Exim Banca Romaneasca launches Green Insurance for exporters involved in projects contributing to reducing the impact of climate change
Bucharest, February 13, 2023 – Exim Banca Romaneasca launches a new insurance product in the name and on the account of the Romanian state – the Green Insurance – associated with medium and long-term export projects that contribute to mitigating the impact of climate changein sectors such as sustainable energy production, remediation projects in fossil fuel plants, energy efficiency, carbon capture, utilization and storage projects, transportation, energy distribution and storage, clean hydrogen and ammonia, low-emission production processes, zero-emission and low-emission transportation, etc.
Offered by Exim Banca Romaneasca as Romania’s export credit agency, the product is designed for Romanian companies involved in such projects, either directly or as subcontractors in complex international transactions. The insurance allows the recovery of up to 85% of the export contracts and covers commercial and political risks in the destination country of the export, including force majeure risks caused by wars, civil wars, revolutions, uprisings, social unrest, and other similar events occurring in the debtor’s country.
Through the Green Insurance, Romanian exporters will benefit from the same conditions offered by export credit agencies in the European Union and OECD member statesin line with Romania’s current efforts to join the OECD and with Exim Banca Romaneasca’s role as the national focal point for officially supported export credits.
The new insurance adds to the portfolio of products offered within the mandate activity aiming at combating the effects of climate changethat includes a standard guarantee scheme facilitating access to financing for project companies/Special Purpose Vehicles (SPV) involved in renewable energy projects (Green Guarantee). The guarantee, which can cover up to 80% of the financing value, is associated with commercial bank loans for implementing investment projects contributing to the European Green Deal objectives as a strategy for sustainable economic growth and combating climate change, in line with the commitments of the European Union, including the national objectives outlined in the National Recovery and Resilience Plan, “Energy” component (PNRR-E).
Exim Banca Romaneasca is a 100% Romanian universal bank, ranking among the top 10 largest credit institutions by assets. The bank provides a wide range of products and services tailored to the needs of its individual and corporate clients. Along with the components of a universal bank, Exim Banca Romaneasca continues to operate in the field of state guarantees and insurance, under the Romanian state mandate.