd February 2021. During the MoU signing, both leaders affirmed the importance of the partnership and cooperation as mutually beneficial in facilitating trade between Kenya and the UAE. In addition to the main exports of tea and coffee, the UAE is interested to export flowers, fruits and vegetables, food and beverages, as well as facilitate imports and investments in other areas like health care, construction, logistics and manufacturing.
Through Etihad Credit Insurance, Exporters can now be supported with insurance to the value of USD 200,000 of up to five months against non-payment for exports or international sales transacted on open credit terms, thus instilling trust and confidence in international trade.
Etihad Credit Insurance has already partnered with the Trade Development Bank of Africa, that is ready to commence the insurance project.
KNCCI and ECI have both mapped exporters, importers and investors from both Countries that will be matched through virtual and physical B2Bs for a Pilot program scheduled to commence as soon as possible.