The loan is provided by a consortium led by Bayerische Landesbank and comprising two further German banks - KfW IPEX-Bank and ODDO BHF Aktiengesellschaft - and secured by
export credit agencies Euler Hermes and CESCE.
The loan will be used to finance major investment projects under the coverage of
export credit agencies and will serve to expand the banking cooperation of the two countries, develop entrepreneurial activity in Uzbekistan and create new jobs.
Part of the financing is covered by
export credit agencies - Bpifrance, Euler Hermes and Sace.
The project represents a strategic milestone for GE to develop electric substations in Iraq, and will also see the company support the MoE to secure funding through various financial institutions, including
export credit agencies and commercial banks.
As funding from Asian economic giants like China and Japan flow more abundantly to the Philippines, Brown said EDC-being 'one of the most progressive
export credit agencies'-had many competitive advantages compared to other financiers.
After weeks of blaming the United States exclusively for the slow pace of investment in Iran, the Islamic Republic has turned its anger on European governments, saying their
export credit agencies are stymieing investment by charging higher fees only for investments in Iran.
The report states that other similar
export credit agencies from around the world are expanding their involvement in promoting exports.
It is worth mentioning that Prague Club which was established in 1993 aims at supporting new and developing
export credit agencies. Berne Union aims at facilitating transboundary trade by promoting international acceptance of the proper principles for export credit and foreign investment.
Peter Illingworth, managing director and head of shipping Asia at Deutsche Bank, said: "The shipping market has suffered a double whammy of damaged US and European lenders, and falling values and earnings." But shipping has shown surprising resilience and funding has resumed due to low interest rates, support of Asian banks especially
export credit agencies, new orders attracted by lower secondhand values and contract prices," he told delegates at the Senior Maritime Forum of Marintec China 2015 on Thursday.
Muscat: A Memorandum of Understanding (MoU) signed between Iranian and Kazakh
export credit agencies is expected to enhance cooperation between the two countries, officials said.
"EDC joins a growing list of
export credit agencies interested in supporting GE's global business operations and customer base."
Among the factors driving GE Aviation to pursue the new operation in Europe is the need to support these and other international customers with financing through government-sponsored
Export Credit Agencies (ECAs).
