South African credit insurer, Credit Guarantee, has not changed its underwriting stance towards any of the countries in the Middle East, but will continue to monitor the situation, it claims. Credit Guarantee general manager of exports, Gernot Kríger, says that the local credit insurer would adopt a view similar to that of the world’s leading credit insurers and maintain its current stance towards Middle Eastern countries.
The credit insurer’s policy in this regard is aimed at continuing to facilitate South Africa’s recent significant export growth especially at such a crucial time, taking into account that the company provides export cover to so many exporters, of which approximately half are SME business clients.
According to Kríger, the war in Iraq demonstrates the volatility of the post cold war political landscape and underlines the imperative for exporters to constantly monitor their markets and the regions in which their markets are situated. He points out that Credit Guarantee continuously monitors political and economic stability in all of South Africa’s major trading countries.