EximBank continues offering insurance products for Romanian exports in Greece
Bucharest, February, 17, 2014 – EximBank will continue selling insurance policies for the short term credits that are taking over temporary non-market risks for Greek debtors, up until the end of this year. Decision is made upon the European Commission resolution to exclude Greece until December this year from the group of countries with risks that may be insured on the private market.
”Keeping Greece in this position – as an effect of the reduced global capacity of the private sector to cover all economically legitimate risks – allows EximBank to continue offering to local exporters state insurances for the contracts concluded with Greek partners. During last year, EximBank has received up to 30 requests for insurances related to export contracts and we have noticed an increased level of interest from the Romanian exporters, related to insurance products for export contract with Greek debtors”, said Traian Halalai, President of EximBank.
The European regulations do not allow stat insurance companies to offer services of insuring the short term export credits for the risks covered by the products on the private market. Countries with risks that may be covered on the private market are all the European Union member states, except Greece, Australia, Canada, Island, Japan, New Zealand, Norway, Switzerland and the United States of America.
The insurance policy for short term export credits for non-market risks and temporary non-market risks offered by EximBank covers the deliveries with a payment term of up to 2 years for debtors in non-EU areas and non-OECD members (and temporary for Greek debtors) and gives the certainty of cashing up to 85% of the exported value. The policy is concluded in the export contract’s currency and it is customized for each client.
EximBank has developed complex integrated solutions for exporters and it is able to support their activity from the production stage to delivery and cashing of the exported goods counter value by:
Financing (covering production or goods delivery costs);
Export guarantees ( for general goods, stimulating the execution of complex objectives, or supporting long production cycles);
Insurance for export credits for non-market risks or buyer credits;
Commercial information on business partners.
Interested companies may obtain more details at www.eximbank.ro.