BNG Bank is set to join forces with NWB Bank to refinance loans taken out by export financiers at low, fixed interest rates, with the object of benefiting the clients of Dutch exporters. To this end, BNG Bank and NWB Bank have signed an agreement with the Dutch State Secretary for Finance, Menno Snel.
Refinancing will enable export financiers to provide loans on the basis of the minimum Commercial Interest Reference Rate (CIRR) applied internationally. Dutch exporters will then be able to supplement their standard services by offering competitive export loans at a fixed rate of interest. In turn, this provision will put Dutch exporters in a better position to compete against foreign parties, which are often able to offer this option already. Buyers benefit as well by enjoying a fixed, low rate of interest throughout the term of export loans.
The CIRR is the minimum fixed rate of interest that the OECD has set for government-supported export financing. Export financiers will submit applications for CIRR financing via Atradius DSB. Such requests will be processed concurrently with applications for loans guaranteed by Atradius DSB on behalf of the Dutch State. Once approved, CIRR financing will be provided by BNG Bank and NWB Bank jointly through the CIRR desk. This type of financing will be available for loans in euros and dollars, among other currencies.
‘BNG Bank is keen to support government policy at as low a cost as possible. The refinancing of Dutch exports on the basis of the international minimum reference rate is a good example of how BNG Bank is supporting government policy as well as using its low financing costs to improve the competitive position of Dutch exporters’, says Olivier Labe, member of the Executive Board of BNG Bank.
Learn more about BNG Bank here: https://www.bngbank.com/
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