FIMBank plc, the Malta-based trade finance banking group, has signed an agreement with the Arab Investment and Export Credit Guarantee Corporation (Dhaman), which provides for insurance cover on letters of credit issued or confirmed by FIMBank. The agreement is an important development for FIMBank’s international trade finance activities as it reinforces the Bank’s global presence, particularly in Arab countries and markets.
The announcement was made by FIMBank Chairman Mr. Najeeb Al-Saleh and coincided with the visit by the Prime Minister of Malta, the Minister of Foreign Affairs, the Minister of Finance, the Economy and Investment and a high level business delegation to the Gulf Region organised by Malta Enterprise.
Set up in 1974, Dhaman is an autonomous financial organisation encompassing all Arab countries and a number of financial institutions in the region. The Kuwaiti-based institution’s core objective is to promote capital mobility into Arab countries and to enhance Arab exports worldwide. It is rated AA by Standard & Poor's (S&P).
The signing of the agreement took place on the 13th April 2010 at the prestigious Arab Organisation’s Headquarters Building in Kuwait, seat of Dhaman. FIMBank was represented at the signing by its Chairman, Mr. Najeeb Al-Saleh and its President, Ms. Margrith Lütschg-Emmenneger. Mr. Fahad R. Al-Ibrahim, Director General signed on behalf of Dhaman.
While commenting on the first agreement of its kind signed between a European-based bank and Dhaman, FIMBank Chairman Mr. Najeeb Al-Saleh said that: “The Bank is excited with the potential this agreement creates to increase business with Arab countries and the Gulf. It will also help the Bank explore the possibility of introducing Factoring through an intermediary of Dhaman to the region.”
Dhaman’s Director General Mr. Fahad R. Al-Ibrahim, stated that: “This agreement serves well one of our main objectives that is intended to support Arab investment and trade, and hence the economic and social development of the Arab World..” Further information about Dhaman is located at www.dhaman.org