Germany agrees measures to make financing of exports easier

FILE PHOTO: Aerial view of containers at a loading terminal in the port of Hamburg, Germany August 1, 2018. REUTERS/Fabian Bimmer/File Photo

BERLIN (Reuters) - Germany’s Economy Ministry said on Tuesday the government has decided on a package of measures to make the financing of export business easier as it seeks to revive industry’s prospects due to the coronavirus pandemic.

The package includes reduced fees for Hermes guarantees for exports, improved financing conditions for new export business such as reduced down payments and delayed repayments, as well as better refinancing possibilities for export financing banks.

“We are taking the burden away from companies that are suddenly and through no fault of their own faced with existential challenges,” Economy Minister Peter Altmaier said in a statement.

“At the same time, we are creating new incentives abroad to sell goods and order services from Germany.”

Writing by Caroline Copley; Editing by Michelle Martin