Today, Investicijų ir Verslo Garantijos (INVEGA) (Investment and Business Guarantees) launched its newest financial instrument Export Credit Guarantees. This instrument is a commitment by INVEGA to share risks with the exporter by covering up to 90 per cent of the actual losses when a buyer fails to pay as provided for in the contract, or when a buyer goes bankrupt.
Export Credit Guarantees will allow the exporters to sell their goods with a deferred payment option thus protecting themselves against default by a foreign buyer. The risks covered by INVEGA may be political and/or commercial.
The object of the guarantee will be the payment of part of a deferred payment under a sale and purchase contract for goods originating in Lithuania in respect of which a certificate of origin has been issued by the Lithuanian Chamber of Commerce, Industry and Crafts confirming that the goods had been manufactured in Lithuania, provided that the goods are exported to countries of non-marketable risk or low-risk countries.
The guarantee fee shall be calculated based on the methodology for calculating export credit guarantee fees. You can calculate the preliminary guarantee fee here.
More information can be found here.