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Bucharest
January 28, 2022
BUSINESS

EximBank cooperates with UCCIBR to extend support to exporters

EximBank has tackled a co-operation project with the Union of Romanian Bilateral Chambers of Commerce and Industry (UCCIBR) in order to facilitate the access of Romanian commercial companies into non-EU markets.

“Given the present economic circumstances, we are keen on boosting our part for making an easier access of the Romanian exporters into external markets other than the European ones. The economic crisis showed that dependency on the European market may bring about quite unpleasant effects facing turbulences. Therefore we believe that we should strive to diversify the portfolio of external customers from among trade partners outside EU”, pointed out Ionut Costea, president of EximBank.

The project was discussed over a meeting where the 30 presidents of Bilateral Chambers of Commerce and Industry benefited from details on the ways and means for securing exports available from EximBank to commercial companies interested in trading relations onto markets beyond EU.

“I am positive that this convention shall account for a framework of long-term co-operation, with such results as we hope to find into official statistics on the trade with non-EU states”, mentioned Jose Iacobescu, president of UCCIBR.

The database of the National Statistics Institute showcase that during the first nine months of the year, the exports within EU totaled Euro 23.7 billion, whereas, exports beyond EU amounted to Euro 9.6 billion, only. However, the raising pace of non-EU trade relations (+30% against the same period in 2010) exceeded the one within EU (+22%).

EximBank provides to exporters an insurance products mix enabling them to approach further markets maybe risky but with higher growth potential. The mix includes the following:

l Export credits short-term insurance policy against non-marketable risks (covering deliveries due up to one year for debtors from non-EU areas and states not member OECD);

l Insurance policy for medium and long-term export credits (covering deliveries due later than 2 years);

l Insurance policy for Romanian capital investments abroad (meant for companies implementing investment projects in countries with high political risk; maximum 90% of project value is covered);

l Insurance policy for buyer credit (covers the credit engaged by the foreign partner to acquire products or services supplied by the Romanian exporter);

l Forex cover (secures Euro and USD proceeds against unfavorable exchange fluctuations).

Moreover, EximBank provides the product “Commercial and Credit Information”, an instrument enabling companies to get acquainted with a prospective partner before concluding the agreement, therefore mitigating business risks.

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