ECGA Oman amendment to boost, promote exports

MUSCAT: The Ordinary and Extraordinary General Assembly of the Export Credit Guarantee Agency of Oman (Credit Oman) on Monday held a meeting under the chairmanship of Said bin Saleh al Kiyoumi, Chairman of the Credit Oman Board of Directors (BoD), Chairman of Oman Chamber of Commerce and Industry (OCCI).
The meeting approved amending Credit Oman’s articles of association to keep pace with the developments of the world economy and increase the number of beneficiaries from the agency’s services. The amendments also aim at providing more facilities to the Omani companies to enhance and promote Omani exports and provide them with more access to global markets.
The chairman of Credit Oman BoD said that the agency seeks to increase the Omani exports and encourage SMEs owners to access to global markets.
He pointed out that the value of the gross insurance premiums since the establishment of the agency till date stood at about RO 1.6 billion.
He added that the value of export credit ceilings stood at RO 41.5 million and the number of policy holders with the agency stood at about 473 credit policies for exports and local products. The value of the local export credit ceilings also amounted to about RO 37 million.
Al Kiyoumi also noted that the agency seeks to eliminate difficulties by promoting Omani exports and opening wider horizons with all countries of the world. The agency recently signed a number of agreements, the latest of which with the sisterly State of Qatar on providing full information about the financial adequacy and general condition of Qatari companies. On the other hand, Credit Oman shall provide urgent credit for the Omani exports to Qatari buyers based on the information provided by Qatar Chamber of Commerce and Industry. It will also facilitate export and import procedures between the two countries. The agreement started fruiting now as the value of the declared Omani exports to Qatar increased to RO 84.922 million as of the end of the first half of 2017. The value of the credit ceilings at the same period stood at RO 33.812 million.
Al Kiyoumi also pointed out that there is a trend to intensify the Omani exports to the Syrian Arab Republic. As per Credit Oman statistics, the value of the declared sales stood at RO 2.105 million. The meeting was attended by representatives of the public agencies, financial auditors and Dr Khalid bin Said al Amri, Acting CEO of Credit Oman. — ONA