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The Export Credit Insurance Scheme is funded by the Ministry of Finance, Economic Planning and Development. The scheme is implemented and managed by the Economic Development Board (EDB) Mauritius as from January 2018. The EDB has signed Memorandum of Understandings (MoUs) with eligible credit insurance providers.

1.0 Budget measures 2020-2021

The Export Credit Insurance Scheme has been renewed and extended to all countries as per Budget 2020-2021 effective for exports worldwide from 1st July 2020 to 30th June 2023.

1.1 Objective of the scheme

The scheme provides a subsidy on the cost of Credit Guarantee Insurance Premium to eligible companies subscribing for Credit Insurance Cover for their direct exports worldwide in order to encourage them to take an insurance cover to secure trading and hence, boost up exports from Mauritius.

2.0 Main provisions

2.1 Credit Insurance Provider (Insurance Company)

Insurance companies incorporated and registered in Mauritius and holding a valid Financial Services Commission (FSC) license are eligible to be a credit guarantee insurance provider.

2.2 Insured Company (Exporter/Beneficiary Client)

  1. Companies manufacturing local goods including SMEs, Cooperative, and freeport manufacturing incorporated and registered in the Republic of Mauritius (Company or Société)
  2. Operating for at least one year
  3. Direct exports worldwide on “Open Account” only or an alternative acceptable mode of payment will be considered
  4. Refund and ceiling amount applies to Credit Insurance Premium paid only
  5. Trading Activities, trans-shipment and re-exports are excluded

3.0 Amount of Refund and Ceiling

The EDB undertakes to pay 50% of the Credit Insurance Premium paid subject to a ceiling equivalent to the maximum of 0.2% of the insurable declared turnover directly to the insurers. The premium includes administrative/information fee.

3.1 Special Provision for SMEs and Cooperatives

A subsidy of 50% of the Credit Insurance Premium paid subject to a ceiling equivalent to the maximum of 0.4% of the insurable declared turnover will be paid directly to the insurers.

4.0 Application for Refund

The EDB has signed Memorandum of Understandings (MoU) with the Credit Guarantee Insurance Co. Ltd.

Companies manufacturing and exporting local goods should apply directly to the Insurance Company.

Insurance Company

:

Credit Guarantee Insurance Co Ltd

Address

:

United Docks Business Park
Kwan Tee Street, Caudan
Port Louis

Tel

:

+230 213 2741

Fax

:

+230 213 2689

Mobile

:

+230 5251 6966

Website

:

http://www.cgi.mu

Contacts

:

Mr Andy Chin Chew, Sales & Marketing Manager, andy.chin.chew@cgi.mu
Ms Tessa Mootoosawmy, Customer Relation Officer, tessa.mootoosawmy@cgi.mu


CAUTION

The Economic Development Board (EDB) Mauritius reserves the right to exercise control post disbursement of fund and in case any fraudulent declaration is detected the following may apply:
1) The Insurance/Insured company will not be eligible for any future rebate, and
2) Legal action will be undertaken to recover the amount refunded and may be also liable to prosecution.

Contact person at the EDB:  Mr Pravin Soburrun on 2033825.