Press Release.
Export Bahrain and The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) have signed a Memorandum of Understanding (MoU) to provide further options in export credit insurance services to Bahrain-based businesses.
This agreement intends to boost the support to Bahrain-based businesses in their export journey by indemnifying the exporters against the risk of nonpayment by foreign buyers. The issuance of export credit insurance is an important spectrum of trade finance as it allows exporters to confidently compete in global markets and to provide international buyers enhanced and competitive credit terms.
The new partnership between Export Bahrain and ICIEC is the latest addition to the Export Credit Insurance solution, which aims to stimulate the export of services and products of national origin across various sectors to global markets; an added incentive and benefit that was not available to service exporters prior to this agreement. Furthermore, this MoU will provide exporters with new alternatives and a variety of added benefits as Export Bahrain continuously seeks to add to the growing list of partners to enhance the services provided to Bahrain-based businesses.
Commenting on the occasion, Export Bahrain Chief Executive, Ms. Safa Sharif Abdulkhaliq stated: “Export Bahrain’s efforts are geared towards establishing exclusive partnerships to ease and find solutions to the different challenges that Bahrain-based businesses may encounter during their export journey. We encourage businesses from all the various sectors to take advantage of this agreement as we are confident that this strategic partnership would allow more exporters to explore new markets and buyers with confidence, particularly now with more alternatives being offered in the Export Credit Insurance solution to Export Bahrain customers.”
Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, added: “Despite the onset of COVID-19, many ICIEC member countries have shown remarkable resilience especially in trade and exports. ICIEC stands ready to enhance its support to Bahrain by mitigating political and commercial risks for trade and investment through the provision of its Shariah compliant insurance solutions for banks, corporates, ECAs, and other stakeholders. We look forward to this new partnership with Export Bahrain and to support Bahrain-based businesses with their credit insurance needs.”
Export Bahrain has facilitated local businesses to go global and expand into international markets reporting over USD 175 million worth of exports to date with more than 59 different product and service categories across various economic sectors. Since its inception in November 2018, Export Bahrain has supported products and services that are made in Bahrain reach more than 58 markets across the GCC, Asia, Africa, Europe, Australia, United Kingdom, and the United States of America.
For more information on the Export Credit Insurance solution or any other service provided by Export Bahrain, visit their website, email info@export.bh, or call +973 1738 3999. Stay tuned to the latest news and updates by following @exportbahrain on social media platforms.