State to raise capital of Czech Export Bank, EGAP.

By bne IntelliNews January 12, 2011
The government plans to raise the capital of Czech Export Bank (CEB) and Export Guarantee and Insurance Corporation (EGAP) by up to CZK 2bn this year, E15 daily reported. CEB capital will be hiked by CZK 998mn and that of EGAP by CZK 1bn as the government is seeking to ensure stronger support for local exporting companies. The state owns 72.9% in CEB, while the remaining 27.1% is held by EGAP. Previously, CEB capital was raised to CZK 4bn and the insurance capacity of EGAP to CZK 200bn. CEB provided CZK 42.8bn (EUR 1.7bn) in loans and guarantees to local export companies in January to November, up 92% y/y. EGAP signed a record-high of CZK 66.9bn in insurance contracts in 2010, up 8.3% y/y.

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