What happens when your buyer faces financial problems or other difficulties beyond his ability and is therefore not able to pay you for the goods already delivered to him? Do you panic and worry about your loss? Or do you, like other exporters in Oman, have credit insurance cover against such risks? If you are not credit insured, then it may be time for you to know more about credit insurance protection and other services provided by the Export Credit Guarantee Agency (S.A.O.C) of the Sultanate of Oman.

The Export Credit Guarantee Agency S.A.O.C. (ECGA) commenced its export credit insurance guarantee and financing activities in servicing Omani exporters since November 1991. ECGA operates as national export credit agency of the Sultanate of Oman. It is an independent legal entity that is closely held company fully funded by the Government of the Sultanate of Oman which enables it to cover its financial needs and to build up the necessary reserves in meeting its obligations. The Agency meets the needs of exporters by providing a range of facilities which include the following services :-

  Export Credit Insurance which provides cover to Omani exporters against commercial and non-commercial risks. These include buyer’s insolvency/bankruptcy, buyer’s failure to pay, buyer refusing delivery of goods, foreign exchange transfer delay, import bans or cancellation of import license, payment moratorium, war, civil disorder, natural disasters. ECGA’s guarantee minimize the risk and maximize the opportunities of exporters selling in foreign markets. ECGA indemnifies exporters if they are not been paid by their buyers abroad.

  Domestic credit insurance services to credit insured exporters so as to cover also local sales apart from exports thus mitigating commercial risks of default and bankruptcy of the local buyers.

  Post-shipment financing of exports through bills discounting with the commercial banks at concessional interest rates.

  Pre-shipment financing facilities to exporters through commercial banks against guarantees issued by ECGA for working capital requirements so as to meet and enhance the opportunity for their export sales.

  Assists and guides the exporters in recovering old outstandings and bad debts.

  Advises exporters on credit-worthiness, payment records, financial position, commercial morality and other related information on the buyers which assist exporters in their decision for extending credit by acting prudently.

ECGA's services are available to any Omani exporter of any size, operating in any industrial, commodity or service sector. The existence of such beneficial services extended by ECGA to its clients provide excellent opportunities to utilize them effectively considering direct tangible benefits to them whether in terms of risk minimization through credit insurance or improving liquidity through bills discounting under post-shipment financing or availing working capital financing under pre-shipment export credit guarantee scheme.

“ The key to success is to avail ECGA’s services for safe export business. As credit insured exporters, while you trade at ease and Reap the profits... ECGA will bear the risks.”

An ECGA Export Credit Policy will protect you when you export on Open Account, Post Dated Cheques, Documents Against Payment, Documents Against Acceptance and Irrevocable Letters of Credit.

WE'RE HERE TO HELP YOU MINIMIZE YOUR RISKS.
There are two main categories to watch out for:

BUYERS RISKS COUNTRY RISKS
    buyer's insolvency/bankruptcy,
    buyer's failure to pay,
    buyer refusing delivery of goods.

COUNTRY RISKS
    foreign exchange transfer delay,
    import bans or cancellation of import license,
    payment moratorium,
    war, civil disorder, natural disasters

Other benefits of services provided to credit insured exporters include post shipment financing through discounting of export bills by commercial banks at concessional rates of interest as well as issuance of guarantees to commercial banks to ease the grant of pre-shipment credit facilities for working capital requirements for exporters.

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