Development Financial Institutions of the Baltic States Will Cooperate in the Field of Export Loan Guarantees
On 22 July, Development Financial Institution ALTUM signed an agreement on Baltic cooperation in the field of export loan guarantees.
The agreement was signed with the Estonian financial institution Kredex Credit Insurance and Lithuanian financial institution INVEGA.
Jēkabs Krieviņš, ALTUM Member of the Board:
“This agreement stipulates commencing information exchange on export loan guarantees and sharing experience and knowledge regarding risk analysis, debt collection, as well as other topics related to export loan guarantees. We have decided to enhance cooperation even more, analysing also the possibilities of wider cooperation in future, for example, the development of a single Baltic export loan instrument that would allow for facilitating competitiveness with Baltic companies joining forces when entering export markets”.
During the meeting in Riga, employees of development financial institutions discussed the programmes of export loan guarantees in their countries as well as heard out the conclusions of experts on the insurance of trade loans and other matters.
The programme of export loan guarantees is implemented since 2009. Over this period, 220 guarantees were issued to 53 companies for the total amount of 20 million euros; the total guaranteed export turnover is 130 million euros. Since the launch of the programme, 11 compensations of losses were paid for the total amount of 570 thousand euros.
ALTUM keeps searching for new ways of expanding the operation of the programme. By the end of third quarter of this year, it is planned to introduce a programme of guarantees for covering the risks of export transactions to EU and OECD countries (currently, guarantees are issued only for transactions to so-called third countries).