The agreement enables faster and simpler loan approval to maintain liquidity for exporters, including the tourism sector. The measure will be available until the end of the year to exporters from all sectors, the press release said.
The insurance beneficiaries will be the banks which will approve, based on their own criteria and business policy, new liquidity loans for exporters or businesses that generated at least 20 percent of their revenues from exports.
The banks will decide on their own which loans will be included in the portfolio, with HBOR covering 50% of the amount of principal and interest.
Loans will be made available with a one-year grace period and a repayment period of five years, the press release said.
"HBOR is implementing the insurance programme to assist exporters experiencing difficulties in business as a consequence of the COVID-19 pandemic and will enable simpler and faster approval of liquidity loans," HBOR CEO Tamara Perko said.