EximBank launches a new insurance product for Romanian exporters
EximBank launches a new temporary insurance facility for exports on the European Union and OECD markets, targeted to Romanian companies that are confronted with the fact that private insurers do not cover certain commercial and political risks.
This facility – part of the state aid schemes- is available up to December 31st, 2016 and it has been recently approved by the European Commission.
”EximBank has actioned in such ways as to offer to Romanian exporters an instrument able to grant a higher comfort level in doing business with partners in EU or OECD. We are now trying to cover the market segment left unattended by the private insurers of export credits which have been diminished the credit limits for EU and OECD member countries lately and are not offering single risk insurance policies anymore. The facility is available as of this month (october – nr) and it has a budget of almost 8 million Euro up to the end of 2016.”, said Traian Halalai, President of EximBank.
This insurance is aimed at exporting SMEs having a annual export turnover lower than 2 million Euros and at exporters (both SMEs and big companies) that deliver to a single debtor, in the case of a risk exposure period (production and commercial credit period) longer than 181 days.
The EximBank insurance covers 85% of the registered losses following the appearance of commercial and political risks for a risk exposure period of a maximum 2 years. EximBank insures a coverage quality as per market standards, respectively covers exclusively economic incurred risks, not accepting the coverage for buyers that delay payments.
EximBank has developed and is able to offer to the exporters insurance products that covers commercial and political risks that may incur during the international commercial transactions or in the implementation process of Romanian companies’ investment projects abroad.
EximBank’s insurance policies take over international risks thus offering to companies the possibility of exporting in trustworthy conditions on new markets, concluding bigger contracts, deliver with late payments or obtaining working capital form banks. EximBank offers:
Insurance policies for export credits on short term for non-market risks and temporary non market risks;
Insurance policies for export credits on medium and long term;
Insurance policies for the Romanian capital investments abroad;
Insurance policies for buyer credit.
EximBank along with its subsidiary EximAsig – specialized in covering financial and other types of additional risks – may cover exporters’ risks on all international markets, both in EU and high risks areas in Middle East, Asia, Africa and Latin America.
EximBank is a specialized institution whose threefold product portfolio focused on financing, guarantees and insurance enables it to grant assistance to current activities and development of exporters, SME-s and companies involved in projects pertaining to key economic sectors, particularly those contributing to the absorption of EU funds.
EximBank has registered a net profit of almost 32 Million Lei during the first half of 2014, 29% higher than during the same period of last year. During the first six months of the year the new financing granted has reached a volume of almost 475 Million lei out of which 90% has been directed towards financing the companies. The net credits portfolio has increased by 24% as compared to the end of 2013 and the bank’s assets have raised by 244 Million Lei.