Improving the Role of Eximbanks/ECAs in the OIC Member States
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LCI provides a wide range of solutions focusing on domestic and export trade credit insurance
(trade receivables insurance) including shot-term and medium-term trade credit insurance,
credit information and rating, debt collection, credit management support and other advisory
services/consultancy. In addition, LCI is a 50% owner (with FIMBank) of a factoring company,
Levant Factors.
LCI is a member of the Prague Club (which is currently being chaired by the CEO of LCI).
Analysis:
As a private company, LCI is a highly unusual credit insurance company within the OIC region
and, without any sort of government ownership or support, it cannot be called the Lebanese
ECA. However, it serves the Lebanese export market, among other regions. Apart from the
Kalafat program, the government has no facilities directed at exports or exporters.
According to the analysis undertaken by LCI 8, there is a significant market gap that is currently
not being filled by LCI, due to risk and capacity constraints. LCI covers only 1% of the main
exports of the country. In that respect, the government should consider whether Lebanese
exporters are not getting the kind of support they need and whether there is a clear role to play
in filling these gaps – by either providing some sort of reinsurance back-stop for LCI or having
LCI run a separate fund on behalf of the government, as is more common.
3.4.6 Morocco
Société Marocaine d'Assurance à l'Exportation (SMAEX)
Description:
SMAEX (Moroccan Export Insurance Company) was established in 1992 in order to provide
insurance services to support the Moroccan export market with the explicit aim of contributing
to the growth of exports and promoting trade. The agri-food sector accounts for 40 per cent of its
turnover, followed by the textile industry and then pharmaceuticals.
SMAEX has mixed ownership with both government and private shareholders, including
Attijariwafa Bank, among others. The government owns a significant number of shares and
actively participates in the strategic direction of the company including policy setting and
operations, through its participation on the Board of the company.
The SMAEX offers two types of export credit insurance: one product on its own account (“market
credit insurance”) and another product on behalf of the State (“public credit insurance”). Market
credit insurance covers 90 per cent of the risk of non-payment, while public export insurance
covers political risks and medium-term commercial risks. It has a dedicated online service to
allow client to consult and manage their credit insurance contract and submit their claims.
8 LCI, Lebanon Statistics, 2014