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EU approves German short-term export credit insurance scheme

The European Commission on Wednesday approved a German plan to provide short-term export credit insurance to companies to mitigate the adverse impact of the current financial crisis on export firms.

The European Union (EU)'s executive arm, policing competition rules in the 27-nation bloc, said the measure was in line with its rules for state aid measures to support access to financing in the current crisis.

The plan, managed by a private consortium, would provide short-term export credit insurance to companies established in Germany, where such cover is unavailable in the private market for financially sound export transactions.

"Ensuring effective export credit insurance is of paramount importance to build the basis for a strong economic recovery," EU Competition Commissioner Neelie Kroes said.

The German measure was authorized until the end of 2010.

 
 
 Source : Xinhua  Editor: Ivy
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