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As the first financial institution in Denmark, Eksport Kredit Fonden (EKF) has initiated a strategic cooperation in Estonia. The cooperation partner is the Estonian export credit agency KredEx, which thereby in future will be able to guarantee medium- and long-term credits. The aim of the cooperation is to enable KredEx to introduce long-term guarantees on the Estonian market at the beginning of October 2003. In the coming months, EKF will train personnel, develop internal and external web-sites and assist KredEx in product development. Today Estonian companies can only insure short-term credits. Customers, however, often require medium- and long-term credits in connection with export of capital goods. In future KredEx will be able to support the growing Estonian export of capital goods. EKF has more than 80 years of experience in providing guarantees, which is one of the reasons why KredEx chose EKF as their cooperation partner. The cooperation agreement between KredEx and EKF was signed on April 7, 2003. The project is financed under the Danish Business Sector Programme for the Baltic Sea Region, National Agency for Enterprise and Housing. Maive Rute, Chief Executive Officer from KredEx says, “We decided to cooperate with EKF because of EKF’s international reputation as an efficient and professional organisation. We look forward to being able to offer long term financing of Estonian export as from October”. Anette Eberhard, Deputy Managing Director from EKF adds, “KredEx is a young and dynamic organisation. We look forward to a long cooperation and we are proud to be the first financial institution in Denmark which will have an impact on the financial development in Estonia”. EKF insures the risk of financing export to difficult markets. In 2002, EKF continued the product development which will strategically lead to a gradual shift in focus from traditional export financing to the financing of customers’ globalisation. KredEx was established in July 2000 by the Estonia Ministry of Economic Affairs and Communications and is the official Export Credit Agency of Estonia. The mission of KredEx is to support the development of enterprises, exports and housing.
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