He would approach a UK bank which would then ask the ECGD
to provide a guarantee to the bank that the loan will be paid.
In addition, ECGD
will extend its existing short term export insurance to cover a broader range of exporters, including SMEs.
The second transaction is related to the closing of AerCapa[euro](tm)s second bond issuance guaranteed by the ECGD
. The notes were issued at a fixed rate of 3.215%, mature in 2021 and have an initial principal amount of USD74m.
is the shadowy arm of the British government and does nothing to make its procedures more open and transparent.
Under the scheme, the Export Credits Guarantee Department (ECGD
) will guarantee up to 90 percent of the value of confirmed letters of credit issued by 282 overseas banks in 36 countries to five of the UK's largest banks.
Both loan facilities are guaranteed by the UK ECGD
with re-insurance provided by France's Coface and Euler Hermes of Germany.
Both loan facilities are guaranteed by the Export Credits Guarantee Department (ECGD
) of the United Kingdom with re-insurance provided by Compagnie Francaise d'Assurance pour le Commerce Exterieur of France and Euler Hermes Kreditversicherungs AG of Germany.
UK Minister of Trade, Investment and Business, Lord Davies of Abersoch, said: 'I am delighted that ECGD
has supported the delivery to Etihad of these two Airbus aircraft.
A domestic version of the ECGD
may be required to provide this, and would be a low risk, but hugely beneficial, means of intervention for the government.
In March 2008, Sakhalin Energy announced it was withdrawing its request for funding from the ECGD
, and from the US EXIM Bank, on the grounds that the project was 90 per cent complete and the timeframe for reaching a decision on further funding no longer made sense.
The export credit agencies are ECGD
, KEIC, K-Exim and Sace.
To help fund the Phase-2 development and spread the risk, SEIC was seeking up to $7 billion in project financing and credits from the EBRD, Japan's Bank for International Cooperation (JBIC), the US EXIM Bank and the U.K.'s Export Credits Guarantee Department (ECGD