A credit facility extended to the foreign buyer to finance payments for goods sold by importers (dealers of the non-resident) that were acquired from exporters.

The procedure of interaction:

1.       Conclusion of an export contract.

2.       Сonclusion of a contract between a foreign buyer and an importer;

3.       Conclusion of a credit agreement between  the Development Bank of the Republic of Belarusof the Republic of Belarus and the foreign buyer (the amount of financing is established within the limits of the export contract amount);

4.       Shipment of products;

5.       Conclusion of an insurance contract;

6.       Transfer of funds to the exporter’s account;

7.       Non-repayment of the loan by the foreign buyer;

8.       Payment of the insurance compensation, transfer of the right of claim to Eximgarant of Belarus;

9.       Submitting a claim against the foreign buyer.

The list of documents required for the conclusion of an insurance contract:

•     Application for insurance contract conclusion;

•     Insured’s title documents;

•     Export contract;

•     Foreign buyer’s title and financial documents.

Procedure for the Insured to follow upon the occurrence of an accidentthat may constitute an insured loss under the terms and conditions of the insurance policy.

The Insured is required to notify the Insurer of the occurrence of an insured accident by submitting a formal claim for the insured accident within 3 business days of the event that may give rise to a claim under this insurance contract, and shall enclose the following documentation:

-   Statements of account activity for the borrower’s loan accounts opened under the loan agreement, including statements for overdue debt accounts during the insurance period

-   Documents confirming the Insured’s expenses for taking reasonable and available measures under the circumstances to reduce potential losses if such expenses were necessary or were incurred to comply with the Insurer’s instruction

-   Evidence of the Insured’s costs in taking reasonable and attainable measures under the existing circumstances to mitigate potential losses, provided those costs were necessary or incurred as directed by the Insurer.

-   A written explanation from the borrower regarding the reasons for non-repayment (non-extinguishment) of the loan, and in its absence, copies of the Insured’s requests for information disclosing the reasons for the occurrence of the insured accident.

-  A copy of the court ruling in case of the borrower’s bankruptcy.

-   Documentation showing overdue debt, accrued interest, other loan payments, and the loan loss reserve.

-   Additional documents as requested by the insurer to clarify the insured event.

For inquiries regarding this type of insurance coverage, please contact the Export Risk Insurance Department by phone/fax in Minsk at +375 (17) 371-00-65 or to any of the Eximgarant of Belarus offices.