07/08/2026 11:58
Topic:
ST Cover Policy - Gulf Region and Israel
Heike KensmannPosts: 176
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Dear colleagues,
Please find below our replies:
Has your institution revised its underwriting policy for any of the above markets since the escalation of the conflict? If yes, please indicate whether you have:
As of now, underwriting policy for short term cover has not been revised.
How would you describe your institution's current risk appetite for these markets compared with the pre-conflict period?
Unchanged for short term cover.
What are currently considered to be the most significant risks associated with these markets?
Increased payment risks resulting from negative impacts on buyers’ liquidity.
Have you introduced any additional underwriting requirements for new transactions in these markets?
As of now, underwriting requirements for short term cover have not been changed.
Have you introduced any changes in the administration of existing covered transactions (e.g. amendments, extensions or claims handling) in the affected markets?
As of now, changes in the administration of existing covered transactions have not been introduced for short term cover.
Have you encountered any operational or compliance-related issues (e.g. sanctions, banking/payment channels or money transfers) affecting the ability to support / cover new or existing transactions in these markets?
As of now, operational or compliance-related issues as described above have not been encountered for short term cover.
Have you observed any changes in demand from exporters or commercial banks for cover relating to these markets since the beginning of the conflict?
As of now, changes in demand from exporters for cover have not been encountered for short term cover.
Have you observed any changes in payment behaviour or claims experience in these markets since the beginning of the conflict?
As of now, significant changes in payment behaviour or claims experience have not been encountered for short term cover.
Which sectors have been most affected by the change in your institution's risk assessment as a result of the conflict?
No specific sectors have been affected.
Are you currently considering any further changes to your underwriting policy or country risk approach for these markets that exporters and financial institutions should be aware of?
As of now the current situation and the ongoing development in the region are closely monitored. Further changes to underwriting policy or country risk approach may be considered, depending on further development.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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28/07/2026 12:54
Topic:
ST Cover Policy - Gulf Region and Israel
Joanna KaczyńskaPosts: 25
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Dear Csaba,
In terms of ST cover policy, we are closed to Iran. As for Israel, we have not changed our policy. As for the others, see below:
We accept the limits, while adhering to the principle of restrictive risk assessment (if we have information that allows us to accept the risk—we accept it; if there is insufficient information or we have doubts—we refuse).
Current risk appetite for these markets compared with the pre-conflict period has decreased moderately.
Our exposure in the region is not significant enough for us to have felt any major impact since the outbreak of the conflict.
The greatest risks remain those related to war, sanctions, and the supply chain.
We are taking a cautious approach and monitoring international resolutions as well as the actions of other countries in the region.
Kind regards,
KUKE S.A.
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17/07/2026 10:44
Topic:
ST Cover Policy - Gulf Region and Israel
Mika RelanderPosts: 1
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Dear Csaba,
It's a holiday season in Finland and our Middle East Country Analyst is on vacation, but I can try to answer briefly:
- Finnvera has not officially changed any of our ST cover policies to the Gulf region, but naturally we are monitoring situation closely. Same applies for our MLT cover policies. Decisions are done on case by case basis.
- Our risk appetite remains unchanged, but as said we are monitoring developments closely on case by case when demand appears.
We can to provide more detailed information once our regional expert is back from holidays.
Best regards,
Mika Relander/Finnvera
edited by Mika Relander on 7/17/2026
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16/07/2026 12:05
Topic:
ST Cover Policy - Gulf Region and Israel
Csaba SimonPosts: 1
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Dear Colleagues,
We are writing to you to request updated information on your current short‑term cover policies for exports to the Gulf region—specifically Jordan, the United Arab Emirates, and Saudi Arabia—as well as to Israel.
As you know, the outbreak of the armed conflict involving the United States, Israel and Iran in 2026 has had significant implications for regional risk profiles, supply chains, payment behaviour and sovereign/corporate credit conditions. In light of these developments, we would appreciate receiving your latest guidance on the following points:
- Has your institution revised its underwriting policy for any of the above markets since the escalation of the conflict? If yes, please indicate whether you have:
o suspended or restricted ST and/or MLT cover;
o revised country, sector or buyer limits;
o reduced or withdrawn existing credit limits, and if so, based on what criteria; or
o introduced any other underwriting restrictions.
- How would you describe your institution's current risk appetite for these markets compared with the pre-conflict period?
o Increased
o Unchanged
o Moderately reduced
o Significantly reduced
o No new business
- What are currently considered to be the most significant risks associated with these markets? (e.g. political risk, transfer and convertibility risk, foreign exchange restrictions, logistics disruptions, supply chain disruptions, sanctions, banking/payment channel constraints etc).
- Have you introduced any additional underwriting requirements for new transactions in these markets? (e.g. higher premia, shorter tenors, enhanced security, sovereign guarantees, bank guarantees, war risk clauses or other special conditions).
- Have you introduced any changes in the administration of existing covered transactions (e.g. amendments, extensions or claims handling) in the affected markets?
- Have you encountered any operational or compliance-related issues (e.g. sanctions, banking/payment channels or money transfers) affecting the ability to support / cover new or existing transactions in these markets?
- Have you observed any changes in demand from exporters or commercial banks for cover relating to these markets since the beginning of the conflict?
- Have you observed any changes in payment behaviour or claims experience in these markets since the beginning of the conflict?
- Which sectors have been most affected by the change in your institution's risk assessment as a result of the conflict?
- Are you currently considering any further changes to your underwriting policy or country risk approach for these markets that exporters and financial institutions should be aware of?
We would be grateful for any written update, policy note or internal guidance you are able to share. Thank you very much in advance for your cooperation.
Kind regards,
EXIM Hungary
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02/06/2026 10:13
Topic:
Vietnam: corporate risk, long term transactions
Heike KensmannPosts: 176
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Dear colleagues,
According to our cover policy for Vietnam we accept MLT corporate business of up to EUR 5 million based on Vietnamese accounting standards. Bank security is required in case insufficient creditworthiness.
For MLT transactions of more than EUR 5 million balance sheets according IFRS standards are requested. Bank security is required; exception is possible in case of a good creditworthiness.
Good but few experiences so far.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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28/05/2026 01:43
Topic:
Vietnam: corporate risk, long term transactions
Barbara SburnyPosts: 1307
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Could Members please inform us on their experience with long term transactions based on corporate risk in Vietnam?
Thank you and kind regards,
OeKB
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02/04/2026 07:55
Topic:
Suriname - Cover policies
Martina Hribar BoškovićPosts: 2
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Thank you very much for the reply!
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31/03/2026 02:53
Topic:
Suriname - Cover policies
Heike KensmannPosts: 176
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Dear colleagues,
In the ST business our experience with smaller limits on private buyers has been generally positive, and transactions have proceeded without any significant payment delays. We do not have experience with public buyers, including those in the energy sector.
Under single transaction cover for M/LT transactions we have no significant experience because there have been neither any new covered transactions nor even demand for cover. At present, we register just one small transaction (single-digit million euro amount).
The first due instalment was paid on time.
Our current cover facilities and commitments towards Suriname are as follows:
Country risk category: 7/7
ST: P: off cover
C: CBC
M/LT: P: off cover
C: CBC (small amounts only)
For more details, please see on our homepage: Suriname
ST commitments: EUR 0.4 million
M/LT commitments: EUR 0.7 million
No overdues, claims or offers.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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26/03/2026 08:10
Topic:
Suriname - Cover policies
Martina Hribar BoškovićPosts: 2
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Dear members,
we kindly ask you to share your experience with cover policy (ST, MLT) on Suriname.
Do you have any experience with public buyers from energy sector?
Kind regards,
HBOR
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13/03/2026 12:47
Topic:
Cover policy – Rwanda
Željka HajdinaPosts: 4
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Dear colleagues,
many thanks for prompt reply
Željka
Export Credit Insurance Department
HBOR, Croatia
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27/02/2026 04:52
Topic:
Cover policy – Rwanda
Sonja WittkowskiPosts: 183
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Dear colleagues,
Our current cover facilities and commitments towards Rwanda are as follows:
Country risk category: 6/7
ST: NR / C: CBG on CBC; P: guarantee from the Ministry of Finance or the central bank is always required
M/LT: CBC, in addition, cover is available for project finance and other structured finance deals, where necessary based on countertrade transactions.
C: CBG on CBC;
P: guarantee from the Ministry of Finance or the central bank is always required / for transactions with public buyers which are established as private
sector organizations the same collateral requirements as for private buyers apply.
For more details, please see on our homepage: Rwanda
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| ST commitments :
| EUR 0.6 million
| M/LT commitments :
| EUR 0 million
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No overdues, claims or offers.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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26/02/2026 08:54
Topic:
Cover policy – Rwanda
Željka HajdinaPosts: 4
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Dear Members,
we are interested in knowing if you have cover policy (ST/MLT) towards Rwanda or maybe Rwanda is off cover.
Kindly share your cover policy and experiences.
Thanks in advance!
Željka Hajdina
Export Credit Insurance Department
HBOR, Croatia
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09/01/2026 07:58
Topic:
Kazakhstan
Ayan BektybayevaPosts: 1
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Dear Collegues !
Let me share overview of key developments in Kazakhstan over the past three years for the attention of country risk experts
1. Sovereign credit profile & macroeconomic resilience - Investment-grade sovereign ratings maintained by leading agencies despite global volatility.
- Agencies highlight improvements in fiscal management, public debt levels, external buffers, and the stabilizing role of sovereign wealth assets.
- Enhanced policy coordination and fiscal discipline reduce the probability of systemic stress.
2. Business environment - Notable reforms in business registration, contract enforcement, investor protection, and access to finance.
- Progress in regulatory quality, digitalization, and government-business interaction is reflected in daily commercial operations.
3. Reliability of counterparties & payment discipline - Public and private companies show improved payment discipline and stable financial track records.
- Operational and credit risks are reduced for insurers, export credit agencies, and lenders.
- Corporate governance and risk management align increasingly with international norms, especially among export-oriented enterprises.
- Kazakhstan’s ECA actively underwrites risks for export-oriented companies, with debt service history evaluated positively.
4. Banking sector resilience & state support - Stable and resilient banking system; stress events managed through timely regulation.
- State interventions strengthened liquidity, capital adequacy, and market confidence.
5. Corporate & quasi-sovereign financing - Active participation in international capital markets by state and quasi-state entities.
- Private corporates attract strategic partners for investment and technology collaboration.
- Improved sovereign ratings facilitate external financing and project launches.
6. Investment support & legal certainty - Expanded toolkit: project facilitation, targeted incentives, strategic frameworks.
- Astana International Financial Centre (AIFC) provides English-law principles and independent dispute resolution, enhancing confidence in long-term, capital-intensive projects.
7. Infrastructure & economic diversification - Investments in transport, energy, manufacturing, agribusiness, and renewables.
- Diversification reduces sector dependence, mitigates volatility, and strengthens regional/global supply chain roles.
8. Implications for international financial and insurance markets - Trends in sovereign ratings, business environment, banking stability, corporate financing, and institutional quality indicate a gradual reduction of country risk.
- Opportunities expand in infrastructure, trade finance, project finance, political risk insurance, and structured financial products.
- Improved institutional quality, counterparty reliability, and external financing access signal significant long-term potential.
Conclusion Over the past three years, Kazakhstan has achieved:
- Stronger sovereign credit profile
- Improved business environment
- Enhanced investor protection
- Economic diversification
- Resilient banking system
These developments, confirmed by international assessments and practical market behavior, provide a solid foundation for deeper cooperation with global insurers, ECAs, and financial institutions.
For any questions regarding Kazakhstan or specific regional developments, please feel free to reach out. I will provide detailed responses and, where appropriate, engage relevant government authorities to offer comprehensive insights.
Best regards,
Ayan Bektybayeva - Prague Club Vice Chair
Deputy Chairman of the Management Board
"Export credit agency of Kazakhstan" JSC
tel.: +7-778-102-79-01
email: a.bektybayeva@kazakhexport.kz
www.kazakhexport.kz
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13/06/2025 07:07
Topic:
Inquiry - Egypt’s Country Risk
Heike KensmannPosts: 176
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Dear colleagues,
We did not change our cover policy recently: Our current short-term cover policy for transactions up to 360 days allows for cover case-by-case for public sector transactions, particularly for projects enhancing economic development. For private sector transactions, cover would be taken into consideration based on sound buyer information..
Our payment experience improved in the aftermath of the financial crises in 2023/2024, and our claims situation in Egypt has been stable in recent years.
Please feel free to contact us for any further information or to look at our country information website on Egypt.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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05/06/2025 12:54
Topic:
Inquiry - Egypt’s Country Risk
THAIEXIMBANK AdminPosts: 131
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Dear Colleagues,
THAI EXIM is currently conducting a review of the country risk and also payment default risk of buyers in Egypt. We would greatly appreciate it if you could kindly share your experience with the updated Short-term Cover Policy, including terms and conditions, payment experience, claims, and any other relevant information you may have.
Best regards,
THAI EXIM
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08/05/2025 09:14
Topic:
Cover policy for Russia
Sonja WittkowskiPosts: 183
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Dear colleagues,
As to Russia, cover facilities are not available.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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25/04/2025 12:38
Topic:
Cover policy for Russia
Vedrana Gavran FranićPosts: 8
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Dear colleagues, could you share your cover policy regarding Russia? Thank you.
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23/04/2025 09:11
Topic:
Cover on Ecuador
Phil QuinnPosts: 4
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Thanks Andrea and Euler Hermes. No further questions.
Kind regards
Phil Quinn
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23/04/2025 09:07
Topic:
Cover on Ecuador
Phil QuinnPosts: 4
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Andrea Bulasch wrote:
Dear Phil,
The limit was granted some years ago (2020). However, there was no recent turnover covered, so the limit is currently not in use.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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23/04/2025 10:16
Topic:
Cover on Ecuador
Andrea BulaschPosts: 75
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Dear Phil,
The limit was granted some years ago (2020). However, there was no recent turnover covered, so the limit is currently not in use.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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