EGAP has increased insurance cover

In reaction to the current international financial crisis, the Board of Directors of EGAP decided to temporary increase insurance cover of risks related to export credits, Letters of Credits, and bank guarantees issued in connection with export contracts up to 99 % and, in case of insurance of political risks in investments, to 100 %. In practice, it means for Czech exporters and their banks a significant decrease in risk level of the export and substantial savings of expenses connected with securing the self-retention which is mere 1 % or it is zero now.

The main motive for this step is to enable Czech exporters and investors access to financial funds for their projects in situation when banks made credit conditions stricter as a result of the world financial crisis and to support thus the export as a "locomotive" of the Czech economy. The increase in the insurance cover of export credits is expected to be in force until the end of 2009.

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