Institution details
Export Credit Insurance Organization ( OAEP ) (OAEP)
Key facts
- Established in 1988
- Ownership: Public
Part of the OECD
Part of the Berne Union
- Panepistimiou 57, 10564 Athens
- +30 210 331 0017
- https://www.oaep.gr
Latest update: 03/12/2021
rating type | rating agency | type | rating |
---|---|---|---|
Institution rating | S&P | Foreign currency | B- |
Country rating | S&P | Local currency | B- |
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
What's new?
- In June 2021, OAEP estimated exports of EUR 8.7 billion, which will create a product of 21.6 billion euros and an added value of 8.1 billion euros, are expected to support the next five years.
- Follows OECD guidelines
- Country risk guidelines provided for export transactions and direct investments, and by risk type and tenor