Israel resumes export credit insurance to Africa after 10 years
Israel Foreign Trade Risks Insurance Corporation Ltd. (IFTRIC) is resuming risk insurance for exports to Africa, after the government stopped providing export risk insurance ten years ago, due to the high risks involved. Ministry of Finance Accountant General Dr. Yaron Zalika decided to resume export credit insurance or Africa, in order to boost exports and growth. As a result of the change in policy, IFTRIC provided US$35 million in insurance for the first two transactions: US$30 million for defense exports to Kenya, and US$5 million for a communications transaction in Uganda. IFTRIC managing director Uri Bernstein said the resumption of activity in Africa was part of a reform in foreign trade risk insurance recently undertaken by Zalika. Ten years ago, IFTRIC stopped providing export risk insurance for transactions in Africa, due to the high risk involved in deals on the continent.
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