Improving the Role of Eximbanks/ECAs in the OIC Member States
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SMAEX also offers a special insurance product on the state account for the exploration of new
markets/clients, which provides the exporter, who is seeking new opportunities, a refund up to
50% of all expenses directly related to the prospecting (e.g. studies of markets, travel and stays
abroad of the company delegates, participation in events, fairs or exhibitions, representation
abroad, communication and advertising, creation and promotion of a Web site) if the result of the
efforts to expand proves unsuccessful or insufficient. The insurance contract is established on
the basis of the estimated exploration budget which is validated by the SMAEX and approved by
the interministerial Commission.
SMAEX is also a 25% shareholder of a credit information company, RECOURS, created in October
1993, which is owned also by COFACE (35%), BP GROUP (15%), BMCE Bank (15%) and Société
Générale (10%). It collects economic and financial information into a database covering millions
of Moroccan companies in several industries. In addition, SMAEX offers debt collection and
regular training of exporters.
Analysis:
As a credit insurer, SMAEX appears to generate profits on its commercial operations. It works
with the government, running the State Account business. Significant effort is given to offering
seminars and training for Moroccan exporters, regularly holding events, with a variety of partner
organizations, including the Moroccan Chambers of Commerce, the Moroccan trade promotion
agency and banks. Moreover, SMAEX offers some innovative products to exporters to share the
costs of participating in trade fairs and undertaking new business development.
There is limited up-to-date information available on SMAEX’s website, although product
information and its on-line client portal are well-maintained. It is not clear to what extent
SMAEX works with banks, either with banks as direct policyholders, or with banks accepting
their exporting clients’ policies as collateral.
3.4.7 Oman
The Export Credit Guarantee Agency of Oman S.A.O.C. (ECGA)
Description:
The Export Credit Guarantee Agency of Oman S.A.O.C. (ECGA) is a national ECA and an
independent legal entity, which was established in 1991 to provide export credit insurance,
guarantee and financing facilities to Omani exporters, particularly those in the non-oil sectors.
ECGA aims to protect against both commercial and non-commercial risks associated with the
buyer (insolvency and failure to pay) and other conditions in the country (foreign exchange
transfer delay, cancellation of import license, war, etc.).
ECGA is 100% government owned and, as a government agency, ECGA’s mandate is designed to
promote government economic policy, specifically with respect to promotion of non-oil exports.
While it was initially fully funded by the government, ECGA is currently self-sustaining but will
rely on the government for assistance if faced with financial difficulties. For the previous 4 years
until 2010 (after which no figures have been made available) ECGA ran a net profit, even during
the global financial crisis of 2008.