Slovak Export-Import Bank moves to expand its reach

The Slovak EXIM Bank wants to insure 3.48 % of Slovakia's total exports this year. In 2000, it should insure 3.37 % of exports, and the figure should be 3.38 % one year later.

The EXIM Bank was founded on July 1, 1997, and its main task is to support the country's exports and imports. Its total assets in 1999 are budgeted at 5.1 billion crowns. This year, the bank should gross 239.19 million crowns and net 103.44 million crowns. Its total costs are forcast at 442.29 million crowns while revenues are to account for 567.46 million crowns.

While in 1998, the EXIM Bank insured 2.11 billion crowns worth of exports against short-term commercial risk, it expects to provide this kind of insurance for 2.86 billion crowns of exports this year. In 2000, the insurance level is to be 3.23 billion crowns and 3.71 billion crowns in 2001. The EXIM Bank will finance this support from its funds and reserves, allocations from profit, as well as from reinsurance, a spokeman said.

This year the EXIM Bank plans to insure 11.53 billion crowns in exports against medium-term political and commercial risk, compared to 948 million crowns in 1998. In 2000, the sum should reach 12.59 billion crowns, and it could be as much as 13.75 billion crowns in 2001.

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