Банкеръ Weekly

Briefs

LOCAL EXPORTERS DO NOT USE THE OPPORTUNITIES OFFERED BY THE BULGARIAN AGENCY FOR EXPORT INSURANCE

Ninety five per cent of local exporters have not so far used the opportunities, offered by the Bulgarian Agency for Export Insurance (BAEI). And each fourth firm cannot presently afford additional expenses for insurance premiums. This has been established by a poll among Bulgarian entrepreneurs and banks, conducted by the BAEI in cooperation with KPMG. The survey is within the framework of a project, financed by the British Government, aimed to popularize BAEI's products and promote interest towards them on the part of local exporters.The BAEI was set up in 1998 with the intention to encourage Bulgarian export and imporve the competitiveness of local exporters. The BAEI has so far launched five insurance products on the market. The policies, issued by it, are acknowledged as risk-free guarantee. This facilitates companies' access to bank credits, necessary for financing the export.The poll found that 74% of the export-oriented companies and 84% of the local banks are acquainted with BAEI's operation and products. The problem is that instead of using them, exporters resort to other forms of guarantee, such as letters of credit and advance payment. At the same time, each fifth of the polled entrepreneurs answered he would use BAEI's insurance products if it was not for the difficulties, encountered in accepting them as guaarntee.All polled financial institutions, on their part, declared their intention to begin using BAEI's product Insurance of a Bank Credit Line for Pre-export Financing. The opportunities, offered by the BAEI, are well-known by 62% of the banks, which have not closed a framework agreement for cooperation with the agency. At the same time, between 25% and 75% of the corporative clients of 56% of the polled banks are exporters.

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