Improving the Role of Eximbanks/ECAs in the OIC Member States
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While their corporate form may differ (e.g. Turk EXIM and KazExportGarant, as joint-stock
companies, Malaysia’s MEXIM is a public limited liability company) they are all 100%
government-owned.
Government ownership can be realized through a number of different vehicles, regardless of
degree of control. In some instances, it is the Central Bank that owns the shares. In other
countries, it is the Ministry of Finance or the Ministry of State-Owned Enterprises. In Nigeria, the
Central Bank and the Ministry of Finance have equal shareholding. In Indonesia, Eximbank is
under the Ministry of Finance, whereas ASEI is under the Ministry of State-Owned Enterprises.
Malaysia Exim and Turk Eximbank are also under their respective the Ministries of Finance (or
Turkish Treasury, specifically). In the case of Uzbekinvest, the Ministry of Finance holds 83% of
shares, while a government-owned bank holds 17%.
4.3.2. Mixed State/Private Company – Majority Public Sector
This category includes all companies with shareholders that include government, public and
private entities, but whose majority shareholder is the government either directly or through its
own state companies or financial institutions, combined with private sector shareholding. There
are two OIC countries with this model: Egypt and Jordan. In the case of Egypt, the Export
Development Bank of Egypt is a minimum 75% owned by the government via state-owned
banks. EDBE is the major shareholder in the export credit insurer, EGCE. In the case of Jordan,
ownership is about 42% non-government, in the hands of commercial banks, private companies
and individuals.
4.3.3. Mixed State/Private Company – Majority Private Sector
The model most seen in French speaking OIC countries with ECAs – namely Senegal, Algeria,
Morocco and Tunisia – is a mixed model with minority government ownership. The private
owners tend to be insurance companies or banks. In Algeria, Morocco and Tunisia, the ECAs run
their own business, as well as a state account business, which is administered on behalf of the
government for a fee, but the risks and profits are directly assumed by the government. The
Sudanese and Pakistani ECAs also have majority private sector owners.
4.3.4. Private Ltd Company
This category includes entities whose ownership is purely private and there is no direct
government ownership. There was only one such entity – the Lebanese Credit Insurer – whose
shareholders include an international credit insurer and a group of local and regional insurance
companies and private holding companies.
4.3.5. Other Arrangements
A few OIC member countries also have programs and funds, rather than stand-alone legal entity
that operates in the sphere of export credit and export finance. These activities always fall under
an existing agency or bank, are treated as a component of its operational portfolio and are
overseen by the agency/bank’s management. These make up 15 percent of all entities and
include the following:
 Export Credit Guarantee Program under Bahrain Development Bank
 Qatar’s TASDEER, as a program under the Qatari Development Bank