Magazine date:
Jun 2012 The Compagnie Algérienne d’Assurance et de Garantie des Exportations (Cagex) will soon market two new insurance plans. The first will regard corporate rating, mainly SME to which ratings about default payment risks will be attributed whereas the second one, named Crédoc, is a documentary credit insurance. The 2009 complementary finance law has required the documentary credit as the only means of payment for foreign trade transactions, with both exporter and importer being guaranteed by their respective banks. This product covers insolvency, payment default and bankruptcy of the issuing bank.