Berne Union members collectively provide payment risk protection equivalent to approximately 14% of annual world trade. This was announced by the Berne Union (BU) at its spring meeting.
This year’s spring meeting was held from 19 to 22 March in Kenya. That the meeting with over 200 participants, including representatives of OeKB, took place in Africa has a good reason: Six of the world’s ten fastest growing economies are located on this continent.
Economic growth was satisfactory on the other continents, too. This led to rising business in the previous year and in total, the members of the Berne Union were able to underwrite new business in the amount of USD 2,330 billion in 2017:
|Credit limits extended, short term||2,088|
|New medium to long term exports||179|
|New foreign direct investments||64|
Last year’s claims were USD 6 billion and thus lower than in 2016.
After the BU spring meeting export credit agencies (ECAs) met local and regional development banks, multilateral and bilateral organisations who are active in Africa. They discussed topics such as risk transfer and financing options for joint projects.
About Berne Union
The Berne Union (BU) was founded in 1934 by four private and public export credit agencies from France, Italy, Spain and the United Kingdom. This association is aiming at promoting export credit and investment insurance. 85 members from 73 countries are united in the Berne Union. OeKB has been a member of the BU since 1954. In the BU, OeKB represents the interests of the Austrian export industry by, among other things, monitoring the development of competitors, discussing ideas for innovations in products and processes, coordinating the approach to joint projects with other ECAs and concluding cooperation agreements.