Various types of guarantees provided in favor of a customer who owes bid bond, performance bond, advance payment or customs bond guarantees.
Letters of Credit (L/C)
Wegagen issues letters of credit (L/C) for importing and exporting goods and services
Export Credit Guarantee (ECG)
Type of credit facility advanced to exporters against 80% guarantee of Development Bank of Ethiopia.
Cash against Document (CAD)
In this mode of payment, the supplier or seller surrenders documents to his/her drawer’s bank after which the documents are automatically forwarded to the importer’s bank on collection basis.
Outward Bills Purchased (OBP)
OBPs are payment orders expressed in the form of negotiable instruments such as checks, drafts, traveler’s checks, international money orders, etc. purchased by the Bank.
Outward Documentary Bills Purchased (ODBP)
An instrument issued by a foreign bank on behalf of its importing customer. The issuing bank specifies all the requirements of its customer in the letter of credit and undertakes to honor all drafts drawn in conformity with the credit terms and conditions.
Outward Documentary Bills Sent for Collection (ODBC)
Documents sent to the issuing bank on collection basis at times where the exporter’s shipping