Ecuador's government has created a new credit insurance to protect domestic exporters and to provide increased information about buyer's credit ratings, according to a report in Telйgrafo de Ecuador.
The new government-issued insurance complements export insurance being promoted by Ecuadorian state export promotion agency Corpei in conjunction with French-based trade insurer Coface.
The new insurance will cover natural disasters, political problems and commercial problems. The measure will also provide Ecuadorian exporters with a more complete set of data outlining the credit rating of importers, facilitating more business and opening markets, said sector representative Pedro Kohn.
Ecuadorian President Lucio Gutiйrrez signed the decree that is seen to be a significant boost to the country's export industry. The banking regulator will also support the insurance and will be in charge of authorising its implementation and determining its general guidelines...
