Several Peruvian insurers are likely to offer a new government-backed export credit insurance product next year, according to national foreign trade director Juan Carlos Mathews, speaking at Peru's foreign trade and tourism ministry.
The new product provides insurance for pre-shipment credit lines that banks grant to small- and-medium-sized exporters (SMEs) and forms part of the Peruvian government's efforts to boost the country's exports by facilitating access to financing for smaller exporters. The government has set up a US$50m fund to guarantee 50% of the credit amounts granted by the banks.
Peru's largest banks Banco del Credito, BBVA Continental and Wiese Sudameris began offering the new product last month and so far local credit and bond insurer Secrex is the only insurer issuing the policies.
