What is AOFI issue of guarantees?

The AOFI issues guarantees, counter guarantees, framework lines for guarantees issue, guarantees for import of equipment and production material necessary for preparation of production for export, especially for small and medium-size companies, avals and other securities for export operations and foreign investments, as well as guarantees and securities to Exporters for operations in domestic market if in that way exporting potential of the clients increases, on the condition that the amount of the guarantee must not be bigger than the export in the current year or the value of export contracts. Support through guarantees includes issue of performance and payment guarantees.

Advantages of performance guarantees:

  • Having a guarantee entitles a client to participate in tenders;
  • Thanks to advance guarantees the contractor can acquire funds more quickly;
  • Conclusion of business deals is made possible based on a guarantee that the Exporter – contractor will do the work well, in accordance with the requirements of the buyer or investor

A performance guarantee may refer to:

  • Participation in a tender;
  • Return of an advance payment;
  • Good performance;
  • Maintenance within a guarantee period;


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Necessary documentation:

  • A request for approval of funds placement on the company’s letterhead, sealed and signed;
  • Filled in the AOFI questionnaire for production of a credit record;
  • A copy of the contract on the export business operation which is the subject matter of financing;
  • A copy of the contract which is the grounds for the guarantee issue;
  • Filled in Client’s consent form –  Credit bureau for the report takeover;
  • Trial balance on the last day of the previous month;
  • Trial balance on 31. 12. 2017;
  • Official financial reports for the last three years;
  • Official audit reports for the last two years (for the entities legally obligated to such audit);
  • Buyers and suppliers analytical record cards;
  • Status documentation (Business Registers Agency’s excerpt, certified signature form, VAT, decision of founding, valid articles of incorporation with all amendments);
  • Tax Administration certificate on settled tax liabilities;
  • Collateral list

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