A draft bill concerning OAEP was approved on Thursday

A draft bill concerning OAEP was approved on Thursday

A draft bill turning the Organization of Export Credit Insurance (OAEP) into a societe anonyme was approved by majority vote at the Greek Parliament on Thursday.

The bill was approved by ruling New Democracy and Movement for Change (KINAL). All other parties - main opposition SYRIZA, Communist Party (KKE), Greek Solution and MeRA25 voted against.

The new entity will be called the Hellenic Export Credit Company SA, and the bill includes ratification of its articles of association.

During a hearing on Tuesday, related agencies expressed their full support for it, including the Pan-Hellenic Exporters Association of Exporters with president of the board Christina Sakellaridis who said this was a step long overdue, the Greek Exporters Association (SEVE), the Exporters Association of Crete, and the Hellenic Federation of Enterprises (SEV).

Speaking of the bill at plenary, Deputy Foreign Affairs Minister Konstantinos Fragogiannis said that economic diplomacy and extroversion were basic government policies, while during its two years in power "we had a record number of strategic investments - 4.8 billion euros worth of strategic investments have been approved, and another 7.4 billion euro worth of strategic investments are in the pipeline, and expected to be approved in the following weeks." He also criticized the previous coalition government of Syriza and Independent Greeks (ANEL), saying "you had a total of 1.2 billion euros worth of strategic investments."

In addition, he noted, Greece had a record number of exports, with a 25% rise in exports and a 48% rise in foreign investments, along with new digital tools and in-person or online meetings with businesses abroad, despite the pandemic.

The new OAEP plan, Fragogiannis said, was drafted with the collaboration of SACE, the leading Italian insurance organization, which helped analyse market factors, correct legal omissions, and create a flexible entity. "It is an oxymoron, when we all agree that OAEP needs upgrading to acquire new appropriate products and turn to export abilities of small and medium-sized enterprises, to have this bill voted down," he said.


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