EximBank extends to 31st March the protection for the Romanian exporters with partners from EU and OECD

Romanian exporters also benefit at the beginning of this year from extended protection in their trade relations with partners in EU and OECD countries, with the extension until 31 March 2022 of the short-term insurance scheme for temporary non-market risks that EximBank offers on behalf of and in the Romanian state's account, the state bank announced. The facility covers all categories of exporters – small entreprises, medium and big entreprises for which EximBank can cover up to 85% of the losses recorded as a result of trade and political risks relating to trade partners in the countries of the EU and OECD.  ‘Following the re-evaluation of the situation generated by the Covid-19 pandemics, the European Commission considered that there is still an insufficient capacity of the private sector to cover all justifiable risks from the economic point of view for exports to the EU and OECD countries and decided to extend the validity of the insurance scheme. Thus, the framework was created for EximBank to insure the continuity of this aid scheme and take over the trade and political risks offering the exporters the possibility to sign new contracts or to extend the existing ones under increased safety conditions’ Traian Halalai, executive chairman of EximBank. By means of this aid scheme, EximBank provides, on behalf and for the account of the Romanian State, for a risk-bearing period of less than two years (including the manufacturing time and the repayment period), claims arising from export transactions of goods and services against temporarily non-market risks. The insurance covers a maximum of 85% from the insured loss during the period of pre-delivery or post-delivery, as a result of the trade risks (arbitrary repudiation of a contract by a private debtor, insolvency of the private debtor or of his guarantee, extended non-payment by a private debtor and by his guarantee or of a debt included in the contract)and/or political risks (a public debtor or a country stops the export trading risks which exceed the will of the individual buyers or which are not the responsibility of the individual buyer; the risk that a country does not transfer or does not allow the transfer in the country of the insured of the sums paid by the debtors situated in that country, force majeure outside the country of the insurer, including war).