Institution details

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Export Credit Insurance Organization ( OAEP ) (OAEP)

Key facts

  • Established in 1988
  • Ownership: Public
Part of the OECD Part of the Berne Union

Latest update: 03/12/2021

Products

  • Buyer credit insurance
  • Short-term export insurance
  • Medium- and long-term export credits
  • Construction work insurance schemes
  • Overseas investment insurance schemes

Buyer credit insurance


  • Insurance to a bank (Greek or foreign bank branch in Greece) that provides funding to a foreign buyer
  • Premium calculated as a percentage of the order value covered as well as specific processing fees
  • Buyer credit cover is for up to 95% of the loan amount


Short-term export insurance


  • Provides short-term insurance for the export of Greek goods and services against commercial and political risks
  • Maximum amount of indemnification: EUR 1 million
  • Coverage: Up to 80% of contract value


Medium- and long-term export credits


  • Provides insurance coverage for medium- or long-term repayment periods against commercial and political risks
  • Eligible goods and services: High value machines, telecom equipment, cables, pipes, etc.
  • Each insurance policy is evaluated on a case-by-case basis and according to the existing export contract
  • Premium: Determined by ECIO as appropriate; it cannot be capitalized in the loan value
  • Tenors:
    - Medium-term: 2–5 years
    - Long-term: Over 5 years
  • Coverage:
    - Up to 95% of the eligible contract value
    - Third country goods are not eligible for cover


Construction work insurance schemes


  • Insurance for construction projects performed by Greek contractors
  • Covers commercial and political risks of non-payment of the project value of public and private entities, or debtors of foreign countries
  • Strategies:
    - Ensure payment for the project
    - Indirectly contribute to the funding for the project from a bank because the insurance is security (collateral) 
  • Premiums:
    - Paid before construction starts if it provides security of the construction period
    - Paid off by the end of the construction period if it provides security of repayments


Overseas investment insurance schemes


  • Insures investments from Greece to foreign enterprises
  • Eligible transactions: A new industrial company, or participation in an existing and operating company abroad
  • Coverage: Political risks only

Performance highlights

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