A revision by the Finance Ministry to the law on the Exportno-Importná Banka (Eximbanka) is intended to widen the opportunity to support foreign trade transactions by Slovak importers and exporters through financial services.
The ministry says that the current legislative framework is incapable of appropriate responses to new trends in support of exports and export-oriented state policy. Support in financial services will concern insurance and reinsurance of export credits, financing of import credits to support exports, and other related services to increase Slovakia's exports. The Cabinet approved the proposed revision on October 1.
The draft focuses on the update of financial instruments and products to support exports, establishment of a mechanism to balance interest gaps from the state budget, a new definition of sources for funding including available capital, fund management and the introduction of obligatory transfers from Eximbanka's profits. The need for the amendment arose from the Slovak Export-Oriented Policy for 2007-2013. SITA
Compiled by Zuzana Vilikovská from press reports
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1. Oct 2008 at 19:00