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EKN guarantees exports to Ivory Coast again
Ivory Coast has developed positively since the open conflict in the country ended last spring. This means that EKN is able to guarantee Swedish export transactions to Ivory Coast again.
The former Ivory Coast President Laurent Gbagbo, who had refused to give up the ruling power after losing the election in November 2010, was arrested in April 2011. Election winner Alassane Ouattara took over as president and the open conflict in Ivory Coast ended.
“Ivory Coast has embarked on a long and laborious recovery after the banking collapse and economic crisis that followed in the wake of the conflict,” says EKN's chief analyst Stefan Karlsson.
The UN, EU, African Union and West African Economic and Monetary Union were unanimous in condemning Laurent Gbagbo's conduct after the election defeat in 2010. The UN and EU imposed sanctions against the country. At the same time, Ivory Coast's central bank cut off the cash supply to the country's banking system. As these events were unfolding, EKN declared it was unable to guarantee Swedish export transactions to Ivory Coast. However, EKN is now able to guarantee these exports again.
“It is our hope that the country can develop and build its infrastructure, thereby opening up business opportunities for Swedish exporting companies,” says Stefan Karlsson.
EKN is able to guarantee export transactions in which the State of Ivory Coast is the buyer, provided there is a government guarantee, letter of credit or bank guarantee in place and compliance with the commercial borrowing restrictions in the country's IMF programme.
EKN is able to guarantee export transactions to Ivory Coast in which the buyer is a private company or bank, provided there is good financial information about the transaction and buyer.
EKN has placed Ivory Coast in country risk category 7, i.e., the highest risk level.
Published: Jan 20, 2012
Last updated: Jan 20, 2012