Euler Hermes, the worldwide leader in trade credit insurance, announced its strategic partnership with Germany’s leading finance corporation DS-Concept, at an event hosted by Turkish Clothing Manufacturers Foundation (TGSD). With the partnership between Euler Hermes and DS-Concept, there will be $1 billion of funds created for Turkish exporters and they will be able to trade safely.
At the event, Euler Hermes Turkey CEO Özlem Özüner evaluated the economic outlook in Turkey and worldwide and shared insights about the sector and said, “In 2017, we expect Turkey’s current export markets to improve, which would lead to the decrease in procurement committees’ worries so they can come back to Turkey. In his presentation, DS-Concept Group Vice President Rene Pastor said, “Several unfortunate events have negatively affected Turkey’s economy—exports were at $157 billion in 2014, but then in 2016, they fell back to $142 billion. In a period like this, I believe our partnership with Euler Hermes will allow Turkish exporters to take a breath. This strategic partnership falls into a period in which there are cold winds passing between Turkey and Europe, and through it, we hope to create additional funds of $1 billion for Turkish exporters.” TGSD President Şeref Fayat stated that the ability to find funds at a painful time is very important and that thanks to the strategic partnership between DS-Concept and Euler Hermes, exporters will reach the funding they need fast, safely and with favorable conditions.
In order to support exports, DS-Concept will be appointed as “loss payable” to the policy made between Euler Hermes and the exporter. Following that, the amount of exports claimed from debtors will be deducted and therefore exporters will be paid in cash. This way, “early collection” will be possible within the scope of the insurance coverage limits for shipments made to buyers, making cash flow and working capital opportunities.
The DS-Concept Group maintains a network of offices and affiliates all over the world, including USA, Bulgaria, Hungary, Turkey, Pakistan, Bangladesh, Spain, UK, China and the United Arab Emirates as well as the headquarters in Germany. Combining credit protection, collections, and financing into a single suite of trade finance products, DS-Concept brings streamlined, flexible and best-in-class services to the world’s exporters.