BIL and Office du Ducroire sign the first framework agreement to finance companies’ international growth
Banque Internationale à Luxembourg (BIL) and Office du Ducroire (ODL) announce the signature of a framework agreement aimed at increasing issuance of loans to finance Luxembourg companies’ international trade. It is the first deal of its kind agreed between ODL and a bank.
International growth is a real challenge for any company, but especially small and medium-sized enterprises. Researching new clients, setting up and even adapting products to the local market require big investment. Moreover, the import-export business is cash-hungry: a foreign client may ask for an extended payment deadline, and in the case of a foreign supplier, a large down payment may be required. The company’s ability to mobilise substantial financial resources is key.
The agreement signed between BIL and ODL answers this challenge. It facilitates companies’ access to funding for import-export projects through a bank loan insurance policy that partially covers the borrower default risk.
“Through this deal with ODL, we will be able to strengthen our support for the Luxembourg economy by helping companies with their international development plans. This insurance has been eagerly awaited by businesses in the country, and we are happy to be the first bank to offer it”, said Marcel Leyers, Chairman of the Executive Committee of Banque Internationale à Luxembourg.
“The fact that exporters often have trouble accessing the funds needed for their international development led us to launch this new product, which is supposed to provide leverage by protecting banks partially against the risk of non-reimbursement of the loans. This cover will allow banks to open higher credit facilities for Luxembourg companies’ international operations, while keeping their risk at an acceptable level,” explained Arsène Jacoby, Chairman of ODL.
ODL’s bank loan insurance supplements BIL’s range of business services. From a company’s foundation to takeover, to the financing of investments and innovative or international projects, the bank accompanies small and large firms through each stage of their development.
To find out more about this bank loan insurance available from BIL and ODL, visit www.bil.com/trade-finance
Communiqués liés
2023 : une année de transition et de transformation
Lors de l’Assemblée générale qui s’est tenue le 24 avril 2024, les acti...
Cargolux posts profit for 2023
The Cargolux Group (Cargolux) generated a positive net result for its 2023 finan...
Gcore Recognised as Highly Commended in the Industry Innovat...
Gcore acknowledged for successful launch of first AI speech-to-text solution for...
MOMENTUM 2024 drives sustainable solutions forward
Deloitte’s annual MOMENTUM Conference fosters a dynamic exchange between indus...
Nouvelle recrue au service client de NO-NAIL BOXES : Nadine ...
NO-NAIL BOXES, le fabricant luxembourgeois de caisses pliantes en bois contrepla...
Réseau ETRE est le nouveau lauréat du Degroof Petercam Fou...
Réseau ETRE remporte la sixième édition du Degroof Petercam Foundation Award....
Il n'y a aucun résultat pour votre recherche