Garant and Turk Eximbank have announced a new credit and political risk insurance partnership in Turkey.
The two institutions have signed a co-operation agreement, combining their capacities to address the increasing need for credit and political risk coverage in the region.
The scope for sharing expertise and information, co-insurance and debt collection management are all included under the agreement. Garant will also be able to provide reinsurance on Turk Eximbank’s business.
“Turkey’s interest in doing business with other parts of the world has increased, notably in the Middle East, Africa and Asia where Garant intends to be very active,” says Garant CEO Louis Habib-Deloncle.
“The needs for coverage are huge and the country has a great potential due to its strategic location at the crossroads of Europe, Asia and the Middle East. Through this partnership, Turk Eximbank and Garant may address together the growing demand in the region and offer their clients advanced insurance solutions to meet their expectations.”
Based in Austria and Switzerland, Garant specialises in credit and political risks with a focus on political risk in emerging countries. 95.6% owned by the Belgian export credit agency, it is rated A- by Fitch and offers trade insurance solutions in over 160 countries.