Slovak EXIM Bank supported SKK 50 billion worth of exports in 2002 in line with its business plan. This should account for 7.5 percent of the country’s total export in 2002, governor of the EXIM Bank Ludomir Slahor informed journalists on Tuesday. The Slovak Economy Ministry estimates the last year’s export at between SKK 650 billion and SKK 655 billion. Via bank activities EXIM Bank supported export of SKK 33.5 billion and via insurance activities it was SKK 16.5 billion.

Bank’s balance sheet total at the end of December 2002 was SKK 7.65 billion, what translates into a year-on-year increase by 5.4 percent. Claims from provided loans made up 48 percent of the total assets when they stood at SKK 3.68 billion. The bank provided directly to its clients SKK 735 million. The volume of provided guarantees amounted to SKK 1.68 billion. Mr. Slahor voiced his delight over an increase in acceptation of EXIM Bank’s guarantees abroad.

According to preliminary results, EXIM Bank earned a profit of SKK 241 million on total costs of SKK 405 million last year. Mr. Slahor remarked that the bank’s goal is not to achieve a maximum profit but to support as biggest volume of export as possible.

In 2003, EXIM Bank wants to enlarge its support to export activities, especially of small- and middle-sized businesses. It also wants to focus on development of regions with a lower level of built infrastructure, which is one of key factors for inflow of foreign investments. Its support will be aimed at export to non-traditional eastern markets since their importance will increase after the enlargement of the European Union.

Slovak EXIM Bank is a state financial institution that was founded to support Slovakia’s exports. It has been developing activities on the Slovak market since 1997. Its business activities include export credit financing, as well as insurance of export and import risks.