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EximBank ensures Romanian exports to EU and OECD for 6 months

Romanian companies can benefit from extensive protection in carrying out commercial relations with foreign partners, in conditions in which EC has authorized to extend the extension until June 30, 2021 of non-market short term risks and temporary non market risks which EximBank offers on behalf of the the Romanian state, the bank announced on Tuesday.

 

EximBank mentions that this insurance product was launched early this year, in the context of the Covid 10 pandemic, to support the continuation of the Romanian exporters' activities  and preserving  jobs by taking over commercial and political risks incumbent on debtors from EU and OECD countries, valid until December 31, 2020.

 

The facility is addressed to all categories of exporters – small, medium and large  enterprises, for which EximBank can cover up to 85% of losses  recorded as a result of commercial and political risks of commercial partners in EU and OECD countries.

Following the re-evaluation of the economic situation generated by the Covid 19 pandemic, the European Commission extended the validity of this  insurance scheme which  sets up the frame  for EximBank to offer Romanian exporters a high protection degree in carrying out business with foreign partners. It is an additional support measure which EximBank implements in the new local and global economic context, ensuring for Romanian firms, a support level similar to the one of European companies,”said the executive president of  EximBank, Traian Halalai.

 

By means of this insurance scheme, EximBank can take over the short term risks to which small, medium and large companies are exposed, regardless of their export  business figure, number of foreign partners it wants to ensure, on a risk period up to two years.

 

In order to benefit from this facility, exporters must have commercial exvchanges and a favorable payment history and buyers must have a positive history about compensations, the non-payment probability must be accepted and the domestic and/or foreign financial rating should be acceptable. The waiting period is 90 days.

 

As Export Credit Agency (ECA) in Romania, EximBank developed and is offering on behalf of the Romanian state insurance products – which protect exporters' incomes  against risks associated to foreign partners  and risks associated to the destination country and facilitate access to financing products. The bank can cover exporters' risks in all international markets, both in EU  and in the extra EU area.

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