Presentation on theme: "Developing Credit Insurance in Africa and the Mediterranean"— Presentation transcript:
1 Developing Credit Insurance in Africa and the Mediterranean United Nations Conference on Trade And Development (UNCTAD) and International Trade Centre - UNCTAD/WTO (ITC) First International Conference onDeveloping Credit Insurance inAfrica and the Mediterranean
2 PUBLIC INFORMATION SOURCES IN THE MIDDLE EAST Presented By Mrs. Katerina Miltiadou Malek
3 CREDIT INFORMATION In Developed Countries: Connected with the Development of Risk Management andCredit Insurance
4 CREDIT INSURANCE IN THE MIDDLE EAST Recently developedPeople not yet very familiar with the “Concept”.
5 CREDIT INFORMATION AGENCIES IN THE MIDDLE EAST Appeared 30 years agoNOT widely Accepted by the Business PeopleConsidered to be serving the competitionBusiness people were Conservative, Secretive, and Uncooperative.
6 CREDIT REPORTS Enable Credit Insurers and Credit Managers to: Assess the level of risk involved in dealing with certain Business EntityDecide whether to trade with a particular business and on what termsSet the credit limitAvoid potential bad debts.
7 CREDIT INFORMATION REPORTS Should:Contain accurate and reliable informationBe comprehensiveUp to dateOn Time
8 Sources of Information A. PUBLIC SOURCES- Company Registries (Governmental)- Chamber of Commerce-CourtB. OFFICIAL PUBLICATIONS- Gassettes, etc.C. PRIMARY DATA- Personal Interviews with the Business Key Management, and ObservationsD. REFERENCES- Newspaper / Magazine CuttingsE. The Market Itself
9 COMPANY REGISTRIES Governmental Authorities Responsible for the registration of all companies/Business Entities Operating in a country.
10 “COMPANY LAW”Regulates the registration procedure of the various Business Entities.Companies should FILE CERTAIN DOCUMENTS Identifying their status.REGISTERED Companies become Juridical Persons.
11 JURIDICAL PERSONUpon Registration Each Company Obtains Its Commercial Registration Number and Becomes a Juridical Person
12 Contract, BUY/SELL, SUE and be SUED, Take Decisions, etc. JURIDICAL PERSONSBehave as Physical persons in business life.Contract, BUY/SELL, SUE and be SUED, Take Decisions, etc.
13 BEFORE DEALING WITH A REGISTERED COMPANY BE INFORMED ON ITS:1. Legal Status 2. Owners3. Management 4. Capital5. Finance 6. Nature of Activities
14 TRANSPARENCY OF COMPANY LAWS AND REGULATIONS The Public HAS THE RIGHT TO Access Official Authorities’ Records on Business Entities.
15 TIMEIn the Middle East the search with Public Sources is allowed only on written request and at the payment of a substantial fee.Information might be obtained LATE.Business deal might be CANCELED.LATE information will be of No Use.
16 USE OF ACCURATE CREDIT INFORMATION ResultsStrengthening of Trust and Confidence in the Business EnvironmentElimination of Fraud, Payment Delays, Bad Debts.
17 CONCLUSION FAST DECISION MAKING IS IMPORTANT TIME IS CRUCIAL PROVISION OF INFORMATION ON LINE IS ESSENTIAL TODAY.
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