Market

Kuwait’s Dhaman signs MOU with Greece’s ECG to promote trade, investment

Kuwait-based Arab Investment & Export Credit Guarantee Corporation (Dhaman) Thursday signed a memo of understanding (MOU) with Export Credit Greece (ECG) for bilateral cooperation and exchange of information to promote Kuwait-Greece trade and investment.

The MOU was signed by Director-General Abdullah Al-Sabeeh on behalf of the Corporation, and Greek Deputy Foreign Minister for Economic Diplomacy and Openness Konstantinos Fragkogiannis on behalf of Export Credit Greece (ECG).

In a press statement, Al-Sabeeh said the MOU aims at promoting and bolstering trade relations between Kuwait and Greece, exchanging information on existing, greenfield and potential foreign direct investment ventures, and exploring mutual opportunities in insurance, reinsurance and joint insurance services for export and investment.

He added that the MOU is also meant to exchange trade and credit information on Kuwaiti and Greek investment, trade and insurance agencies, and to share expertise and the best practices in commercial underwriting, risk management, country risk rating, claims and recoveries.

For his part, Greek Deputy Foreign Minister for Economic Diplomacy and Opening Openness Kostas Fragkogiannis welcomed the signing of the MOU with the Arab Investment & Export Credit Guarantee Corporation, stressing the significance of promoting trade and investment cooperation between Kuwait and Greece.

He said that the Export Credit Greece (ECG) seeks to promote national exports and serve Greek exporters through the insurance of export credit and financial and consulting services and strengthening international partnerships.

He added that the ECG also aims to build cooperation with other export credit guarantee agencies on the basis of mutual interest and for the benefit of its customers.

Fragkogiannis affirmed that the agency is eager to put the MOU in place, thus reflecting positively on bilateral cooperation in the areas of trade, investment and insurance, pointing out mutual willingness to broaden the scope of cooperation in the future to include joint ventures in other countries through joint credit insurance, parallel insurance, reinsurance or technical cooperation.

Based in Kuwait, the Arab Investment & Export Credit Guarantee Corporation (Dhaman) was established in 1974 as a joint Arab agency that is owned by all Arab countries and four joint Arab financial institutions.

Source: Kuwait News Agency

ANE