Omani exporter cleared of OMR300,000 export debt

Business Tuesday 13/November/2018 12:35 PM
By: Times News Service
Omani exporter cleared of OMR300,000 export debt

Muscat: Credit Oman has indemnified an Omani exporter of nearly OMR300,000 after non-payment of an overseas buyer, the agency said.
Credit Oman announced that it indemnified one of its clients, an Omani exporter for an amount of OMR291,146 against a default of one of their foreign buyers.
Such indemnification falls under the framework of export credit insurance offered by Credit Oman to Omani manufacturers and exporters, which provides coverage against commercial and non-commercial risks that include either; default of the buyer, insolvency, non-acceptance of the goods, civil wars, any restriction in the buyers country in transferring foreign currency, etc.
The company said it does so, to continue support of Omani exporters in order to promote their products to reach to non-traditional or promising markets with the aim of promoting Omani products.