Belgium’s export credit agency Ducroire/Delcredere (OND) is resuming insurance cover for political and commercial risks relating to short-term export credits on the Democratic Republic of Congo (DRC).
Cover is possible for open account transactions, ie, without a guarantee being required, either on private or public debtors. For transactions without a bank guarantee (ILC or sovereign guarantee), the guaranteed portion is however reduced to 80%. Cover possibilities are assessed contract by contract (no credit limits) and limited to transactions with a credit period that does not exceed 90 days. Finally, cover is not possible for debtors located in the Eastern Province and in the North and South Kivu provinces.
For these transactions, the Democratic Republic of Congo is classified in risk (and premium) category 7C. A 50% premium surcharge applies for the insurance of commercial risk. The country ceiling has been set at €5mn.