Improving the Role of Eximbanks/ECAs in the OIC Member States
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markets. As one of the criteria for supporting a transaction, NAIFE has a minimum threshold for
Sudanese value-added.
The law specifies the functions and objectives of NAIFE, as well as the governance arrangements,
authorities and financial requirements. According to the law, the Board of Directors must have
representatives from the private sector owners, as well as from the Ministry of Commerce, the
Ministry of Finance, and the Central Bank. The law also stipulates a minimum 25% government
ownership.
The Board of Directors has a number of responsibilities, including the authority to set the
maximum amount of contingent liability that the Agency can assume. The law also requires
NAIFE to submit annual reports for approval by the Board.
Analysis:
NAIFE provides the full range of financial facilities in support of exports: financing, guarantees,
export credit insurance, marketing research and studies and trade promotion. As a full-service
ECA, it can tailor solutions to the needs of specific export transactions.
NAIFE has a very solid governance structure in law, which ensures important linkages between
the government’s policy direction and NAIFE’s objectives. However, despite its model
governance arrangement, there is very limited information on its level of activities to be able to
judge the effectiveness of the agency.
3.4.11 Tunisia
Tunisian Foreign Trade Insurance Company (COTUNACE)
Description:
Established in 1984, COTUNACE is one of the oldest insurance companies in the region and has
extensive knowledge of export credit risk assessment. ISO 9001 certified, COTUNACE aims to
provide top-tier specialist service to Tunisian exporters particularly with respect to evaluating
and monitoring risks related to overseas customers. It offers insurance products to protect
Tunisian companies against commercial and non-commercial risks such as non-payment risks
and market disruption.
Its shareholders are the Government of Tunisia (32.46%), the Arab Investment and Export Credit
Guarantee Corporate in Kuwait (DHAMAN) (23.18%), Banks (21.32%) and Insurance &
Reinsurance Companies (23.04%).
COTUNACE also manages two programs of behalf of the state:
 Export Risk Guarantee Fund – an insurance product which covers non-commercial risks
and extraordinary commercial risks (including natural disasters and political risks)
which are difficult to insure in the private market, which are beyond the capacity of
COTUNACE and concern transactions of national interest.