UAE’s Federal export credit company Etihad Credit Insurance (ECI) and the UK Export Finance (UKEF) announced a joint project in the Republic of Senegal to strengthen its national emergency response infrastructure.

This project, called the Redco Project Senegal, will see the supply and building up of emergency services from fire fighting vehicles, airport firefighting and rescue vehicles, ambulances and medical vehicles, rescue boats, and water trailers, cranes with cargo trucks and other safety equipment in Senegal.

Louis Taylor

The AED 540 million ($147 million) project, is funded by Standard Chartered Bank along with partial direct lending by UKEF and is backed by ECI & UKEF under a reinsurance arrangement with ECI’s participation worth AED 334 million ($91 million).

The emergency services equipment will be provided by Naffco, a UAE-based manufacturer and exporter of firefighting products and fire protection engineering.

This trade finance support is in line with ECI’s goals to boost the exports of Made in the UAE products and services as part of the ‘Operation 300bn’ strategy, which aims to develop the UAE’s industrial sector and enhance its role in stimulating the national economy.

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI’s Board of Directors, said: “This new agreement between our export credit agencies is part of UAE’s relentless commitment to advance key segments such as emergency services, healthcare, environment, and technology. This collaboration is based on an effective public-private partnership framework that will also bring about substantial investment opportunities for UAE companies around sustainability, which is becoming the norm for the next generation developmental strategies.”

Sir Massimo Falcioni, CEO of Etihad Credit Insurance, said: “This kind of partnership opens up numerous opportunities for UAE, UK, and Senegal to explore joint projects that will help domestic entrepreneurs and exporters secure their access to international markets while safely securing their receivables.”

Louis Taylor, CEO of UK Export Finance, said: “Senegal is a unique market for UK exporters to tap into. I’ve seen for myself how the UK and Senegal can work together to unlock projects in the country with our financing and open new trade routes for UK companies.”