Export Credit Agency

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Export Credit Agency

An agency established by a country to finance its nation's goods, investment, and services, often offers political risk insurance.

Export Credit Agency

A private or semi-governmental body that extends credit to local exporters. ECAs also provide guarantees and insurance for exports, and occasionally for imports as well. Sometimes governments use ECAs to subsidize exporters and related businesses, but this is generally frowned upon in international circles. ECAs are controversial; critics allege that their existence negatively impacts international development as developing countries cannot compete with such insured exports. Proponents of ECAs argue that they enable developing countries to import products they otherwise would not be able to afford.
References in periodicals archive ?
The longer repayment terms are available in accord with an agreement of the Organization for Economic Cooperation and Development (OECD) that permits export credit agencies of OECD countries to offer enhanced terms for renewable energy and water projects.
The new financing is expected to be structured as a finance lease, with the European Export Credit Agencies supporting 85% of the loan and the balance of 15% being a commercial loan.
The Global Export & Credit Finance Review 2006 will provide an in-depth analysis of the role that export credit agencies (ECAs), banks, project sponsors, contractors and service providers play in advancing and servicing world trade.
The financing also includes, a $415 million 13-year loan backed by the Swedish Export Credit Guarantee Board (EKN), Eksport Kredit Fonden (EKF) and Swiss Export Risk Insurance (SERV) export credit agencies.
Ex-Im Also Offers to Transition to Common Agreement With European Export Credit Agencies
Says, Lars Kolte, EKF's Managing Director, who is also President of the Berne Union (the world-wide organization of national export credit agencies ("ECA") and investment insurance agencies), "The cooperation between EKF and Sovereign has made it possible to make a deal where the Danish part is relatively small - below 20 pct.
Hayrettin Kaplan, General Manager of Turk Eximbank, stated As one of the few Export Credit Agencies around the world that can provide both insurance/guarantee and direct lending, Turk Eximbank will encourage Turkish and Georgian companies to promote trade relations by extending short term and medium term loans with competitive costs, and will be able to provide 100% financing for short term loans with maturity of less than 24 months.
Effective as of July 1, the longer repayment terms are available in accord with an agreement of the Organization for Economic Cooperation and Development (OECD) that permits export credit agencies of OECD countries to offer enhanced terms for renewable energy and water projects.
German and French export credit agencies and the Multilateral Investment Guarantee Agency of the World Bank are providing debt insurance cover to the lenders for a portion of the debt.
8 billion given by many commercial banks and export credit agencies, will lead the refinery to boost production capacity by 70%, i.
Other export credit agencies also are contributing to the financing of the platform project.

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