In search for more opportunities for business to expand abroad, the Ministry of Economy and Innovation together with UAB Investicijų ir Verslo Garantijos (Invega) is beginning to provide export credit guarantees not only to small and medium-sized, but also to big enterprises.
Both small and medium-sized, and big companies operating for at least a year can apply for export credit guarantees to Invega. Export credit guarantees are granted only for export of products of Lithuanian origin to countries with a high risk of settlement failure, i.e. countries of non-marketable risk, including all world countries, with the exception of the European Union Member States, Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland and the United States of America.
‘From now on, big companies looking for new export destinations will have more alternatives in search for new markets. Less popular countries with a potential, however, have not been attractive to Lithuanian entrepreneurs due to their risk of settlement failure. To reduce the exporters’ risk, we are implementing an export credit guarantee instrument that will allow promoting export growth to desirable markets’, claims Virginijus Sinkevičius, Minister of Economy and Innovation.
The guarantee sum per exporter amounts to EUR 1 million, and to EUR 500 000 per buyer chosen by an exporter. The guarantee sum for the same buyer with respect to all applicants may not exceed EUR 2 million.
The amount of guarantee reimbursement is estimated on the basis of the methodology for calculating export credit guarantees that depends on the risk group of the country of destination, the buyer’s solvency, the risk of settlement failure and the postponed time limits for payment.
For export credit guarantees, SMEs and big companies are invited to apply to Invega.
More information on export credit guarantees is available here: http://invega.lt/lt/garantijos-verslui/eksporto-kredito-garantijos/salygos/