Coface participates in prolonged German state aid scheme
The German government and a number of credit insurance companies, including Coface, have extended their joint protection scheme for the supply chains of German industry until June 30, 2021.
The protective shield will support supply relationships with companies that were economically healthy before the coronavirus pandemic, but who have since experienced financial difficulties due to the COVID-19 crisis. This has so far successfully prevented chain reactions, and has strengthened confidence in economic stability.
Katarzyna Kompowska, Coface CEO for the Northern Europe Region, stated:
“With this extension, we continue to contribute to both the stabilisation of the German economy and international trade. It is not about supporting the credit insurers: rather, credit insurers are working jointly with the German federal government in the interests of companies. We are securing the limits for creditinsured companies, and actively contribute to the financing of the program by ceding premiums to the government."
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