Export Credit Agencies
Encyclopedia
An export credit agency (known in trade finance
as ECA) or Investment Insurance Agency, is a private or quasi-governmental institution that act as an intermediary between national governments and exporters to issue export financing. The financing can take the form of credit
s (financial support) or credit insurance
and guarantees (pure cover) or both, depending on the mandate the ECA has been given by its government. ECAs can also offer credit or cover on their own account. This does not differ from normal banking activities. Some agencies are government-sponsored, others private, and others a bit of both.
ECAs currently finance or underwrite about $430 billion of business activity abroad - about $55 billion of which goes towards project finance in developing countries - and provide $14 billion of insurance for new foreign direct investment, dwarfing all other official sources combined (such as the World Bank and Regional Development Banks, bilateral and multilateral aid, etc.). As a result of the claims against developing countries that have resulted from ECA transactions, ECAs hold over 25% of these developing countries' US$2.2 trillion debt. These data are unreliable in the absence of source, definition, or date.
Export credit agencies use three methods to provide funds to an importing
entity:
(ODA) in two ways. First, they may be mixed with ODA, while still financing the same project (mixed credit). As the export credit is tied to purchases in the issuing country, the whole package qualifies as a tied aid credit, even if the ODA part is untied aid. Second, tied aid
credits are not very different from export credits, except in interest, grace period (the time when there is no repayment of the principal) and terms of repayment. Such credits are separated from export credit by an OECD requirement that they have a minimum degree of "softness". "Softness" is measured by a formula that compares the present value
of the credit with the present value of the same amount at standardized "commercial" terms. This difference is expressed as a percentage of the credit and called "concessionality level". Thus a grant has a concessionality level of 100%, a commercial credit scores zero per cent. The higher the concessionality level, the more the tied aid credit looks like ODA, the lower, the more it looks like an export credit.
Partially untied credits consist of a tied and an untied part. The latter is usually intended to finance "local cost", investment cost to be made in the importing country. This part may also be in a local currency. Partially untied aid is treated as tied aid.
This situation has led first to an informal agreement in 1976 among some OECD countries, known as "The Consensus". This was succeeded in 1978 by a gentlemen's agreement facilitated by the OECD's now defunct Trade Directorate, which established a Working Party on Officially Supported Export Credits. This gentleman's agreement, officially known as the Arrangement on Guidelines for Officially Supported Export Credits, is known as "The Arrangement". Although negotiations are facilitated by the OECD, not all OECD member countries are participants ad membership is possible for non-OECD countries.
Since 1999, country risk categories have been harmonized by the Arrangement and minimum premium rates have been allocated to the various risk categories. This is intended to ensure that competition takes place via pricing and the quality of the goods exported, and not in terms of how much support a state provides for its exporters. The Arrangement does not extend to exports of agricultural commodities or military equipment. A recent decision at the World Trade Organization (WTO) indicates that the use of officially supported export credits in agriculture is bound by WTO members' commitments with respect to subsidised agricultural exports (see the WTO Appellate Body decision on the Brazil-US cotton case as it relates to the General Sales Manager (GSM) 102 and 103 programs and other US agricultural export credits).
The Berne Union
, or officially, the International Union of Credit & Investment Insurers, is an international organisation for the export credit and investment insurance industry. The Berne Union and Prague Club combined have more than 70 member companies spanning the globe.
At EU level, the European Commission, in particular DG Trade, plays a role in the harmonization of Export Credit Agencies and the co-ordination of policy statements and negotiation positions. This is based on council
decisions 73/391/EEC and 76/641/EEC. These decisions provide for prior consultations among member states on long term export credits. Member states may ask each other if they are considering to finance a specific transaction with official export credit support. EU members may not subsidize intra-EU export credits.
, other human rights
or the natural environment in the countries where the investment is being made. Advocates of ECAs have assertions of their own, such as the following: export credits allow impoverished importers to purchase needed goods that would otherwise be unaffordable; export credits are components of a broader strategy of trade policies; and government involvement can achieve results that the private sector cannot, such as applying greater pressure on a recalcitrant borrower. These arguments for and against export credits are not new, having been studied at length in academic literature (for a good general discussion, see Baron, David P. The Export-Import Bank: An Economic Analysis. Academic Press. 1983.; or Eaton, Jonathan. “Credit Policy and International Competition.” Strategic Trade Policy and the New International Economics, ed. Paul Krugman. MIT Press, Cambridge Mass. 1988.). Of course, these arguments also spill over into broader literature and it is certainly important not to confuse the agency that applies the export credits, the ECA, with the actual policy of providing guarantees or direct lending support to facilitate exports. For example, some accuse the Canadian Wheat Board of providing export credits (for a strident representation of this argument, see Goodloe, Carol. “The Canadian Wheat Board: Government Guarantees and Hidden Subsidies?” The Estey Centre Journal of International Law and Trade Policy, Vol 5 No 2, p 102-122. 2004.).
ECAs are increasingly requiring member countries to undertake anti-corruption
due diligence
when applying for export credit. This is due to the increased international enforcement of anti-bribery
laws.
ECAs play a pivotal role of getting new projects financed so the economy can be turned around from this recession. Most commercial banks are closed for new business and project funding is a scarce resource. The favourable Commercial Interest Reference Rate (CIRR is the reference rate laid down by the OECD for its member states as the minimum interest rate for officially supported financing of exports) is helping to keep your cost of capital down. But even more important is it that ECAs enables start ups to get financing, which again implies that projects are being realized.
} - Australian Agency for International Development
(AusAID)
} - Austrian Development Agency (ADA)
} - Canadian International Development Agency
(CIDA)
} - Danish Development Agency (DANIDA)
} - Department for International Development Cooperation
} Agence Française de Développement (AfD)
} - Deutsche Gesellschaft für Technische Zusammenarbeit
(GTZ) GmbH
} - Kreditanstalt für Wiederaufbau
(KFW)
} - Japan International Cooperation Agency
(JICA)
} - Netherlands Development Cooperation
} - New Zealand Official Development Assistance (NZODA)
} - Norwegian Agency for Development Cooperation
} - Swedish International Development Cooperation Agency
(SIDA)
} - U.K Department for International Development Cooperation
(DFID)
} - U.S. Agency for International Development (USAID)
(EFIC
) - Oesterreichische Kontrollbank AG (OeKB) - Office national du Ducroire/Nationale Delcrederedienst (ONDD) - Export Development Canada
(EDC
) - Export-Import Bank of China
Trade finance
Trade finance is related to international trade.While a seller can require the purchaser to prepay for goods shipped, the purchaser may wish to reduce risk by requiring the seller to document the goods that have been shipped. Banks may assist by providing various forms of support...
as ECA) or Investment Insurance Agency, is a private or quasi-governmental institution that act as an intermediary between national governments and exporters to issue export financing. The financing can take the form of credit
Credit (finance)
Credit is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately , but instead arranges either to repay or return those resources at a later date. The resources provided may be financial Credit is the trust...
s (financial support) or credit insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
and guarantees (pure cover) or both, depending on the mandate the ECA has been given by its government. ECAs can also offer credit or cover on their own account. This does not differ from normal banking activities. Some agencies are government-sponsored, others private, and others a bit of both.
ECAs currently finance or underwrite about $430 billion of business activity abroad - about $55 billion of which goes towards project finance in developing countries - and provide $14 billion of insurance for new foreign direct investment, dwarfing all other official sources combined (such as the World Bank and Regional Development Banks, bilateral and multilateral aid, etc.). As a result of the claims against developing countries that have resulted from ECA transactions, ECAs hold over 25% of these developing countries' US$2.2 trillion debt. These data are unreliable in the absence of source, definition, or date.
Export credit agencies use three methods to provide funds to an importing
entity:
- Direct lending This is the simplest structure whereby the loan is conditioned upon the purchase of goods or services from businesses in the organizing country.
- Financial intermediary loans Here, the export–import bank lends funds to a financial intermediary, such as a commercial bank, that in turn loans the funds to the importing entity.
- Interest rate equalization Under an interest rate equalization, a commercial lender provides a loan to the importing entity at belowmarket interest rates, and in turn receives compensation from the export–import bank for the difference between the below-market rate and the commercial rate.
Officially supported export credits
Credits may be short term (up to two years), medium term (two to five years) or long term (five to ten years). They are usually supplier's credits, extended to the exporter, but they may be buyer's credits, extended to the importer. The risk on these credits, as well as on guarantees and insurance, is borne by the sponsoring government. ECAs limit this risk by being "closed" on risky countries, meaning that they do not accept any risk on these countries. In addition, a committee of government and ECA officials will review large and otherwise riskier than normal transactions.Tied aid credits
Officially supported export credit may be connected to official development assistanceOfficial development assistance
Official development assistance is a term compiled by the Development Assistance Committee of the Organisation for Economic Co-operation and Development to measure aid. The DAC first compiled the term in 1969. It is widely used by academics and journalists as a convenient indicator of...
(ODA) in two ways. First, they may be mixed with ODA, while still financing the same project (mixed credit). As the export credit is tied to purchases in the issuing country, the whole package qualifies as a tied aid credit, even if the ODA part is untied aid. Second, tied aid
Tied aid
Tied aid is foreign aid that must be spent in the country providing the aid or in a group of selected countries. A developed country will provide a bilateral loan or grant to a developing country, but mandate that the money be spent on goods or services produced in the selected country...
credits are not very different from export credits, except in interest, grace period (the time when there is no repayment of the principal) and terms of repayment. Such credits are separated from export credit by an OECD requirement that they have a minimum degree of "softness". "Softness" is measured by a formula that compares the present value
Present value
Present value, also known as present discounted value, is the value on a given date of a future payment or series of future payments, discounted to reflect the time value of money and other factors such as investment risk...
of the credit with the present value of the same amount at standardized "commercial" terms. This difference is expressed as a percentage of the credit and called "concessionality level". Thus a grant has a concessionality level of 100%, a commercial credit scores zero per cent. The higher the concessionality level, the more the tied aid credit looks like ODA, the lower, the more it looks like an export credit.
Partially untied credits consist of a tied and an untied part. The latter is usually intended to finance "local cost", investment cost to be made in the importing country. This part may also be in a local currency. Partially untied aid is treated as tied aid.
International regulation
Both officially supported export credits and tied aid credit and grants are extended on terms controlled by governments. Therefore, there is a constant temptation to use these financial instruments to subsidize commercial exports in order to win a temporary advantage on an export market or to counterbalance such an action from another government (matching). However, the end result of such action is negative for importing countries (usually developing countries), who are rendered unable to choose the best combination of quality and price but consider financing first. It is also negative for tax payers, who foot the bill. It may only to the benefit of exporters whose government have the deepest pockets and the greatest willingness to subsidize, even though the macro-economic outcome of the subsidy is doubtful. In the past, there have been big, government-sheltered companies that were kept alive to a very large extent by export credits and tied aid credits. To avoid these traps, it was considered useful to standardize export credit conditions and to monitor matching and tied aid credits.This situation has led first to an informal agreement in 1976 among some OECD countries, known as "The Consensus". This was succeeded in 1978 by a gentlemen's agreement facilitated by the OECD's now defunct Trade Directorate, which established a Working Party on Officially Supported Export Credits. This gentleman's agreement, officially known as the Arrangement on Guidelines for Officially Supported Export Credits, is known as "The Arrangement". Although negotiations are facilitated by the OECD, not all OECD member countries are participants ad membership is possible for non-OECD countries.
Since 1999, country risk categories have been harmonized by the Arrangement and minimum premium rates have been allocated to the various risk categories. This is intended to ensure that competition takes place via pricing and the quality of the goods exported, and not in terms of how much support a state provides for its exporters. The Arrangement does not extend to exports of agricultural commodities or military equipment. A recent decision at the World Trade Organization (WTO) indicates that the use of officially supported export credits in agriculture is bound by WTO members' commitments with respect to subsidised agricultural exports (see the WTO Appellate Body decision on the Brazil-US cotton case as it relates to the General Sales Manager (GSM) 102 and 103 programs and other US agricultural export credits).
The Berne Union
Berne Union
The Berne Union, also known as The International Union of Credit & Investment Insurers, is the international organisation and community for the global export credit and investment insurance industry....
, or officially, the International Union of Credit & Investment Insurers, is an international organisation for the export credit and investment insurance industry. The Berne Union and Prague Club combined have more than 70 member companies spanning the globe.
At EU level, the European Commission, in particular DG Trade, plays a role in the harmonization of Export Credit Agencies and the co-ordination of policy statements and negotiation positions. This is based on council
Council of the European Union
The Council of the European Union is the institution in the legislature of the European Union representing the executives of member states, the other legislative body being the European Parliament. The Council is composed of twenty-seven national ministers...
decisions 73/391/EEC and 76/641/EEC. These decisions provide for prior consultations among member states on long term export credits. Member states may ask each other if they are considering to finance a specific transaction with official export credit support. EU members may not subsidize intra-EU export credits.
Polemic on ECAs
Observers argue for and against export credits. Some observers view them as nothing more than export subsidies by a different name. Others argue that export credits may further the burden of debt that poor countries already suffer. The activities of ECAs are considered by some to be a type of welfare for large corporations. ECAs are also criticised for insuring companies against political actions which aim to protect workers' rightsTrade union
A trade union, trades union or labor union is an organization of workers that have banded together to achieve common goals such as better working conditions. The trade union, through its leadership, bargains with the employer on behalf of union members and negotiates labour contracts with...
, other human rights
Human rights
Human rights are "commonly understood as inalienable fundamental rights to which a person is inherently entitled simply because she or he is a human being." Human rights are thus conceived as universal and egalitarian . These rights may exist as natural rights or as legal rights, in both national...
or the natural environment in the countries where the investment is being made. Advocates of ECAs have assertions of their own, such as the following: export credits allow impoverished importers to purchase needed goods that would otherwise be unaffordable; export credits are components of a broader strategy of trade policies; and government involvement can achieve results that the private sector cannot, such as applying greater pressure on a recalcitrant borrower. These arguments for and against export credits are not new, having been studied at length in academic literature (for a good general discussion, see Baron, David P. The Export-Import Bank: An Economic Analysis. Academic Press. 1983.; or Eaton, Jonathan. “Credit Policy and International Competition.” Strategic Trade Policy and the New International Economics, ed. Paul Krugman. MIT Press, Cambridge Mass. 1988.). Of course, these arguments also spill over into broader literature and it is certainly important not to confuse the agency that applies the export credits, the ECA, with the actual policy of providing guarantees or direct lending support to facilitate exports. For example, some accuse the Canadian Wheat Board of providing export credits (for a strident representation of this argument, see Goodloe, Carol. “The Canadian Wheat Board: Government Guarantees and Hidden Subsidies?” The Estey Centre Journal of International Law and Trade Policy, Vol 5 No 2, p 102-122. 2004.).
ECAs are increasingly requiring member countries to undertake anti-corruption
Political corruption
Political corruption is the use of legislated powers by government officials for illegitimate private gain. Misuse of government power for other purposes, such as repression of political opponents and general police brutality, is not considered political corruption. Neither are illegal acts by...
due diligence
Due diligence
"Due diligence" is a term used for a number of concepts involving either an investigation of a business or person prior to signing a contract, or an act with a certain standard of care. It can be a legal obligation, but the term will more commonly apply to voluntary investigations...
when applying for export credit. This is due to the increased international enforcement of anti-bribery
Bribery
Bribery, a form of corruption, is an act implying money or gift giving that alters the behavior of the recipient. Bribery constitutes a crime and is defined by Black's Law Dictionary as the offering, giving, receiving, or soliciting of any item of value to influence the actions of an official or...
laws.
ECAs play a pivotal role of getting new projects financed so the economy can be turned around from this recession. Most commercial banks are closed for new business and project funding is a scarce resource. The favourable Commercial Interest Reference Rate (CIRR is the reference rate laid down by the OECD for its member states as the minimum interest rate for officially supported financing of exports) is helping to keep your cost of capital down. But even more important is it that ECAs enables start ups to get financing, which again implies that projects are being realized.
Multilateral export credit agencies:
- Multilateral Development BanksMultilateral Development BankA multilateral development bank is an institution, created by a group of countries, that provides financing and professional advising for the purpose of development. MDBs have large memberships including both developed donor countries and developing borrower countries...
- (MDBs)- AfricaAfricaAfrica is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
- African Development BankAfrican Development BankThe African Development Bank Group is a development bank established in 1964 with the intention of promoting economic and social development in Africa...
AfdBAFDBAFDB may refer to:*Adult Film Database*African Development Bank*Aluminum Foil Deflector Beanie... - AfricaAfricaAfrica is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
- African Export-Import BankAfrican Export-Import BankThe African Export Import Bank is an International bank headquartered in Cairo, Egypt. It was established in 1993 by African governments, African private and institutional investors, as well as non-African financial institutions and private investors for the purpose of financing and promoting...
(Afreximbank) - Andean Countries - Corporación Andina de FomentoCorporación Andina de FomentoCAF – Latin American development bank – has the mission of stimulating sustainable development and regional integration by financing projects in the public and private sectors, and providing technical cooperation and other specialized services...
("CAF") - Arab LeagueArab LeagueThe Arab League , officially called the League of Arab States , is a regional organisation of Arab states in North and Northeast Africa, and Southwest Asia . It was formed in Cairo on 22 March 1945 with six members: Egypt, Iraq, Transjordan , Lebanon, Saudi Arabia, and Syria. Yemen joined as a...
- Arab Fund for Economic and Social DevelopmentArab Fund for Economic and Social DevelopmentThe Arab Fund for Economic and Social Development is a Kuwait-based, pan-Arab development finance institution. All member-states of the Arab League are members of the AFESD. As of 2003, it held around USD 7.3 billion in assets.... - AsiaAsiaAsia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
- Asian Development BankAsian Development BankThe Asian Development Bank is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia... - Central and Eastern EuropeCentral and Eastern EuropeCentral and Eastern Europe is a term describing former communist states in Europe, after the collapse of the Iron Curtain in 1989/90. In scholarly literature the abbreviations CEE or CEEC are often used for this concept...
- European Bank for Reconstruction and DevelopmentEuropean Bank for Reconstruction and DevelopmentFounded in 1991, the European Bank for Reconstruction and Development uses the tools of investment to help build market economies and democracies in 30 countries from central Europe to central Asia. Its mission was to support the formerly communist countries in the process of establishing their...
("EBRD") - Islamic Corporation for the Insurance of Investment and Export Credit ("ICIEC") (part of the Islamic Development BankIslamic Development BankThe Islamic Development Bank is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded by the first conference of Finance Ministers of the Organisation of the Islamic Conference , convened 23 Dhu'l Qa'dah 1393 AH.The bank officially began its activities on...
) - Islamic Development BankIslamic Development BankThe Islamic Development Bank is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded by the first conference of Finance Ministers of the Organisation of the Islamic Conference , convened 23 Dhu'l Qa'dah 1393 AH.The bank officially began its activities on...
(IsDBISDBIntegrated Services Digital Broadcasting is a Japanese standard for digital television and digital radio used by the country's radio and television stations. ISDB replaced the previously used MUSE "Hi-vision" analogue HDTV system...
) - Latin AmericaLatin AmericaLatin America is a region of the Americas where Romance languages – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...
- Inter-American Development BankInter-American Development BankThe Inter-American Development Bank is the largest source of development financing for Latin America and the Caribbean...
("IADB") - Nordic Investment BankNordic Investment BankThe Nordic Investment Bank is an international financial institution founded in the mid-1970s by the five Nordic countries: Denmark, Finland, Iceland, Norway and Sweden. In 2005, Estonia, Latvia and Lithuania became members of the Bank. NIB’s headquarters are located in Helsinki, Finland...
("NIB") - Nordic Development FundNordic Development FundThe Nordic Development Fund is the joint multilateral development finance institution of Denmark, Finland, Iceland, Norway and Sweden. It was established in 1989 and adheres to the development assistance policies of the Nordic countries and has financed 190 development assistance credits valued at...
("NDF") - OPECOPECOPEC is an intergovernmental organization of twelve developing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC has maintained its headquarters in Vienna since 1965, and hosts regular meetings...
Fund for International Development ("OFfID")
- Africa
- Multilateral Financial Institutions
- Central and Eastern EuropeCentral and Eastern EuropeCentral and Eastern Europe is a term describing former communist states in Europe, after the collapse of the Iron Curtain in 1989/90. In scholarly literature the abbreviations CEE or CEEC are often used for this concept...
- European UnionEuropean UnionThe European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
(EU) - Central and Eastern EuropeCentral and Eastern EuropeCentral and Eastern Europe is a term describing former communist states in Europe, after the collapse of the Iron Curtain in 1989/90. In scholarly literature the abbreviations CEE or CEEC are often used for this concept...
- European Investment BankEuropean Investment BankThe European Investment Bank is the European Union's long-term lending institution established in 1958 under the Treaty of Rome. A policy-driven bank, the EIB supports the EU’s priority objectives, especially European integration and the development of economically weak regions...
("EIB") - Multilateral Investment Guarantee AgencyMultilateral Investment Guarantee AgencyThe Multilateral Investment Guarantee Agency is a member organization of the World Bank Group that offers political risk insurance. It was established to promote foreign direct investment into developing countries. MIGA was founded in 1988 with a capital base of $1 billion and is headquartered in...
(part of World BankWorld BankThe World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
)
- Central and Eastern Europe
- Sub-Regional Banks
} - Australian Agency for International Development
Australian Agency for International Development
AusAID is the Australian Government agency responsible for managing Australia's overseas aid program...
(AusAID)
} - Austrian Development Agency (ADA)
} - Canadian International Development Agency
Canadian International Development Agency
The Canadian International Development Agency was formed in 1968 by the Canadian government. CIDA administers foreign aid programs in developing countries, and operates in partnership with other Canadian organizations in the public and private sectors as well as other international organizations...
(CIDA)
} - Danish Development Agency (DANIDA)
} - Department for International Development Cooperation
} Agence Française de Développement (AfD)
} - Deutsche Gesellschaft für Technische Zusammenarbeit
Deutsche Gesellschaft für Technische Zusammenarbeit
The Deutsche Gesellschaft für Internationale Zusammenarbeit or GIZ is an international enterprise founded in 1975 by Erhard Eppler and owned by the German Federal Government, operating in many fields across more than 130 countries. It primarily works for public-sector organizations and is...
(GTZ) GmbH
} - Kreditanstalt für Wiederaufbau
Kreditanstalt für Wiederaufbau
KfW banking group is a German government-owned development bank, based in Frankfurt. Its name originally comes from Kreditanstalt für Wiederaufbau, meaning Reconstruction Credit Institute. It was formed in 1948 after World War II as part of the Marshall Plan.It is owned by the Federal Republic of...
(KFW)
} - Japan International Cooperation Agency
Japan International Cooperation Agency
The Japan International Cooperation Agency is an independent governmental agency that coordinates official development assistance for the government of Japan...
(JICA)
} - Netherlands Development Cooperation
Netherlands Development Cooperation
The Netherlands Development Cooperation is an important branch of the Dutch Ministry of Foreign Affairs. It is responsible for development and funding, particularly in the developing world in poverty stricken areas of Africa, and allocates four billion euros a year on tackling it...
} - New Zealand Official Development Assistance (NZODA)
} - Norwegian Agency for Development Cooperation
Norwegian Agency for Development Cooperation
The Norwegian Agency for Development Cooperation is a directorate under the Norwegian Ministry of Foreign Affairs. Its task is to ensure effective foreign aid, with quality assurance and evaluation. NORAD both finances NGOs, and does its own research and projects. The current director general is...
} - Swedish International Development Cooperation Agency
Swedish International Development Cooperation Agency
The Swedish International Development Cooperation Agency is a government agency of the Swedish Ministry for Foreign Affairs. Sida is responsible for organization of the bulk of Sweden's official development assistance to developing countries....
(SIDA)
} - U.K Department for International Development Cooperation
Department for International Development
The Department For International Development is a United Kingdom government department with a Cabinet Minister in charge. It was separated from the Foreign and Commonwealth Office in 1997. The goal of the department is "to promote sustainable development and eliminate world poverty". The current...
(DFID)
} - U.S. Agency for International Development (USAID)
Official export credit agencies by country:
- Export Finance and Insurance CorporationExport Finance and Insurance Corporation
The Export Finance and Insurance Corporation is Australia’s export credit agency and has carried out its role within various statutory frameworks since 1957...
(EFIC
Export Finance and Insurance Corporation
The Export Finance and Insurance Corporation is Australia’s export credit agency and has carried out its role within various statutory frameworks since 1957...
) - Oesterreichische Kontrollbank AG (OeKB) - Office national du Ducroire/Nationale Delcrederedienst (ONDD) - Export Development Canada
Export Development Canada
Export Development Canada is Canada's export credit agency. It is a Crown corporation wholly owned by the Government of Canada, which provides financing and risk management services to Canadian exporters and investors in up to 200 markets worldwide, with spread across all provinces in Canada, and...
(EDC
Export Development Canada
Export Development Canada is Canada's export credit agency. It is a Crown corporation wholly owned by the Government of Canada, which provides financing and risk management services to Canadian exporters and investors in up to 200 markets worldwide, with spread across all provinces in Canada, and...
) - Export-Import Bank of China
-
- Hong Kong - Hong Kong Export Credit Insurance CorporationHong Kong Export Credit Insurance CorporationThe Hong Kong Export Credit Insurance Corporation provides insurance protection to Hong Kong exporters. It is wholly owned by the Hong Kong Government, which also guarantees its contingent liability, currently HK$15 billion....
- Banco de Comercio Exterior de ColombiaBancóldexBancóldex is a Colombian entrepreneurial development and Ex-Im bank, who provide integral solutions in order to help modernize companies in the fields of commerce, industry and tourism, giving priority to Small and Medium Size Enterprises ....
(BancóldexBancóldexBancóldex is a Colombian entrepreneurial development and Ex-Im bank, who provide integral solutions in order to help modernize companies in the fields of commerce, industry and tourism, giving priority to Small and Medium Size Enterprises ....
) - Export Guarantee and Insurance Corporation (EGAP), Czech Export Bank - Eksport Kredit Fonden (EKFEKFEKF may refer to:* European Karate Federation* European Kendo Federation* Europe-Korea Foundation* Extended Kalman filter...
) - Kredex Krediidikindlustus (ESTEST-Places:* Est , a town in Gelderland* Estonia, a nation in northern Europe** Estonian language, the Estonian language in ISO 639.2 or ISO 639–3 language codes* Est Region , one of Burkina Faso's 13 administrative regions...
) - EFinnvera Oyj, Finnish Export Credit Ltd (FECFECFEC is an acronym which may refer to:*Foreign exchange certificate, a type of currency*Forward error correction, a system of error control for data transmission*Family entertainment center, a small amusement park or indoor equivalent intended for family fun...
) - Compagnie Française d'Assurance pour le Commerce ExtérieurCompagnie française d'assurance pour le commerce extérieurThe Compagnie Française d'Assurance pour le Commerce Extérieur was founded in 1946 as the French export credit agency. It was subsequently privatized by the government and continued as a commercial enterprise...
(COFACE), Direction des Relations Economiques Extérieures (Ministère de l'Economie) (DREEDréeDrée is a commune in the Côte-d'Or department in eastern France.-Population:-References:*...
) - Euler Hermes Kreditversicherungs-AGHermes coverHermes cover is a common way of referring to an export credit guarantee by the German Federal Government. It is also referred to as a Hermes Deckung in German....
, AuslandsGeschäftsAbsicherung der Bundesrepublik Deutschland - Export Credit Insurance Organisation (ECIO) - Hungarian Export Credit Insurance Ltd (MEHIB), Hungarian Export-Import Bank - Export-Import Bank of IndiaExim Bank (India)Export-Import Bank of India is the premier export finance institution of the country, established in 1982 under the Export-Import Bank of India Act 1981.-Description:...
, Export Credit Guarantee Corporation of IndiaExport Credit Guarantee Corporation of IndiaThe Export Credit Guarantee Corporation of India Limited is a company wholly owned by the Government of India based in Mumbai, Maharashtra. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce. Government of India had initially set up Export...
(ECGExport Credit Guarantee Corporation of IndiaThe Export Credit Guarantee Corporation of India Limited is a company wholly owned by the Government of India based in Mumbai, Maharashtra. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce. Government of India had initially set up Export...
) - SACEServizi Assicurativi del Commercio EsteroSACE S.p.A. is the Italian export credit agency.It is governed by Giovanni Castellaneta, the ex Italian ambassador to the USA.-History:SACE was established in 1977 following the Law 227/77 as Special Section for Export Credit Insurance of National Insurance Institute...
S.p.A. Servizi Assicurativi del Commercio EsteroServizi Assicurativi del Commercio EsteroSACE S.p.A. is the Italian export credit agency.It is governed by Giovanni Castellaneta, the ex Italian ambassador to the USA.-History:SACE was established in 1977 following the Law 227/77 as Special Section for Export Credit Insurance of National Insurance Institute...
- Japan Bank for International CooperationJapan Bank for International CooperationThe , also known by its acronym, JBIC, is a Japanese public financial institution and export credit agency, and was created on October 1, 1999, through the merging of the Japan Export-Import Bank and the Overseas Economic Cooperation Fund ....
(JBIC), Nippon Export and Investment InsuranceNippon Export and Investment Insuranceor NEXI, is an incorporated administrative agency of the Japanese government. The current organization was formed on April 1, 2001 under the jurisdiction of the Ministry of Economy, Trade and Industry based on the General Rules for Incorporated Administrative Agency and Trade and Investment...
(NEXI) - Jordan Loan Guarantee Cooperation (JLGC), Loan Guarantee & Export Credit Guarantee - Korea Trade Insurance Corporation (K-SURE), The Export-Import Bank of Korea (KEXIM) - Office du Ducroire (ODDOddOdd is an adjective denoting the quality of being unpaired, occasional, strange or unusual, or a person who is viewed as eccentric.Odd may also refer to:In mathematics, the term odd is used in several senses related to even:...
) - Banco Nacional de Comercio ExteriorBancomextThe Banco Nacional de Comercio Exterior or "Bancomext" is a Mexican state-owned bank and export credit agency created in 1937 to promote and finance small and medium exporting Mexican companies in international markets as well as providing Consulting services for small and medium companies wishing...
(BancomextBancomextThe Banco Nacional de Comercio Exterior or "Bancomext" is a Mexican state-owned bank and export credit agency created in 1937 to promote and finance small and medium exporting Mexican companies in international markets as well as providing Consulting services for small and medium companies wishing...
) - AtradiusAtradiusWith an estimated 31% global market share, Atradius is one of the world’s largest trade credit insurers. The company, rated A- by Standard and Poor turned over €1.5 billion in 2010....
- Export Credit Office (ECOEco- Eco may refer to :* eco-, a prefix mostly relating to ecological or environmental terms* .eco, , a proposed top-level domain for the Internet* Eco , a proposed currency* Eco , a computer simulation game...
) - The Norwegian Guarantee Institute for Export CreditsNorwegian Guarantee Institute for Export CreditsThe Norwegian Guarantee Institute for Export Credits is a Norwegian government agency.It was established in 1960 with the purpose of granting guarantees for Norwegian export companies. It was a state aid to exporters who ran possible commercial risks or political risks...
(GIEK) - Korporacja Ubezpieczén Kredytów Eksportowych (KUKEKukeKuke may refer to several places in Estonia:*Kuke, Lääne County, village in Hanila Parish, Lääne County*Kuke, Saare County, village in Kaarma Parish, Saare County...
) - Companhia de Seguro de Créditos - Export-Import Bank of the Slovak Republic (Eximbank SR) - Compañía Española de Seguros de Crédito a la Exportación, Secretaría de Estado de Comercio (Ministerio de Economía) - Exportkreditnämnden (EKN) - Swiss Export Risk Insurance (SERV) - Export Credit Bank of Turkey (Türk Eximbank) - Export Credits Guarantee DepartmentExport Credits Guarantee DepartmentThe Export Credits Guarantee Department is the United Kingdom's Export Credit Agency . It reports through to the Secretary of State for Business, Innovation and Skills. ECGD derives its powers from the 1991 Export and Investment Guarantees Act and undertakes its activities in accordance with a...
(ECGD) - Export-Import Bank of the United StatesExport-Import Bank of the United StatesThe Export-Import Bank of the United States is the official export credit agency of the United States federal government. It was established in 1934 by an executive order, and made an independent agency in the Executive branch by Congress in 1945, for the purposes of financing and insuring...
(Ex-Im Bank)
- Hong Kong - Hong Kong Export Credit Insurance Corporation
External links
- Berne Union the leading international organisation
- OECD Export Credit Division
- ECA Watch international NGO campaign on export credit agencies
- European export credit agencies reform campaign, coordinated by FERNFERNFERN is a Dutch foundation created in 1995. It is an international non-governmental organization to keep track of the EU’s involvement in forests and to co-ordinate NGO activities at the European level...
- The Use of Environmental and Social Criteria in Export Credit Agencies’ Practices, by Markus Knigge et al. Published in 2003 by the Deutsche Gesellschaft fuer Technische Zusammenarbeit - GTZ
- Interchange Solutions Limited - Leading provider of anti-corruption due diligenceDue diligence"Due diligence" is a term used for a number of concepts involving either an investigation of a business or person prior to signing a contract, or an act with a certain standard of care. It can be a legal obligation, but the term will more commonly apply to voluntary investigations...
for Export Credit Agencies - Estudio Wilson-Rae Abogados - Leading Law Firm in Argentina providing services to Export Credit Agencies
- Export Credit Agency - Not Without Critics - Things You Should Know!