Trade financing and insurance - export insurance programmes
Although private insurance companies now offer coverage against short-term commercial risk, the state-controlled Spanish Export Credit Insurance Company (Cesce) is the only insurer that covers both political and commercial risk of more than two years. Exports of goods and services, operations to promote sales abroad, pre-financing of company orders and financing of export operations and three-way switch operations are all eligible for insurance, subject to approval by the Cesce board. Cesce can issue policies to insure sales to private or public buyers and also buyers’ credits, bank guarantees, market research, participation in trade fairs and exhibitions, construction work and direct investment abroad. Coverage is also available for the commercial and political risks involved in confirming or opening irrevocable documentary letters of credit ordered by foreign banks.
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