Ex-Im Bank Signs Credit Reinsurance Deal to Help Exporters
The Export-Import Bank of the U.S. said it reached agreement with trade credit insurer Coface North America Insurance Co. to provide reinsurance. The bank introduced its reinsurance product two years ago to help U.S. small business exporters obtain short-term export credit. Under the agreement, Ex-Im Bank will provide reinsurance for export-credit insurance policies written by Coface North America Insurance to protect the accounts receivables and cash flow of American companies exporting goods and services overseas.
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Trade credit insurance from Coface, and reinsurance from Ex-Im Bank will enable American companies to increase the amount of credit they offer their overseas customers, who therefore can increase their purchases of American goods and services, Ex-Im said.
Separately, the Ex-Im Bank said it renewed a 12-month export credit insurance policy for Wells Fargo to enable the export of American cotton to a large textile firm in Turkey, Menderes Tekstil Sanayi ve Ticaret A.S. (here).