Canadian companies partnering with companies in the Republic of Slovenia on export contracts can benefit from a new agreement between Export Development Canada (EDC) and Slovene Export Corporation (SID).
The agreement is aimed at promoting co-operation and coordination between the two export credit agencies with respect to their various financing, insurance, reinsurance and guarantee activities. It will strengthen trade contacts and establish an ongoing relationship between the two organisations, including the exchange of information about potential projects and programmes and providing guidelines for entering into specific financing transactions.
SID was established in October 1992 as a special private law financial institution for insurance and financing of exports. SID offers Slovene companies for their operations in foreign and domestic markets a wide and complete range of various financial services and products including insurance, export financing, guarantees, credit rating, risk rating and other information, legal and business advice, assistance with collection of debt and factoring.
SID has been a full member of the International Union of Credit and Investment Insurers (Berne Union) since 2000 and is also active within the Prague Club, a group of newly established export credit agencies, mainly from Central and Eastern Europe.
Total value of insurance transactions in 2002 amounted to €1.72bn (an increase of 5.9% over 2001) which represents 13% of Slovenia’s total exports. The growth of financing increased by 45% over the previous year, especially in the area of long-term export credit and investment financing and at the end of 2002, amounted to €319.8mn. The value of issued guarantees rose 55% over the previous year and totalled €27mn.