Treasury to Reinsure Exports for NIS 4B

Initial agreement is with division of Harel insurance.

The Finance Ministry will provide reinsurance for Israeli exports in the form of government guarantees to the tune of NIS 4 billion.

The details of the agreement between Accountant General Shuky Oren and Harel Insurance and Financial Services' Foreign Trade Risk Insurance Corp. were settled on Thursday.

Discussions are underway aimed at bringing in Clal Credit Insurance, of the Clal Insurance Enterprises Holdings group.

"Support for exports is a pillar of the treasury's economic policy in this time of crisis," Finance Minister Yuval Steinitz said.

"The program will enable exporters to receive broad insurance coverage and will encourage exports."

Oren added that the reinsurance program "is simple and effective. The market needs it and we are fully confident that it will work efficiently."