KNPC's Deputy CEO for Planning and Finance Shukri Al-Mahrous said that dealing with credit agencies
is a difficult process, citing a pact reached with seven reputable global credit agencies
Minister of Economic Development and Trade of Ukraine Aivaras Abromavicius opened the first large-scale international event for export credit agencies
concerned in Ukraine.
Illingworth noted that Asian banks, especially the export credit agencies
of China and South Korea, have been actively participating in shipping finance and stepping up to replace the retreating European banks.
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.
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 approval of Credit Agencies
is an activity vested on the Director of Commerce for well over 60 years, by the Mortgage Act No 06 of 1949, the Trust Receipts Ordinance 12 of 1947 and the Inland Trust Receipts Act No 14 of 1990.
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.
Each of the transactions has a 10-year repayment term, matching terms offered by other export credit agencies
have already downgraded Greece, Spain, Ireland and Portugal for fear they cannot pay off debts.