Export credit agencies and credit insurance companies gathered on September 28th in Zagreb, Croatia, for the Autumn 2010 Prague Club meeting. The Prague Club meetings are designed to exchange practical knowledge and experience in the field of export credit insurance for the benefit of all Club members. The members of the Club are agencies that are involved in insuring or guaranteeing export credit transactions, but do not yet meet the entrance requirements for the Berne Union. The Lebanese Credit Insurer s.a.l. (LCI) has been included as a Club member since 2009.

During the 3 day meeting, Factoring and the complementarities between Factoring and Credit Insurance was the main subject. Combining Factoring and Credit Insurance is in fact a helpful tool for company growth. Factoring provides liquidity and ensures continuous cash flow while Credit Insurance protects the company against bad debts. The company will hence be able to increase its sales safely.
Since 2001, LCI has supported industries and trading companies in the region through its credit insurance program, covering them against the payment default of their customers. LCI has also launched its factoring program in 2009 through LCI Factors which provides non-recourse factoring and a variety of other products such as reverse factoring and maturity factoring.

LCI’s main purpose is to encourage trade within and from the Mena region by providing Domestic and Export Credit Insurance as credit risk management tool.