The Office du Ducroire (ODL) and ING Luxembourg have signed a cooperation agreement with a view to supporting the development of Luxembourg companies’ export activities.
This agreement enables ING Luxembourg to help local companies further in their international development and more particularly small and medium-sized enterprises (SMEs) that want to increase their export capacity.
This cooperation now allows ING to obtain coverage for part of the credit risk of the bank guarantees it issues. This will enable the client to tie up less cash in the guarantee and therefore free it up for other purposes.
Commenting on the signing of this first agreement between ING and the ODL, Luc Verbeken, CEO ING Luxembourg, declared "ING is very proud to have signed this agreement with the ODL, which is a further step in our desire to help local companies develop internationally. It is perfectly in line with our determination to support local companies and more particularly SMEs, which are key actors in the development of the Luxembourg economy."
About the Office du Ducroire
The Office du Ducroire (ODL), created in 1961, is a public institution whose objective is to promote economic and financial relationships in the interest of Luxembourg, mainly by accepting risks in the area of exports, imports and international investments.
Since 2002, on the basis of a cooperation agreement with the Luxembourg Government, ODL through the Committee for the Promotion of Luxembourg Exports (COPEL) also promotes Luxembourg exports of goods and services by granting financial aid for exports. This aid is granted either in the form of partial reimbursement of costs related to promotion, export training and participation in trade fairs, or in the form of an advance repayable under certain conditions.
As a credit insurer, ODL insures companies against risks of non-payment by their clients, whether these risks are of a political nature or linked to the insolvency or payment default of the client. ODL offers innovative products and creates international networks enabling it to meet the requirements of Luxembourg exporters, adapting its services to the needs of SMEs as well as those of large multinational companies.
