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28/09/2011
Credit Agency Restores Libya Coverage
Libya is continuing to move towards something like normal life with news today that ECGD, the UK's export credit agency (ECA), has announced it was resuming cover for British exports to Libya.
The announcement makes ECGD the first major ECA to resume cover for Libya since the NATO airstrikes against the former Gaddafi regime began in March this year.
ECGD Chief Executive, Patrick Crawford said: "Now that an internationally recognised regime has been established and stability is returning, I am pleased to announce today that ECGD will be resuming cover immediately and will make up to $250m in support available.
"This support will help British businesses play their role in assisting the people of Libya build the future they want and richly deserve.
"I very much hope that ECGD's lead in resuming cover will have the added benefit of signalling to international private investors and banks that creditworthiness has been restored.
"I hope this signal of the UK's confidence will encourage banks and other lenders to support the new regime," he added.
The Export Credits Guarantee Department, (ECGD) is the UK's official export credit agency.
It works with exporters, project sponsors, banks and buyers to help British exporters, by providing insurance against non-payment risks to UK exporters and guarantees for bank loans to facilitate the arranging of finance to buyers of UK goods.
It also provides insurance against political risks to UK investors in overseas markets.
(BMcC/GK)
The announcement makes ECGD the first major ECA to resume cover for Libya since the NATO airstrikes against the former Gaddafi regime began in March this year.
ECGD Chief Executive, Patrick Crawford said: "Now that an internationally recognised regime has been established and stability is returning, I am pleased to announce today that ECGD will be resuming cover immediately and will make up to $250m in support available.
"This support will help British businesses play their role in assisting the people of Libya build the future they want and richly deserve.
"I very much hope that ECGD's lead in resuming cover will have the added benefit of signalling to international private investors and banks that creditworthiness has been restored.
"I hope this signal of the UK's confidence will encourage banks and other lenders to support the new regime," he added.
The Export Credits Guarantee Department, (ECGD) is the UK's official export credit agency.
It works with exporters, project sponsors, banks and buyers to help British exporters, by providing insurance against non-payment risks to UK exporters and guarantees for bank loans to facilitate the arranging of finance to buyers of UK goods.
It also provides insurance against political risks to UK investors in overseas markets.
(BMcC/GK)
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