UAE, UK collaborate on Dhs540m emergency response project in Senegal

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

The project, called the Redco Project Senegal, will cater to emergency services like fire fighting vehicles, rescue vehicles, ambulances, rescue boats, water trailers, cranes with cargo trucks and other safety equipment in Senegal.

The project, worth Dhs540m is funded by Standard Chartered Bank along with partial direct lending by UKEF. Both companies have provided guarantees for the loan obtained by the Senegal Ministry of Economy, Planning and Cooperation and is backed with ECI’s participation worth Dhs334m.

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

#UAE, #UK join forces to back AED540 million national emergency response project in Senegal #WamNews https://t.co/3Na5DfZ3OP pic.twitter.com/C7vnJcMTUR

— WAM English (@WAMNEWS_ENG) August 10, 2022

ECI’s trade finance support comes as a response to UAE’s Africa initiative and Senegal’s call for aid to enhance and strengthen its firefighting and emergency response capabilities. Recently, the UAE sent a plane of emergency medical supplies to Senegal to mitigate the damage after the neonatal department at the Dabakh Hospital in the city of Tifwani, caught on fire.

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. The 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.”

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. It will further solidify UAE companies’ presence in the global arena and reinforce its position the country as one of the most conducive global hubs for trade and business.”