The Federal Government has extended until 31 December 2021 the 5-point package of measures to strengthen the German export industry during the COVID-19 pandemic. Some of the measures adopted in July 2020 were initially due to expire at the end of June 2021.
Even though the economic situation has considerably improved in recent months, the coronavirus pandemic continues to present a challenging environment for the export sector. To some degree, companies are only just beginning to feel the delayed impact of the pandemic and its repercussions. In order to support the German export industry and the employees working in the sector, it therefore remains vital to keep the relief measures of July 2020 in place.
In the context of export credit guarantees (‘Hermes insurance’), the 5-point package of measures aims to improve the liquidity situation of exporters and importers, to expand the refinancing options for banks with regard to export transactions and to facilitate the financing of foreign transactions, including with regard to fee payments for existing export credit guarantees.
In addition, the suspension of the application fee for a special digital product for small-scale export transactions (‘Click & Cover Export’) remains in place until the end of the year, which will benefit small and medium-sized enterprises in particular.
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Export credit guarantees are a means for the Federal Government to support the financing of German exports. Each year, guarantees worth some €20 billion are provided. The export credit guarantees, also known as ‘Hermes guarantees’, are granted against payment of a risk-based premium and are subsidiary to any private insurance products. In challenging markets, however, they are often the key to making exports happen at all.
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