"COFACE is now able to strengthen its support to Greek businesses by providing them with recognised expertise in monitoring the credit-worthiness of millions of companies all over the world, and by protecting their commercial transactions," the company announced in a statement.
"Our Greek license extends COFACE's historically strong presence in the Mediterranean and African region, which represented 27% of the Group's revenues in 2018. Greece is a promising market for COFACE, where business confidence is improving, and growth is expected to be buoyant in 2019. Our direct credit insurance offer in Greece will reinforce COFACE's support to local businesses, which up to now were served through our international network," explained Xavier DURAND, CEO of COFACE.
The credit insurer emphasised that Greece has undertaken reforms which pave the way for a promising credit insurance market: "The consolidation of public accounts and reinforced fiscal credibility has enabled the country to make its return to international markets and to partially lift controls on capital. Greek companies have become more competitive, reduced their debt and are now more export-oriented. This has fostered the development of new sectors and allowed productivity to evolve".