CREDIT OMAN COMPENSATES EXPORTER RO291,146.
An Omani firm has received compensation worth RO291,146 from Credit Oman, the export credit guarantee agency, after it failed to recover its money from an international buyer.
'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 help them access non-traditional or promising markets with the aim of promoting Omani products. It covers buyer's insolvency/bankruptcy, buyer's failure to pay, buyer refusing to take delivery of goods, foreign exchange transfer delay, import ban or cancellation of import licence, payment moratorium, war, civil disorder, and natural disasters.
Credit Oman has settled several claims since its inception in 1991 encouraging more Omani exporters to boost 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 said, adding that the agency has tied up with an international agency to recover dues.
The agency's services are available to any Omani exporter operating in industrial, commodity or services sectors.
|Printer friendly Cite/link Email Feedback|
|Publication:||Muscat Daily (Muscat, Oman)|
|Date:||Nov 13, 2018|
|Previous Article:||OMANI STUDENT PROPOSES USING TYRE WASTE IN CONSTRUCTION SECTOR.|
|Next Article:||UK CHILDCARE GROUP OPENS FIRST NURSERY AND KINDERGARTEN IN MIDDLE EAST.|