Improving the Role of Eximbanks/ECAs in the OIC Member States
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 DHAMEN Finance Guarantee Fund – DHAMEN is a guarantee fund under the Export
Development Program, which was jointly established by the Tunisian Government and
the World Bank and promotes pre-shipment export funds for SMEs through financial
institutions.
On its own account, it also offers:
 Standard Commercial Credit Insurance which covers non-payment losses due to
commercial risk (although there is possibility of extending coverage to non-commercial
risks),
 Multiple Risk Export Insurance Contract which also provides protection against non-
payment and loss of market and also provides financing for the export.
COTUNACE offers a Simplified Credit Insurance facility for SMEs.
COTUNACE has signed several bilateral cooperation agreements with other insurance companies
including: ATRADIUS (Belgium); COFACE (France - Coface Services and Coface RBI); COFACE UK
(G.B); CAGEX (Algeria); ECGE (Egypt); ICIEC (Saudi Arabia); CIAGI (Kuwait); SMAEX (Morocco);
HBOR (Croatia); EGFI (Iran). It also partners with Tunisian banks and reinsurers, giving it access
to databases containing information on millions of businesses around the world.
Analysis:
COTUNACE is a model for a successful and effective export credit insurance agency serving the
national economic agenda. It has developed a strong underwriting capacity with a flexible
business model designed to be in tune with national economic strategy. It enjoys government
support and close relations with the banking sector.
COTUNACE has also a strong commercial orientation. It has generated a consistent profits in
recent years, a reflection of its operational strength and good management. It is a well-regarded
company amongst its peers and has built a strong active network of partners on which it relies to
supply information on international buyers and commercial opportunities. It has developed
strong international relations as reflected in its quota share treaty (QST) which features major
credit reinsurers in addition to ICIEC.
The government has set up two programs through COTUNACE to support its public policy aims;
the financial results of these programs are not folded into COTUNACE’s financial position, as they
are on the state’s account, but COTUNACE manages these as an agent. This is an arrangement
that benefits from COTUNACE’s expertise in credit assessment and client reach.
3.4.12 United Arab Emirates
Export Credit Insurance Company of the Emirates (ECIE)
Description:
ECIE was established in 2008 under the Dubai Export Development Corporation (DEDC) and is
the only trade credit insurer with local presence. ECIE serves as an ECA, supporting UAE-based