A recent survey by Berne Union shows a robust response to the COVID-19 pandemic from the export credit insurance industry.
ECAs facilitate and promote national exports
The members of the Berne Union - private and public export credit agencies (ECAs) - have different mandates, guidelines and structures, but pursue the same mission: to facilitate and promote national exports. Especially now in the current COVID-19 crisis, the benefit of domestic export credit insurance for the export industry is evident. A recent survey by the Berne Union shows that, in addition to existing structures and measures, expanded and new measures are being created to enable an rapid recovery.
The various measures that export credit insurers have taken in recent weeks to support exporters in the COVID-19 crisis range from relaxation of some administrative obligations to expedited approval processes to the introduction of new liquidity-promoting instruments.
COVID-19 aid: EUR 2 billion credit line for exporters
Together with the BMF, OeKB has also reacted to the COVID-19 effects and is providing exporters, among other things, with additional loan funds amounting to 2 billion euros. Export companies can apply – in collaboration with their commercial bank – for a credit line of 10 percent (large companies) or 15 percent (small and medium-sized companies) of their export sales with OeKB since mid-March.
About Berne Union (BU)
The Berne Union was founded in 1934 by private and government export credit insurers from France, Italy, Spain and the United Kingdom. The aim of the association is to promote global cross-border trade and to offer a forum for professional exchange. The 83 members of the Berne Union collectively insure 13% of global, cross-border trade. 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, observing the development of the competition, discussing ideas for innovations in products and processes, coordinating the procedure for joint projects with other ECAs and concluding cooperation agreements.