INDONESIA: Export Credit Reinsurance Deal for SMEs Signed with UAE
12 May 2022
Indonesia’s government-backed export credit agency for non-oil sectors, PT Reasuransi Indonesia Utama (Persero), has signed a reciprocal agreement with its United Arab Emirates (UAE) counterpart to provide financial products supporting bilateral trade. Announced on 25 April 2022, the deal provides companies in Indonesia and the UAE with funding for international expansion.
The two institutions will target sustainable and inclusive economic development. Trade and project financing will focus on micro, small and medium-sized enterprises, including the health sector, digital transformation, and sustainable energy. The agencies will also provide protection products for political, commercial and non-commercial risks.
Both countries are scheduled to sign a bilateral comprehensive economic partnership agreement later this year, with trade forecast to expand by US$1.6bn annually, led by the jewellery, cars and car parts, vegetable oil, rubber, aluminium and copper sectors. Indonesia and the UAE are also collaborating in halal food, green technology, oil exploration, agriculture, education and utilities.
- Finance & Investment
- Southeast Asia
- Middle East
- United Arab Emirates