Improving the Role of Eximbanks/ECAs in the OIC Member States
137
Senegal
Name of Entity: Societe Nationale d’Assurance du Credit et du Cautionnement (SONAC
S.A.)
Status: Private and Government ownership
(Government, 25%; SONAM, 65%; and CICA (10%)
Corporate Form: Public Company
Year of Establishment: 1997 Capital: N/A Size of staff: N/A
Financial outturn: N/A Assets: N/A
Product Offerings
Financing
 None
Guarantees
 None
Insurance
 Bank credit insurance: Provided to banks and Funds to protect against risk of non-
payment by borrowers.
 Domestic trade credit insurance: Provides cover against risk of default by borrowers
(local companies) for 85% of the claim.
 Export credit insurance: Provided to companies to protect against risk of non-payment
by foreign buyers. It covers political risk for 75% of the debt and commercial risk for
90% of the claim.
Bonding Facilities
 Provides financial guarantee against calling of bonds for 100% of the value of the bond
Advisory and Other Services
 Provides commercial information on the Senegalese market, as well as debt collection
services.
Islamic Finance Instruments
 None
Business Volumes:
2012
USD
Mn
ST Export Credit
Insurance
18
Source: Aman Union Performance
Report 2012
Top Exports / Export Destination
Products Exported (2013)
HS Code
Descriptio
n
Value (USD
Mn) %
1-5 Animal 370 32.4%
6-15 Vegetable 192 16.8%
28-38 Chemicals 108 9.5%
Others 470 41.2%
Total 1,140 100.0%
Source: UN Comtrade
Top 3 Destinations (2013)
Order Country
Value (USD
Mn) %
1 India 126 11.1%
2 France 120 10.5%
3
Cote
d'Ivoire 96 8.4%
Others 798 70.0%
Total 1,140 100.0%
Source: UN Comtrade