That’s within a six-month period. ICIC predicts that the export support program will boost exports by more than NIS 1 billion in 2010
According to the semi-annual report by Ashra, the Israeli Credit Insurance Company - ICIC, the Israeli Finance Ministry's joint venture with ICIC, has helped boost Israel's exports by NIS 500 million within a six-month period.
ICIC which provides over $12 billion worth of credit insurance services in 115 countries worldwide also predicts that the export support program will boost exports by more than NIS 1 billion in 2010.
The joint export program, launched by the Israeli Treasury and ICIC in July 2009, aims to aid exporters in response to the world wide sharp increase in exporters' credit risk.
The joint Finance Ministry-ICIC program caters to Israeli exporters who operate overseas, either directly or via a subsidiary, as long as the export's Israeli component supersedes 40% of the State's additional insurance coverage.
ICIC records show that the program generated NIS 500 million worth of business in its first six months alone; with fertilizers being the largest sector using the credit facility exporting NIS100 million, high-tech NIS95 million, chemicals NIS65 million, textile NIS40 million and medicines NIS30 million.
Out of the NIS500 million, NIS 80 million worth of exports shipped to the United States, NIS 55 million worth of exports shipped to Brazil, followed by Italy -NIS 50M, the UK -NIS 35M, France - NIS 20M and NIS 20 million worth of exports shipped to China.
ASHRA ,the Israel Export Insurance Corp. Ltd. is a company fully owned by the Israeli government. ASHRAencourages Israeli exports by insuring medium and long term export credit transactions (one to ten years) and investments abroad.