Export Import Bank (Ex-Im) authorization expired July 1, GE has commenced talks with several foreign export credit agencies
(ECAs) to secure financing for its customers.
UK Export Finance is one of the world's oldest and most respected export credit agencies
, with industry-qualified advisers and specialists available to assist new exporters - and more experienced ones.
Export credit agencies
aim to provide funding to companies outside their countries, on the proviso that the money is used to support home industries.
Global regulators want restrictions on banks that use the services of credit agencies
Whilst the global and European financial crises have resulted in many international banks reducing their exposure to projects in the Middle East, the local banks have remained a cost- effective source of financing and any potential funding gap has been met by increased activity from export credit agencies
and development banks.
8 billion provided by several export credit agencies
and commercial banks, will lead the refinery to boost production capacity by 70 per cent (from 116,400 barrels per day to 198,000 barrels), thus allowing the production to meet growing domestic demand.
Development Bank of Kazakhstan and HSBC Bank plc signed a framework agreement to facilitate long term financing with participation of export credit agencies
, the press service of the DBK said Wednesay.
The work of credit agencies
would be even more restricted than that of collection agencies because the proposal would deprive them of the legal basis for their activities to the greatest extent.
Among these is the controversial - and possibly illegal - practice of relying on credit agencies
for financial checks rather than information provided by the tendering companies.
Use credit agencies
or credit counseling services referred by credit unions, banks, universities or military bases.
The transaction comprises a 13-year 401million loan which will amortise over 10 years starting 2015, and is guaranteed by the official government export credit agencies
of Belgium (ONDD) and France (COFACE).
have already downgraded Greece, Spain, Ireland and Portugal for fear they cannot pay off debts.