“An Omani firm that exported goods was not paid and Credit Oman indemnified the owner in excess of RO200,000. Such a compensation falls under the framework of insurance guarantee provided by Credit Oman to Omani manufacturers and exporters against commercial and non-commercial risks,” a Credit Oman official told Muscat Daily
The agency supports exporters to aid them access non-conventional or promising markets with the aim of advertising Omani goods. It covers buyer’s insolvency/bankruptcy, buyer’s failure to spend, purchaser refusing to take delivery of goods, foreign exchange transfer delay, import ban or cancellation of import licence, payment moratorium, war, civil disorder, and all-natural disasters.
Credit Oman has settled a number of claims given that its inception in 1991 encouraging a lot more Omani exporters to enhance their presence worldwide. “Credit Oman guarantees exporters to minimise the risks and maximise the opportunities of selling in foreign markets. We indemnify exporters if they are not being paid by importers,” the official stated, adding that the agency has tied up with an international agency to recover dues.
The agency’s solutions are accessible to any Omani exporter operating in industrial, commodity or solutions sectors.
Information Source: Muscat Daily