The importance of the modernization of the Export Credit Insurance Organization (OAEP) in the Hellenic Export Credit Company (EEEP) for financing, guarantees and insurance of Greek companies in their activity in the international markets, is analyzed in an interview with Economic Diplomacy and Extroversion Costas Frangogiannis.
“The new Greek Export Credit Company – internationally called Export Credit Greece – is a modern and flexible Greek Entrepreneurship Support Service, customer-centric, designed and adapted to the needs of Greek exporters. “and its institutional representatives,” said the Undersecretary of State for Foreign Affairs.
“Our goal is to stand by the small, medium-sized exporter and educate him on how he should operate in terms of securing his export credit risks,” he added.
Mr. Frangogiannis, on the occasion of the recent vote in Parliament of the relevant bill of the Ministry of Foreign Affairs for the new Export Credit Company that replaced OAEP, explains that the current reform covers “basic shortcomings” of the institutional status of the OAE to success in the needs of our country’s export activity “,” in the standards of its European bonds “with own funds, without burdening the state budget or the Public Investment Program.
Referring to the benefits of the new body, Mr. Frangogiannis points out that “EEEP will offer 10 new products in the field of guarantee, insurance and financing, covering the needs of both Greek export companies and financial institutions involved in international trade”. At the same time, “consulting and support services will be provided to export companies, with the aim of their business development”.
Answering a question about the criticism received of the transformation of the Organization into a public limited company, Mr. Frangogiannis clarifies that now the SPD operates strictly according to the rules of the private economy, without the restrictions of public enterprises and their degree of freedom, and can adapted to market requirements. At the same time, it becomes easier to adopt best practices of the European Union and it is possible to set up subsidiaries inside and outside Greece, so that the body acquires the necessary degree of flexibility.
“In simple words,” Mr. Frangogiannis points out, “by becoming a public limited company, the entity can adapt more quickly to the changes required by the global economy, harmonize with the operating framework of capital companies worldwide and can more easily expand its product portfolio.” At the same time, however, a full range of control of the company and its activities is instituted at 4 levels: a) at the level of management of the SA, both by the General Meeting of the Company and by the Board of Directors, b) by the Service Internal Audit established, c) by certified auditors for the observance of all legal conditions and procedures and d) by the Bank of Greece “.
Finally, regarding the goals and expectations from the new body, the Undersecretary of State points out that according to estimates, “over a period of five years, it will have cumulatively supported exports of 8.7 billion euros. These exports are estimated to create a product of € 21.6 billion and value added to GDP of € 8.1 billion, taking into account the effects of the employment required to carry out these exports “.
SOURCE: AMPE
Source: Capital
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