KUKE secures Wielton’s contract to deliver semi-trailers to Africa
Despite the pandemic, Polish exporters are doing very well in foreign markets, continuing their expansion in African countries, among others. One of these companies is Wielton, a manufacturer of semi-trailers and trailers, which this time is to deliver its products to Mali and Ivory Coast.
We are covering a long-term credit that Wielton offers to foreign buyers for the purchase of its products. The total value of the two contracts is EUR 3.3 million. Being protected by KUKE relieves the Polish exporter of the risk of non-payment, and additionally, should the company wish to strengthen its liquidity, it can easily sell the insured receivables ahead of schedule and receive cash. We are talking with Wielton about insuring further sales to African markets, where the company has already built a very strong position - said Adam Grzybowski from the Insurance and International Cooperation Department at KUKE.
This is not the first Wielton contract of this type using solutions offered by KUKE. Last year, sales to Ivory Coast were also insured. Polish exports to this country, despite the difficulties caused by the coronavirus pandemic, increased last year by 58 percent, and to Mali by 49 percent. In the case of Africa as a whole, Poland recorded an increase of 2.2 percent.
We are increasingly active in Africa, which is being "discovered" by a growing group of Polish exporters. This month, we signed a cooperation agreement with the Islamic Investment and Export Credit Insurance Corporation (ICIEC), which includes Mali and Ivory Coast, to jointly participate in export and investment projects of Polish entrepreneurs in this region. In the near future, further attractive instruments supporting exporters and the banks financing them will be added to our offer - emphasised Adam Grzybowski.
Last year, sales of goods to African countries accounted for 1.2 percent of all Polish exports and their share in the portfolio of long-term transactions insured by KUKE is similar.