Credit coverage on exports climbs to RO 7.348 bn: ECGA

MUSCAT: Total cumulative credit limits issued to exporters by the Export Credit Guarantee Agency of Oman (ECGA) as of end 2014 amounted to RO 7.348 billion, compared to RO 6.734 billion in 2013, the agency said. Coverage was extended to exports to 5,645 buyers across 108 countries globally, as against 5,432 buyers in 2013, it said.

The Agency generated a net profit after tax of RO 343,970 in 2014 compared to RO 291,036 in 2013, an increase of 18.2 per cent. Capital accumulated reserves and retained earnings as of end 2014 climbed to RO 14,587,521, as against its original capital of RO 7 million. Earnings per share increased from RO 0.042 in 2013 to RO 0.049 in 2014.

On Sunday, the Agency held its Annual General Meeting under the auspices of Said bin Saleh al Kiyumi, Chairman. The meeting reviewed the performance of the Agency during 2014. The Agency has remained self-sustaining while it actively continues to support and encourage Omani non-oil exports through its credit insurance service, it said.

“During 2014, the Omani economy achieved a real growth rate of 5.2 per cent which far exceeded the growth rate of the global economy. However this is expected to go down in 2015 because of decline in oil prices despite higher government expenditure provided in the budget,” the ECGA said. Omani non-oil exports (excluding re-exports) for the first 11 months of 2014 reached a value of RO 3.747 billion compared to RO 3.492 billion in 2013, an increase of 7.3 per cent,” it added.

SOURCE: OMAN DAILY OBSERVER

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