Export Credit Insurance Scheme for Africa
The Trade & Export Office of the Economic Development Board-Mauritius, the implementing agency of the Export Credit Insurance Scheme for Africa, has signed Memorandum of Understandings (MoUs) with eligible credit insurance providers.
Objective of the scheme
To provide a subsidy on the cost of credit insurance premium to eligible enterprises (Beneficiary client) subscribing for Credit Insurance Cover for their direct exports to Africa in order to encourage them to take a credit insurance cover and hence boost up trade with Africa.
Eligible enterprises which are incorporated or registered in Mauritius and which are in existence since one year. Trading activities, trans-shipment and re-exports are excluded.
Credit insurance provider
(i) Companies registered under the laws of Mauritius and who hold a valid FSC license are eligible to be a credit insurance provider.
(i) ‘Beneficiary client’ based in the Republic of Mauritius (company or societe) or any registered business based in the Republic of Mauritius;
(ii) Operating for at least one year;
(iii) Refund applies only to premium paid in connection with direct exports to Africa including Freeport Manufacturing,
(iv) Trading Activities, trans-shipment and re-exports are excluded
(v) Only direct exports on ‘open account’ or an alternative acceptable mode of payment will be considered; and
(vi) Direct exports to all countries of Africa are covered.
Ceiling on Refund
EM undertakes to pay 50% of the premium subject to a ceiling equivalent to a maximum of 0.2% of the insurable turnover directly to the insurers. The premium includes administrative/information fee.
Note: as at date EM has signed an MoU with the Credit Guarantee Insurance Co. Ltd.