Financing experts in Nairobi, Dubai and Singapore:
Exporters and importers will benefit
Peter Altmaier, Federal Minister for Economic Affairs and Energy with the financing experts Eva Rösler (Nairobi), Eva Christine Steinhaus (Dubai) and Markus Leichum (Singapore)
Expanded advisory service
German exporters and banks are quite familiar with the Export Credit Guarantees of the Federal Republic of Germany as cover and financing instrument. However, abroad the so-called Hermes Cover is partly unknown although it offers importers quite a number of advantages. For this reason, the Federal Government expands its advisory services in selected countries. This means that experts will also offer advice and support locally to German exporters and financing banks.
What is new
As of now, financing experts are offering their services in the German Chambers of Commerce (AHKs) at Dubai, Singapore und Nairobi. They will support customers and banks on the spot. The support will be closely coordinated with the tried and tested advisory service of the Federal Government’s mandatary (Euler Hermes) in order to guarantee interlocking assistance from Germany and in the country of destination. The financing experts’ focus will be on the foreign buyers and local commercial banks, which will receive individual advice on the spot according to their needs. Besides, exporters – especially small and medium-sized enterprises – are offered advice and support at meetings locally.
Expertise on the spot
The financing experts are active on a regional level. They support customers and banks in Southeast Asia (from Singapore), East Africa (from Nairobi) and the MENA region (from Dubai). Personal assistance in the regions and the fact that the financing experts are located in the respective German Chambers of Commerce with their established local networks and the wide range of services they offer, provide for additional synergies.
How importers benefit
With backing from the Federal Government the credit risk decreases. This has a positive effect on the financing conditions. The importer benefits from Germany’s excellent credit rating. In many cases, it is this fact that makes financing possible in the first place. Thus, ECA-supported finance “Made by Germany” is an interesting alternative to local loans or bond financing.
How exporters benefit
Financing issues play a decisive role in sourcing. If it is possible to finance a transaction at favourable terms due to Hermes Cover, a foreign buyer is more likely to order goods in Germany. Hence, both the importer and the exporter benefit from ECA-supported finance.