trade finance press abstracts

Trade FinancePress Abstracts

International Trade Centre

Trade FinanceNo.1 & 2/2003

U N C T A D / W T O

Contents

Feature Article

. Trade Finance Pointers 3

Acronyms and Abreviations 5

Trends and Recent Developments 6

News from the Regions

. Middle-East and Asia 15

. Eastern and Western Europe 17

. Africa 18

. Latin America & The Caribbean 19

News on ITC’s Trade Finance Programme 21

OECD Export Credit Rates 22

ITC Publications on Trade Finance 23

List of ITC Publications on Trade Finance 25

National Adaption of ITC Guides 26

Main Export Credit Agencies 31

Sources for the Press Abstracts 46

International Trade Centre UNCTAD/WTO Trade Finance Programme

Press Abstracts n° 1 & 2/2003

ITC AND THE PRESS ABSTRACTS

The mission of the International Trade Centre UNCTAD/WTO is to support developing and transition economies -and in particular their business sectors- in their efforts to realise their full potential for developing exports and improving import operations, with the ultimate goal of achieving sustainable development. Furthermore, as an executive agency of the United Nations Development Programme (UNDP), ITC directly implements UNDP-financed projects related to trade promotion in developing countries and economies in transition. The ITC trade promotion programmes cover six key areas: Product and Market Development; Development of Trade Support Services; Trade Information; Human Resource Development; International Purchasing and Supply Management; and Needs Assessment and Programme Design for Trade Promotion. The Trade Finance Press Abstracts are compiled quarterly by ITC’s Trade Finance Programme in an effort to provide news and specialised information concerning international trade credit and credit insurance to entrepreneurs, bankers and financial experts in developing countries. Although its content may vary from issue to issue, it is usually structured around a general section, covering trends, new products and regional sections, made up of news from individual agencies. Events and news from ITC’s Trade Finance team complement the bulletin.

ITC’s TRADE FINANCE PROGRAMME

What is it? A programme aimed at facilitating access to finance for developing and transition countries’ SMEs. How? The programme provides assistance to developing countries and economies in transition, via the strengthening of the existing structure of their financial institutions, mechanisms, and schemes - both at public and private sector levels - in order to facilitate the exporting community’s access to finance. It also contributes to building up enterprise capability in the financial field in order to enable these countries and economies to become competitive in international markets whilst reducing their export risks. Who is it for? The Programme is targeted at enterprises and public and private financial institutions in developing and transition countries, with a particular emphasis on LDCs.

This issue covers the period from January to June 2003 For further information, please visit ITC’s website at http://www.intracen.org/tfs/

or contact

Mr. Carlo F. Cattani Senior Adviser on Trade Finance, BAS/DTSS

Telephone: (+41) 22 730 0308, Fax: (+41) 22 730 0576 E-mail: [email protected]



TRADE FINANCE POINTERS Introduction The export capacity of a country is strongly dependent on the effectiveness of its trade finance capacity. Assisting developing countries in building up this capacity requires a specific analysis for each country. The aim of this article is to give an outline of the latest service the Trade Finance Services of the International Trade Centre UNCTAD/WTO (ITC) is offering: The Trade Finance Pointers which is based on a set of indicators pertaining to the trade finance framework and its related macroeconomic environment for 156 developing countries. This is an instrument to facilitate and structure the quantitative analysis of the trade finance capacity of a given country while making it less costly. It is valuable to decision-makers, providing a good visual overview of the strengths and weaknesses of a country’s trade finance capacity. The Trade Finance Pointers covers the three main benchmarks for the financial system of 155 countries: performance, depth and completeness. These benchmarks comprise 52 indicators, each of them being analysed using a specific methodology combining both data from statistical research on macroeconomic indicators and data from local surveys focusing on microeconomic aspects related to the trade finance capacity. These elements are then combined to produce graphics and tables that can be examined at a glance and then used as the basis for a more thorough analysis. By comparing the benchmarks of a country for different years, trends can be plotted to provide analytical and critical elements for decision-making.

Mapping out Trade Finance Pointers Trade Finance Pointers consist of two groups of composite indexes analysing the macroeconomic environment - and the Trade Finance institutional structure and capacity framework of a country’s trade finance capacity. As a first step, data on the country needs to be collected. These are a combination of IMF and World Bank. The macroeconomic framework includes trade indicators, showing the level of outward orientation of an economy and its export performance. Then external resources based on yearly external flows, indicating the availability of funds with a focus on stability and future debt burden. Next the debt overhang and the external liquidity are measured. In addition the exchange rate policy and foreign exchange availability are evaluated. For this purpose, foreign rate arrangements, volatility of exchange rates and business reactions to exchange rate policies are reviewed. Besides these, monetary and financial systems are examined, with reference to the level of financial development based on measures of monetisation. Likewise the credit market that refers to the factors influencing the ultimate cost of credit is studied. Finally, the completeness and adequacy of the legal system supporting trade finance is looked at. The microeconomic framework includes an analysis of the financial institutions, indicating the completeness and efficiency of the banking system, as well as of the capital and credit restrictions, looking at the existence of government restrictions on capital and market instruments. It also includes an analysis of the cost of borrowing, for exporters and importers both in terms of premiums paid on LIBOR and lending rates.

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Each composite index is made up of several basic indicators pertaining to that index. Values and indicators are directly visible on the Trade Finance Pointers. To arrive at those composite indexes, ITC has drawn up appropriate but simple formulas. Details are contained in a technical paper available on request. In parallel with desk research work, trained national consultants carry out local surveys in order to collect country-specific data. Their interviews with local banks and financial institutions cover three main areas: the financial environment, the status of the financial sector and the financial products offered. The financial environment indicates the range of financial institutions existing in the country and how efficiently they are run. The status of the financial sector shows the depth of the financial sector, with reference to the existence of specific procedures or instruments. Lastly the data on available financial products supply information on the existence of specific financial products and mechanisms. National consultants also have the task testing the adequacy of the legal system at banking and business community levels. After the collection of the relevant data the Trade Finance Pointers can be drawn up and visualized by way of two practical elements: a ready reckoner chart and a table of indicators. The <<ready reckoner chart>> plots the average value of the macroeconomic indexes on the x-axis and the financial framework indexes average value on the y-axis. The cross over point gives an indication of the relative strength or weakness of a country’s trade finance capacity. The table of indicators lists all values making up the composite indexes. The result for each index can additionally be compared with a benchmark. In that way possible weaknesses can be spotted and are highlighted by a three-color light system (green, amber, red).

Using Trade Finance Pointers After drawing up a Trade Finance Pointers, decision-makers can easily spot the strengths and weaknesses of the trade finance capacity of a given country. The ready reckoner chart and the table of indicators serve then as a visual data “map” for diagnosis purposes. Special training courses, seminars and specific interventions can then be organized, mainly addressed to TPOs and regional banks, to assist in improving the country’s trade finance capacity. In addition a dynamic view on the development of the analysed sector can be given if data of recent years are collected. Data can be simply integrated in the visualization instruments. The ready reckoner chart plots a curve of the development of the previous years. The table of indicators also displays, in an extra column, an arrow-symbol pointing to the trend for each indicator. Maintaining Trade Finance Pointers at national level will be made relatively easy by ITC’s basic database of worldwide relevant macro level indicators. To complete the in-depth analysis, local surveys are required and will be carried out by local partner institutions or by ITC on demand. In brief: Trade Finance Pointers can be used to assess need of the trade finance sector of a country and to identify concrete measures to improve and complete the offer of financial services required to compete in the global trade. Trade is obviously also affected by other factors that may not be specifically included in the Trade Finance Pointers, such as health, communication and the like. However most factors directly linked with the provisions of finance such as the objectivity and efficiency of the legal system are included. From the practical point of view, the main advantage of the Trade Finance Pointers is its simple and structured approach in analysing the trade finance capacity. Findings are easily obtained, can be compared and exchanged communicated, especially between decision-makers. The methodology provides an analytical approach that is applicable to all countries, and can be compared and monitored year after year.



The following acronyms and abbreviations are used: CIRR Commercial Interest Reference Rate COFACE Compagnie Française d’Assurance pour le Commerce Extérieur ECA(s) Export Credit Agency (Agencies) ECGC Export Credit Guarantee Corporation, India ECGD Export Credit Guarantee Department, United Kingdom FDI Foreign Direct Investment GTF Global Trade Finance HICP(s) Heavily Indebted Poor Country (Countries) IMF International Monetary Fund KfW Kreditanstalt für Wiederaufbau L/C Letter of Credit LDC(s) Least Developed Country (Countries) LIBOR London Interbank Offered Rate MIGA Multilateral Investment Guarantee Agency NCM Nederlandsche Credietverzekering Maatschappij, Netherlands OPIC Overseas Private Investment Corporation PTD Power Transmission & Distribution S&P Standard & Poor’s (ComStock Inc., USA) SME(s) Small- and Medium-Sized Enterprise(s) IT Information Technology TF Trade Facilitation

In this issue: AFESD Arab Fund for Economic and Social Development ART Alternative Risk Transfer ATI African Trade Insurance Agency BOOT Buy Own Operate Transfer CCB Czechoslovak Commercial Bank DRC Democratic Republic of Congo EEHC Egyptian Electricity Holding Company EFIC Export Finance Insurance Corporation ECG Export Credit Group, OECD FSA Financial Services Agency IDA International Development Agency IDB Islamic Development Bank KNCU Kilimanjaro Native Corporation Scheme, Tanzania SACE Sezione Speciale per l’Assicurazione del Credito all’Esportazione, Italy SURF Settlement Utility for Risk and Finance VEB Vneshconom Bank, Russia VTB Vneshtotg Bank of Russia

AACCRROONNYYMMSS AANNDD AABBBBRREEVVIIAATTIIOONNSS



CREDIT INSURANCE ♦ US Ex-Im supports business in Israel,

Turkey and the Dominican Republic A US$ 35 million long-term loan guarantee from US Ex-Im will cover exports to Israel worth US$ 32.6 million coming from Siemens PTD in Minneapolis as well as financing fees and project-related hardware costs worth US$ 2.4 million. The guaranteed lender is BNP. US Ex-Im will provide political and commercial cover on the transactions. Exports consist of software and services to upgrade an electric power distribution system. At the end of 2002, US Ex-Im approved a US$ 14.3 million long-term cover for medical equipment going to a hospital in Ankara and sold by Marubeni America Corporation. In the Dominican Republic, a US$ 49.6 million long-term loan supports the export of equipment and services for a gold mine site coming from SRK Consulting. The guaranteed lender is JP Morgan Chase. Another US Ex-Im guarantee worth US$ 45.3 million is being provided for exports of asphalt for road development and maintenance in the Dominican Republic.♦

(Trade Finance, February 2003)

♦ Coface reports business growth After weak figures in 2001, Coface reports a recovery of turnover, cost ratio and loss ratio terms for 2002. The consolidated turnover increased from € 925.6 million in 2001 to € 973.0 million in 2002. Coface’s credit insurance business grew by 5.1% last year, credit management services by 7.1% and guarantee insurance by 18.7%. However, there was a decline in net financial income and net profit, which is at € 18.8 million.♦

(Trade Finance, March 2003)

♦ ECGD towards innovation ECGD is streamlining its operations ahead of its transformation into a government-trading fund. The agency wants to improve the level of service it provides to UK exporters and implements a package of measures: an improved country cover regime under which exporters are been given better information about ECGD’s position on countries, fostering private sector links with banks, simplify the procedures to approve deals more quickly, and reduce the burden on industry by restructuring the environmental and social screening of projects.♦

(Trade Finance, April 2003)

♦ Coface upgrades Vietnam and downgrades three South American countries

Coface @ratings: latest changes (last updated: June 2003)

Country July 2002 September 2002 December 2002 March 2003

Vietnam C positive watchlisted

C positive watchlisted

C positive watchlisted B

Bolivia B B B C

Paraguay C C negative watchlisted

C negative watchlisted D

Uruguay C C C D

Turkey C C C positive watchlisted C

Israel A4 A5 A4 A4 negative watchlisted

Egypt B B B B negative watchlisted

Jordan B B B B negative watchlisted

Source: www.cofacerating.com ; June 2003

Coface has modified the rating position of some countries showing how risk perception is changing in particular for markets in South America and the Middle East.

TTRREENNDDSS AANNDD RREECCEENNTT DDEEVVEELLOOPPMMEENNTTSS



Vietnam has been upgraded from C to B because of its sustained growth, which was stimulated by private company dynamism, increased foreign direct investment, expansionary fiscal policy and positive effects of the trade agreement with the United States. Countries in Latin America still suffer from the Argentine crisis: Bolivia, Paraguay and Uruguay have been downgraded. In the first two countries, political uncertainties have been exacerbated by social unrest. Turkey has been taken off Coface’s positive “watchlist” due to the deteriorating economy. Moreover, the government’s decision to pursue minimal cooperation with the United States for the military intervention in the Iraq, made the outlook even less favourable. Israel, Egypt and Jordan have been placed on the negative “watchlist” not only because of their exposure to the effects of the recent war, but also because economies are already under pressure from global downturn.♦


♦ US Ex-Im expands short term insurance programme in Africa US Ex-Im’s short term insurance pilot programme for Africa is now available in 39 sub-Saharan African countries. There has been the renewal of the pilot programme for three years, with an overall limit of US$ 100 million. In 2002, US Ex-Im supported transactions for a total of US$ 475 million in authorizations. This is a substantial increase over the previous year.♦

(Trade Finance, May 2003)

♦ OPIC sustains telecommunications and Internet services in Nigeria Overseas Private Investment Corporation (OPIC) has provided political risk insurance, to a US small business to supply four commercial airports in Nigeria with telecommunications and Internet service centres. OPIC will extend up to US$ 2 million in insurance to NIS Solutions for the installation of the centres. An important development benefit of this project is the increase in Internet connectivity in sub-Saharan Africa. Even though Internet connectivity in sub-Saharan Africa has doubled from 2000 to 2001, it is still on a modest level compared to other emerging markets such as Latin America.♦


♦ UPS launches a new service to accelerate trade payments UPS has introduced a new service to support exporters and importers in accelerating payments and reducing risk associated with international trade transactions. The new service, Exchange CollectSM, guarantees payment for sellers because UPS will deliver the goods only after receiving payment from the buyer. First, importer and exporter specify UPS for financial settlement. Then, the exporter ships the goods and UPS notifies the importer via email that the goods are in transit. Next, the importer electronically transfers payment for the goods to UPS that will deliver the shipment to the importer. Finally, after verification of delivery, UPS electronically remits the payment to the exporter’s bank. Hence, the mechanism permits to minimize risk in trading with new customers. The new service is designed to complement the existing UPS Collect on delivery (COD) services available across the EU, Norway and Switzerland.♦


♦ E&H is heading towards south-eastern Europe The Euler & Hermes group is planning to increase its physical presence in south-eastern Europe, where credit insurance is not yet completely developed. Hermes South East Europe (HSEE) was set up in 2002 by Hermes (which handles Euler & Hermes’ credit insurance business in central and eastern Europe) and Austria’s Oesterreichische Kontrollbank (OeKB) to open up new markets for credit insurance. Romania will be the first target, but also incursions into Bulgaria, Slovenia and Croatia are planned for the near future. Bosnia, Serbia, Macedonia and Albania are considered to be interesting markets but currently too difficult from a risk perspective. Cooperation with other insurance companies is considered to be the key element for HSEE entering relatively unfamiliar markets. In particular, HSEE hopes for some co-operation from banking groups such as Austria’s Raiffeisen Zentralbank (RZB) and the German HVB Group, which have well-developed networks in the region.♦

(International Trade Finance, April 2003)



♦ S&P’s cuts rating of Munich Re Standard and Poor’s (S&P) has downgraded Munich Re from AA plus to AA minus after the German reinsurer reported a third quarter loss for 2002 of € 2.2 billion. Munich Re is planning to issue a subordinated bond to improve its balance sheet.♦


♦ Credit insurers start improving their position after the economic downturn Coface and Euler & Hermes (E&H) improved their financial results in 2002 showing that at least part of the credit insurance industry is rebuilding its strength after the global economic slowdown. E&H has reported an underwriting surplus of € 64 million for 2002 that represents a remarkable improvement compared with a € 22 million loss in 2001. Coface managed to cut the gross loss on its underwriting business by more than half, to € 28.6 million, with the second half of 2002 in profit of € 14.4 million. Despite difficult business conditions and a high rate of company failures in important markets, it seems that rate rises and are active risk selections have allowed the two institutions to curb claims losses and improve revenue. Leading underwriters seem to have got the measure of the problematic conditions, without resorting to a radical cut-back of their risk capacity. Remedial action has been significant but limited, even if premium hikes have been remarkable, in percentage terms.♦

(International Trade Finance, March 2003)

♦ ECGD and NCM co-operate The UK’s Export Credits Guarantee Department (ECGD) and the Dutch ECA NCM agreed on co-operation in cases where UK and Dutch exporters are exporting jointly to a third country. The ECA of the country whose exporter holds the largest share of the transaction will provide export credit for the whole deal. The other ECA will provide reinsurance.♦

(International Trade Finance, March 2003

♦ ADB develops its PRG programme in Vietnam and Pakistan The Asian Development Bank (ADB) is trying to close a US$ 235 million cluster of new facilities for Vietnam and Pakistan mobilised under the bank’s Political Risk Guarantee (PRG) scheme. Total approvals would amount then to US$ 511 million. The PRG, established in 1995, was re-launched in 2000 because of the problems stemming from the 1997-98 Asian crises. The scheme provides loan default protection against political risks, giving support to commercial banks and sponsors. Such risks include expropriation or nationalisation of assets, failure by the government to honour payment obligations as well as the imposition of foreign exchange conversion and transfer restrictions. Asian countries where project and commercial finance is in short supply could be potential PRG markets. In Bangladesh, Sri Lanka, Pakistan and Vietnam the scheme has been playing a crucial role. Laos, Cambodia and Indonesia would also be reasonable places to see demand for PRG increase.♦

(International Trade Finance, March 2003) ♦ Fitch upgrades Russian sovereign

ratings Fitch upgrades the Russian long-term foreign currency and local credit from BB- to BB+. Data confirm a strong macroeconomic performance and prudent policy led to improvement in real income, debt ratios and liquidity.♦

(International Trade Finance, May 2003)

♦ S&P downgraded Bank of China Standard & Poor’s (S&P) lowered the outlook on its credit rating for Bank of China Hong Kong (BOCHK). Doubts came as the Hong Kong Monetary Authority (HKMA) - Hong Kong’s banking regulator - planned to examine the bank as part of an inquiry into loan to a company controlled by detained magnate Zhou Zhengyi.



Moreover BOCHK revealed that in June 2002 it lent US$ 269 million to New Nongkai Global Investments, which is another company controlled by Zhou Zhengyi. The loan, that was used to buy a 75% stake in Hong Kong-listed Shanghai Land, is in default with HK$741 million outstanding. S&P lowered its outlook on the bank’s rating to negative (BBB-).♦


♦ Coface sees tentative economic recovery Although payment risk levels remain generally high, Coface is rather optimistic about a possibly more sustained recovery, boosted by a few economic sectors. According to the French credit insurer, the best performance refers to pharmaceuticals and mass distribution that have not been particularly affected by cyclical fluctuations and are characterized by an upward trend. More cyclical sectors like electronics, chemicals and paper should be on the way to recovery, but their future depends on the investment and world demand levels. The previsions are less optimistic for the car and construction industries, whose markets are glutted. Finally, prospects are still modest for tourism, textiles and steel.♦

(International Trade Finance, February 2003)

♦ Belgian ECA Ducroire changes its perspective of risk in Eastern Europe

Medium and long term export credit risk of Lithuania and Latvia passed from grade four to three. Political risk insurance for export credit in Romania changed from six to five. The Swiss ECA adopted the same changes.♦


♦ EDC business climbs Export Development Canada (EDC) raised their business volume in 2002 by $34.5 billion. As the perception of global risk worsened, demand for trade finance and risk management services increased. Despite decreasing Canadian exports, the value of EDC’s financing and insurance services rose 16% and customer numbers increased by 14%.♦


♦ US Ex-Im pushes its early project development initiative US Ex-Im wants to improve the co-ordination of US Government trade agencies, which secure contracts for US exporters. The creation of an “early project letter of interest” should signal preliminary interest in a project before contracts are signed. At the moment, the bank is focusing its interest in particular on Mexico, which is US Ex-Im’s largest market, China and Russia. However, there are plans to focus on other target markets.♦

(International Trade Finance, June 2003)

♦ S&P upgrades Bulgaria Standard & Poor’s (S&P) raised Bulgaria’s long-term currency rating from BB to BB+ because of strong growth in GDP, falling public debt and fiscal prudence by the government.♦


♦ Moody’s downgraded Jamaica’s sovereign rating Moody’s Investors’ Service downgraded the sovereign rating for Jamaica from Ba3 to B1. The agency observed an increased risk in the efforts to shore up the country’s currency. The ratio debt to GDP was 141% in March, with fiscal deficits far beyond government targets.♦


♦ S&P’s rates Indian currency Standard & Poor’s has indicated India’s long-term foreign currency rating at BB, and the long-term local currency rating at BB+. The upcoming federal budget for the year to March 2004 is expected to show whether the government is able to capitalise on the recent step up in reforms to improve the country’s weak public finances.♦

(Asia Weekly Financial Alert, January 2003) ♦ African rating update from CGES South

Africa

The following country classification short-term regradings are currently effective for shipments.



Country Rating Date Country Rating Date Angola ZZ Jan

2003 Mada- gascar

off cover

Jun 2003

Bots- wana

1B Feb 2003

Mauritius 1B Feb 2003

Burkina Faso

3C Jun 2003

Mozam- bique

3C Jan 2003

Gabon 3C Jun 2003

Namibia 2B Feb 2003

Gambia 3C Jun 2003

Nigeria 3C Sep 2001

Kenya 3C Jun 2003

Sey- chelles

ZZ Jan 2003

Lesotho 2C Jun 2003

Tanzania 3C Feb 2003

Malawi 3C Jun 2003

Uganda 3C Feb 2003

DRC ZZ Dec 2001

Zambia 3C Jan 2003

Ghana 3C Feb 2003

Zim- babwe

off cover

April 2001

Source: www.creditgurantee.co.za; June 2003 (Credit Guarantee Economic Services, June 2003)

BANKING SECTOR ♦ Deutsche Bank completed loan to

Hungary’s GBT Deutsche Bank has arranged a £40 million syndicated trade-related term loan for Hungary’s General Banking & Trust Company (GBT). GBT will on-lend the funds to finance trade contracts. The loan has a margin of 0.75% p.a. and a tenor of two years. Apart from Deutsche Bank acting as mandated arranger, 11 other banks have joined the transaction. ♦


♦ EBRD is lending to four CEE leasing companies The European Bank for Reconstruction and Development (EBRD) is lending € 27 million to four Central and Eastern European (CEE) leasing companies owned by Austria’s Raiffeisen Zentralbank (RZB) Group. The financing is part of the EU-EBRD finance facility launched in 1999 under the Phare programme for the accession countries to the European Union. The facility supports the growth of small- and medium-sized enterprises (SMEs). The total amount of € 27 million is shared between Raiffeisen Leasing Czech Republic (€ 10 million), Raiffeisen Leasing Slovenia (€ 7 million), Raiffeisen Leasing Romania (€ 5 million) and Tatra Leasing Slovakia (€ 5 million).♦


♦ ABN Amro launches an integrated

structured financing platform ABN Amro has integrated its global financial markets business with loan products in the bank’s wholesale clients business. The project focuses on the development of new solutions in the fields of loan syndication, corporate lending, project finance, trade and commodity finance, foreign exchange and risk advisory. Financial markets includes at the moment six new global product lines: credit market, structured credit markets, rates markets, foreign exchange markets, portfolio management and distribution.♦


♦ NBP provides credit for Vneshtorgbank French bank Natexis Banques Populaires has opened a € 300 million credit line for Russia’s Vneshtorgbank. The financing will be used for French exports of equipment, goods and services into Russia. Coface is willing to offer coverage and the Russian government does not have to provide guarantee. Vneshtorgbank’s customers can use credit facilities offered under this agreement to purchase goods and equipment also in other EU countries, in the US and in Canada. Guarantees are supposed to be provided by the respective national export credit agencies.♦


♦ Enhanced quality control is high on US Ex-Im’s agenda US Ex-Im’s annual measures of operational performance will measure transaction efficiency, transaction cycle time, resource utilization and customer satisfaction to analyse overall effectiveness of the services. Numbers of employees, transactions and business days will be included in the numeric formulations. Data on customer satisfaction will be obtained from surveys conducted by the Federal Consulting Group.♦




♦ Bank of Hawaii chooses Misys IBSTI Bank of Hawaii has opted for Misys International Banking Systems’ Trade Innovation (IBSTI) solution and Trade Innovation e-banking products to improve trade finance activities. Trade Innovation will support the bank’s business applications in international trade. The system suggests more control and higher quality customer management.♦


♦ PHC registers with Cofanet Precision Hydraulic Cylinders UK (PHC), a mechanical engineering company, which has an open trade credit insurance policy, has registered with the Cofanet online service, the Coface’s automated credit management system. Through Cofanet, PHC is able to apply for credit limits on new trading partners, as well as monitor the current limits on customers. Furthermore, PHC can compile customized management reports detailing its credit management portfolio by company, country, date or status.♦


♦ Loan from Deutsche Bank and SBL for Russia’s MDM Bank Deutsche Bank and Standard Bank London (SBL) have mandated to arrange a US$ 50 million syndicated trade-related loan facility for Russia’s MDM Bank. The loan is guaranteed by MDM Holdings and SBL acts as the facility agent of the transaction. The loan has a margin of 2.95% p.a. and a 12-months tenor. At the moment, the arrangers have concluded a successful pre-syndication phase and Commerzbank and Dresdner Kleinwort Wasserstein acting through Dresdner Bank Luxembourg have joined the transaction at arranger level.♦

(Trade Finance, April 2003) ♦ EBRD extends credit line for VUB

EBRD is extending a € 20 million credit line to Vseobecná úverová bankato (VUB) to support SMEs in the Slovak Republic. The credit line is funded jointly by the European Commission and by EBRD. It has a five-year maturity and will allow VUB to take good quality loans with a volume of up to € 125.000 each into their portfolio. VUB will

also receive a second tranche of an EC package of financial and technical support worth up to € 1.6 million. The credit line will be used for smaller loans using credit scoring and for supporting the development of SMEs operations in Czech Republic.♦


♦ JPMorgan and Deutsche Bank arranged ZABA loan Deutsche Bank and JPMorgan have jointly arranged a € 140 million syndicated term loan facility for Zagrebacka Banka (ZABA). ZABA is the largest bank in Croatia with total assets of € 7.21 billion at the end of 2002. The facility will be used to provide ZABA with funds for on-lending to its clients for general trade purposes. The loan has a margin of 65bp over Libor and has a three-year tenor. Deutsche Bank acts as facility agent.♦


♦ EBRD develops its TFP The European Bank for Reconstruction and Development (EBRD) supports trade worth over € 1 billion in Eastern Europe and the CIS through its Trade Facilitation Programme (TFP). The programme was launched in 1999 to catalyse appetite for the region’s short-term trade risks among commercial banks. By the end of 2002, the TFP had provided guarantees totalling € 928.5 million, supporting trade worth € 1.07 billion. In 2002, EBRD issued guarantees and financed trade around € 369 million. Compared with 2001 (€ 345 million), these figures represent a slight increase. Remarkable results have been reached in the Russian market, which has generated over 30% of the TFP’s issuing bank deal volumes. Russia has evolved to a stage where the EBRD tends to work with the country’s larger banks to cover longer-tenor transactions (12 to 36 months).♦


♦ Deutsche Bank introduces new trade finance software in Hong Kong

Deutsche Bank has launched its InfoTrack trade finance software at a Hong Kong ceremony. The new software offers clients information on the presentation and fulfilment of letters of credit, open account trading, recording transactions and



movements of documentation in clients’ accounts. It also allows users to customise the presentation of the information to suit their needs.♦


♦ IDB approves US$ 430 million new finance for projects The Islamic Development Bank (IDB) agreed on US$ 430 million new finance for projects at its 212th board session. The funding will be used as follows: US$ 30 million to buy a dredger for the port of Qasim in Pakistan, US$ 43 million for expansion of the Misurata steel Complex in Libya, US$ 30 million financing for three Tunisian banks, US$ 1.54 million for technical assistance for the Micro and SME/SMI integrated programme in Algeria. The IDB also approved a range of import trade financing operations: US$ 25 million for the Bangladeshi ministry of energy and mineral resources to import crude and refined petroleum products from member countries, US$ 15 million for the Bank of Kuwait and US$ 15 million for the Iranian road and transport ministry to buy spare parts for equipment. Finally, export financing schemes have been improved, including US$ 13 million for the export of Lebanese telephone cabling to Algeria.♦


♦ Ex-Im Bank India and EDBI signed an agreement Ex-Im Bank of India signed an agreement with the Export Development Bank of Iran (EDBI). EDBI will provide importers of investment goods and services from India with foreign exchange facilities. Importers may apply for a maximum credit of 85% of the value of the imports and up to 100% of export insurance premiums from Ex-Im Bank India. Bank Melli, Bank Mellat, Bank Saderat, Bank Sepah, Bank Tejarat and Bank of Industry & Mines are some of the Iranian banks that participate in the agreement.♦


♦ US Ex-Im towards Africa The US Ex-Im announced new master guarantee agreements with the Standard Bank of South Africa and the Bank of Africa. The agreements will improve the African networks of US Ex-Im. US Ex-Im has

already agreements with Egypt, South Africa, Nigeria, Mozambique and with the Southern African Trade and Development Bank. The Bank of Africa, headquartered in Benin, has offices in Madagascar, Niger, Burkina Faso, Senegal and Cote d’Ivoire.♦

(International Trade Finance, June 2003) SMES ♦ EDC-Scotiabank partnership for new

products for SMEs Scotiabank and Export Development Canada (EDC) are providing financing to small and medium sized exporters across Canada within their SME working capital programme. The aim of the programme is financing the pre-shipment costs of small exporters, permitting to expand trading opportunities, especially with Latin America and the Caribbean.♦


♦ US Ex-Im’s support for medium sized activities Cover continues to be extended to SME’s by US Ex-Im to a wide range of countries for smaller deals. On behalf of Allfirst Bank of Baltimore a US$ 2.5 million medium-term policy has been approved in Turkey: the cover is for the US$ 2.7 million sale of two-form printing machines. For the same bank Ex-Im has supplied medium term insurance to support the US$ 2.5 million sale of construction materials and equipment for the building of a hardware store in Jamaica. Furthermore in Latin America three projects put forward by PNC Bank have been authorised. In particular in Mexico Ex-Im has authorised a US$ 1.3 million medium-term repetitive sales/multiple shipments insurance policy for US$ 1.5 in US export of capital goods to Facileasing. Ex-Im will contribute US$ 2 million medium-term insurance for the cover for four small US businesses regarding the supply of two shrimp vessels and cold store in Cameroon. Nigeria saw a commitment of US$ 15.8 million long-term cover for a US$ 16.5 million export of microwave telecommunication equipment to Econet Wireless Nigeria. In the Philippines, Ex-Im is providing US$ 1.95 million medium-term cover for sales of ground support aviation equipment by Lockheed Martin Corporation.♦




♦ Use of Web in the tourist sector

According to the research realised by the Department for Culture Media and Sport and UK Online for Business’ E-commerce Impact Study, SMEs in the tourist sector are adopting the Web largely for improving business performance: 80% offer a Web site and 25% are able to offer booking and payment through e-mail or the Web. However, where digital booking is available, many providers do not exploit the customer relationship management of the media. In spite of these limitations two third of the respondents affirm that online has affected positively their profitability and 40% of them said it had increased profit by more than 10%. The research sustains that it is necessary to keep on promoting this practice, so that UK online and the English Tourism Council have created a case study CD-ROM “Go for IT, the Net benefits for Tourism”.

THE E-ADOPTION LADDER

0

5

10

15

20

25

30

35

40

Perc

enta

ge o

f tou

rism

SM

Es (%

)

E-business

Order progress/online salessupport

Online payment

Online ordering

Online marketing

Online messaging

Web presence through otherfirms

Source: PricewaterhouseCoopers

(New Media Age, March 2003)

♦ Coface and Natexis for SMEs In France, local small business exposures and customer relationships are only been explored gradually. Coface is trying to develop services for small companies in regional centres, by working with its parent group Natexis Banques Populaires, whose local member banks around France have a consistent customer base. Coface is starting at the moment with information services. At present all insurers face dilemmas in dealing with the SME market. They have tried to develop specialist services to answer customers requirements, but the results have been so far relatively weak, in terms of profitability.♦


♦ SACE increases its short-term business SACE, Italy’s official ECA, is planning to increase volumes of short term business, in particular in non-OECD countries, where the presence of private sector Italian insurers is modest. SACE’s portfolio of short-term risks amounted to € 99 million in 2000, and rose to € 146 million in 2001 and € 264 million in 2002. SACE aims to offer a new policy to SMEs by the end of May 2003, which will allow small exporters to insure short-term export transactions to different countries.♦


♦ New opportunities for business with sub-sovereign for Canadian companies Export Development Canada (EDC) and Standard & Poor’s Rating Services (S&P) have concluded an agreement that offers new opportunities to Canadian companies selling goods or services to regional or municipal governments around the world. S&P will provide EDC with a transaction specific credit assessment of potential regional or municipal governments interested in borrowing from EDC, but not currently rated by a major credit rating agency. This will permit EDC to assess the risks on specific potential transactions. EDC will take advantage of this agreement to support transactions valued at up to US$ 5 million, focusing in particular on smaller enterprises.♦

(EDC Newsletter, February 2003)

♦ New portal for Indian SMEs Federation of Micro, Small & Medium Enterprises (FISME) has developed a new portal, SME Network, for promoting SMEs products by Central, States and District level of India. The service is free to foreign companies that are looking for business partners in India. But a membership fee will be levied for SMEs that want to register its products on the network.♦

(ZDH Partnership News, January 2003)



♦ European Commission has proposed a new definition for SMEs in EU countries Micro-enterprises will be defined as enterprises with a maximum of 10 employees, annual turnover of less than € 1 million, and total assets of less than € 1.4 million. Small enterprises will be enterprises with 50 or less employees, annual turnover of less than € 9 million, and total assets of less than € 10 million. Medium-sized enterprise will be defined as enterprises with 250 or less employees, annual turnover of less than € 50 million, and total assets of less than € 43 million.♦

(ZDH Partnership News, January 2003)

♦ New debt collection line by Gerling NCM The diversified credit insurer Gerling NCM launched a new debt collection hotline. The beneficiaries will be companies that need help and advice on better debt collection procedures. Moreover in June it provided a free hotline number in response to requests from SME customers at the Smarter Business Expo.♦


♦ JSE works for attracting SMEs The Johannesburg Securities Exchange has announced plans to launch Africa’s first Alternative Exchange (AltX) in October. This will have lower listing requirements to attract small and medium-sized groups and to promote black-owned companies. The AltX aims to improve access to capital for companies that need sources of finance and to boost black-owned companies, mainly of small sizes. Even start-up enterprises can apply, since companies do not need a profit history to list on AltX, but a share capital of R2m (US$ 250,000) is required.♦

(Financial Times, 20th June 2003)



MIDDLE-EAST AND ASIA ♦ China: ABN Amro and StanChart

arrangers for loan facility for Sinochem A three year, US$ 80 million dollar financing for China National Chemicals Import-Export Corporation (Sinochem), the China’s largest import and export company is to be provided by mandated arrangers Standard Chartered (StanChart) and ABN AMRO. The loan facility has been provided for Sinochem America Capital Group and guaranteed by Sinochem.♦


♦ China: SG underwrites syndication for CAO

Société Générale (SG) is in the process of underwriting a syndication for a five-years, US$ 100 million loan to China Aviation Oil (CAO), the company which imports jet fuel for China’s civil aviation industry. Banks will receive a margin of 80bp over Libor, with management fees set at 40bp.♦


♦ Armenia: EBRD provides a working capital facility to ACP The EBRD has extended a US$ 3 million working capital facility to Armenian Copper Programme (ACP), a company operating the copper smelter. The finance will be used to increase the production of copper. Moreover the EBRD is supporting the Armenian financial sector extending a US$ 1 million loan to Anelik Bank to sustain SMEs, following an agreement with Armeconombank in 2000. EBRD is extending a US$ 500,000 guarantee facility to the bank within the EBRD regional trade facilitation programme for the promotion of foreign trade with central and eastern Europe and the CIS. The programme is supported by the governments of Switzerland, the Netherlands, Norway, Austria and Germany.♦


♦ Iran: ECGD contract for NPC The UK’s ECGD is backing a supplier credit finance facility for a carbon monoxide plant designed for export to Iran’s Fanavaran Petrochemical Company. The present project of US$ 38.3 million represents one of the first ECGD’s deals in Iran for the last 20 years.♦


♦ Pre-export finance transaction for Shanxi Guanlu Glencore International and few other international banks (BNP Paribas, Standard Chartered bank, Standard bank), led by facility agent Fortis bank, have structured a medium term pre-export finance transaction for an aluminium producing enterprise in China. The landmark transaction is one of the first medium term transactions using such trade financing in China. The operation will provide US$ 30 million financing for Shanxi Guanlu, the largest non-ferrous metals smelting and metals processing processing enterprise in the Chinese province of Shanxi. By entering into this transaction Fortis Bank and Glencore International have obtained what only very few banks have managed to get so far, as the bulk of financing requirement are still satisfied by local banks with access to cheap funds from the Chinese Government.♦


♦ China: new research company opens China Company Research Services, the first company that combines local Chinese research reports (from Beijing-based China Business Information Services) with UK based research analysis has just opened. This represents a useful step in providing accurate information on Chinese companies that have been so far a serious hindrance affecting financing for private and medium-sized companies in the country.♦


NNEEWWSS FFRROOMM TTHHEE RREEGGIIOONNSS



♦ Indonesia: ECAs push for new safeguards in APP debt restructuring A group of nine export credit agencies involved in the restructuring of US$ 6.7 billion of debt owed by the Indonesian units of Asia Pulp & Paper (APP) is pushing for new safeguards that would help protect against any further default. The nine ECAs are owed some US$ 700 million. They are planning to create a trading company that would control and monitor the cash flow of the four Indonesian units.♦


♦ Indonesia: the most requested in the Asian risk market According to Trade Vest Risk Services, one of South-east Asia’s newer trade insurance brokers, Indonesia is the main interest in the Asian risk markets. 60% - 70% of requests handled by the company in Singapore, are directed to the country, including requests for performance risk in the public and private sector.♦


♦ Pakistan: guarantees on documentary credits The IFC and ABN Amro signed an US$ 80 million facility to fund guarantees on documentary credits from commercial banks. The participating banks are ABN Amro Pakistan, Askari Bank, Metropolitan Bank, Union Bank and Soneri Bank. IFC will fund half of each transaction. The guarantees will support importers, giving better access to letters of credit confirmations.♦


♦ Philippines: DBP opens SME service called Instant Working Capital The Development Bank of the Philippines (DBP) has assigned US$ 95 million for its new factoring facility, Instant Working Capital, that should represent for SMEs a source of funds at lower interest rates by buying their trade receivables without requiring any collateral. Another function of the bank will be assisting SMEs in sales accounting work, credit evaluation and collection activities.♦


♦ Iran: significant market for Italian ECA The Italian ECA (SACE) affirms Iran represents its biggest market in the Middle East and North Africa, offering interesting opportunities in hydrocarbons development. Similar condition and opportunities come from Algeria, where Italian exporters also include several SMEs. SACE’s chief economist revealed also that the decision to extend new cover to Libya has been already approved, even if the country is classified category seven by the OECD and the price of insurance remained high.♦


♦ Bahrain: Multi-sourcing for Alba’s expansion project Norton Rose is advising on the US$ 1.5 billion multi-sourcing financing for the Aluminium Bahrain Line 5 expansion project. This should permit the company to consolidate its position as one of the largest producers of aluminium. The present transaction represents the largest ever financing in the country.♦

(Trade Finance, May 2003) ♦ Iran: EGFI – SFD accord

The Export Guarantee Fund of Iran (EGFI) and the Saudi Fund for Development (SFD) signed an export insurance protocol, which states that both institutions will provide insurance cover for export to the other country. The deal also envisages the sharing of information and expertise.♦


♦ Iran: ECGD towards other sectors A team of officials from the Export Credits Guarantee Department visited the Iran Petrochemicals Forum of 18-19 May to promote more generous terms of support from the export credit agency. This proves the intensions of ECGD to improve its relations with the Islamic Republic, in fact the department is seeking to extend its reach beyond the booming petrochemicals sector, to other sectors such as oil, gas, transport, water, power and telecommunications.♦




♦ Iraq: focus for the Italian ECA Italy’s export credit agency SACE has restored cover with an initial € 1 million limit and the CIPE Inter-ministerial Committee on Economic Programming also approved a move to make Iraq eligible for Italy’s Mediterranean Finance Fund backing. Moreover this allows Italian firms to buy up to 49 % of the capital in Iraqi corporations.♦


♦ Iran: deal between EDBI and the Croatian BRD The Export Guarantee Fund of Iran signed a deal with the Croatian Bank for Reconstruction and Development to extend credit cover to Iranian and Croatian importers. The deal offers reinsurance value credit in accordance with the agreements made between the two countries.♦


♦ India: ECGD expands branch network The Export Credit Guarantee Corporation of India (ECGC) will open new branches in 10 centres this year, including Karur, Pondicherry, Jodhpur and Shillong. ECGC is also considering appointing banks as its corporate agents. Furthermore it had cut from over 50 to 8 the list of countries for which it offered restricted cover.♦


♦ Kazakhstan: DB and RZB arrangers for a facility to Halyk Standard & Poor’s raised its rating as a consequence of the strong economic growth and the government’s stable financial position. Despite these improvements, problems like the lack of transparency in public administration and the need for further structural reforms, remain. Other positive news concerns the US$ 100 million syndicated trade finance facility for Halyk Bank. Deutsche Bank and RZB act as arrangers. Before general syndication they will seek an arranging group among Halyk’s Key relationship banks. The facility will finance specific trade contracts for the bank’s customers.♦


EASTERN AND WESTERN EUROPE ♦ Russia and Ukraine: EBRD loan for

agriculture The EBRD is making a US$ 15 million revolving credit facility available to the Russian and Ukrainian subsidiaries of Nidera Handelscompagnie, in order to support grains and oilseeds trading. The project is coherent on one side with the EBRD’s decision to boost lending against agricultural commodities in Ukraine and Russia through the introduction of legislation that permits warehouse depository receipts to be used as collateral for loans. On the other side is it in line with the Nidera’s growing presence in Eastern Europe, whose agricultural market are considered of great potential by the company.♦


♦ COFACE towards the Polish market COFACE is setting up its own insurance operation in Poland. The new unit will concentrate mainly on the larger company market, while leaving small firms business to the local underwriter with whom Coface has a longstanding co-operation agreement. This is coherent with the COFACE strategy, developed during the 1990’s, of building links into the emerging economies. Furthermore COFACE is using information provision to approach other markets, such as the domestic French scene and West Africa.♦


♦ Russia: SACE-Citigroup bilateral loan for MMK Russia’s largest steel company Magnitogorsk Metallurgical Kombinat (MMK) is importing manufacturing equipment from Techint to revamp one of its cold rolling mills in Magnitorsk, in a transaction closed by the arranger Citigroup that is lending US$ 32 million. SACE, the Italian ECA, will take part with a 95% guarantee, while Citigroup fields the other 5%. MMK ranks among the world’s 20 largest steel making companies and is the exclusive supplier of high quality cold rolled band and tin plate in Russia. The company has a long-standing relationship with Citibank Moscow.♦




♦ Hungary: support for export to Serbia and Montenegro The Hungarian Export-Import Bank approved a € 5 million line of credit to Serbia and Montenegro’s Vojvodjanska Banka to support farm product export to Serbia and Montenegro. The first tranche of € 2 million will have maximum two years tenure, while the second part of the loan will be for up to five years.♦

(International Trade finance, February 2003) ♦ Czech Republic: EGAP looks towards

SMEs The Export Guarantee and Insurance Company (EGAP) plans to concentrate on backing more SMEs in 2003, also through the cooperation with Coface, changing direction in comparison to last year, when only 18% of commercial insurance were used for small companies. EGAP insured US$ 2.38 billion in loans in 2002, of which US$ 1.80 billion were commercial loans and 16.3% with state support.♦


♦ Bulgaria: increasing the BEIA The State allocated US$ 11.8 million for capital expansion of the Bulgarian Export Insurance Agency to support local companies seeking contracts in the reconstruction of Iraq.♦


♦ Russia: VTB – AFK Sistema partnership Vneshtorgbank (VTB) signed a strategic partnership agreement for 2003 with AFK Sistema for organizing export and import financing for Sistema and its subsidiaries, with deals in electronics, tourism, construction and telecommunications anticipated. VTB has already provided Sistema with a US$ 100 million loan for construction projects and to offer banking services.♦


♦ Russia: BU sustains creation of ECA Berne Union (BU) will support the Russian Government for the creation of a national export credit agency (ECA). The creation of an ECA is considered by the Russian Government as an important element for the export promotion, in particular at the

moment, since the authorities are working to diversify export heavily slewed towards the minerals and hydrocarbons sectors into manufacturing and industrial business.♦


♦ Romania: EBRD’s loan for SMEs The European bank for Reconstruction and Development lent US$ 5 million to Banca Romaneasca for sustaining the development of SMEs. The loan will be used for on-lending to SMEs, offering two year loan of up to US$ 10,000 or three year loans of up to US$ 50,000. The EBRD will co-ordinate the programme with the German-Romanian Fund and German development agency KfW.♦


♦ Poland: KUKE concedes credit for export of ships The country’s ECA announced credit guarantees for the export of three ships. According to the Polish Press Agency it would finance the contracts for Stocznia Szczecinska Nowa shipyard with credits of US$ 36.7 million.♦


AFRICA ♦ Angola: large facility arranged for

Sonangol The government of Angola should shortly announce who has been mandated to arrange a US$ 1.5 billion seven-year facility for Sociedade Nacional Combustiveis de Angola (Sonangol), which represents one of the largest trade finance facilities ever arranged globally. Sonangol usually makes multiple visits to the syndicated loan market but if the company secures the US$ 1.5 billion in one go, the facility will aim to roll up the borrower’s next few facilities and will also be used for refinancing existing debt.♦


♦ Africa: WB supports the ATI World Bank approval for the underwriting of public sector payment risk has finally cleared the way for the African Trade Insurance Agency (ATI) to start signing up business.



Even if no deals have been underwritten yet, a number of promising transactions are under investigation. ATI currently has eight members (Burundi, Kenya, Malawi, Rwanda, Tanzania, Uganda, and Zambia), but is planning also to expand into some new markets: talks with Ethiopia and Eritrea are well advanced. Djibouti, Zimbabwe and Sudan have expressed interest while there have been discussions with Senegal, Ghana and Nigeria. Dakar seems to be the most likely site for a new office, partly to dispel any notion that ATI is just an Anglophone, East Africa institution.♦


♦ Algeria: Citigroup supports Algerian deal A complex project financing for the Algerian Cement Company (ACC), the first privately owned company in the cement sector of the country, had its first draw down. Part of the transaction will support the export contract of US$ 128 million, which will see Danish F.L. Smidth (FLS) supply ACC with machinery, instruments, civil construction drawing and steel structures. Citigroup is the only international bank involved in the transaction, taking on a multiple role as financial advisor, sole arranger for EIB guarantees and local bank syndicate, inter-creditors agent, security agent, local lender and EIB guarantor. For the bank this represents an important transaction because it covers a notable role in Algeria and has been one of the few banks committed to a presence in the country throughout the 1990’s.♦


♦ Africa: France keeps on with medium term cover COFACE and the Finance Ministry’s Direction des Relations Economiques Extérieures (DREE) re-state that France is still open for medium term business in Africa. The French position is important in particular taking in consideration that many other export credit insurers are stopping to cover medium term risks south of the Sahara, because of the political instability and the deteriorated economic conditions.♦


♦ Ethiopia: Export Guarantee Scheme The National Bank of Ethiopia (NBE) has clarified the terms for its export guarantee scheme. With the previous directives some exporters had problems with pre-shipment export guarantees, when there were doubts whether a purchaser qualified. Now the purchasing from exporters can open through letters of credit with exporters through their own local banks and the NBE will be able to issue an export guarantee.♦


♦ Cameroon: US Ex-Im supports sales of two vessels New York’s RZB Financial LLC, for the transaction with Douala-based Neptune, regarding the sale of two shrimp vessels, cold stores and blast freezers, has requested a US$ 2 million comprehensive medium term policy, brokered by Penn International. US Ex-Im Bank agreed to insure the transaction, which includes as suppliers Trans Atlantic Corp, W&B Services Company, Tommie Vaughn Ford, Cold Storage Construction Services and Ocean Marine. ♦


♦ Nigeria: Ex-Im for exports of telecoms US Ex-Im Bank approved guarantees to back US$ 1.2 million in exports of telecommunications equipment. The Ex-Im Bank medium term guarantee is for US$ 992, 451. Marina International Bank Limited of Lagos is buying the equipment from ViaSat Inc for its sub-borrower Sub-Urban Telecoms Limited, which will lease it on to MTN Nigeria Communications Limited.♦


LATIN AMERICA AND THE CARIBBEAN

♦ Mexico: US exporters find rich harvest

Ex-Im is sustaining several other exports towards the Mexican market. It is intervening for supporting sales of industrial equipment for commercial rental use by Case Construction Equipment, financed by PNC Bank of Pittsburgh.



The buyer is Megarent Equipment of Merida, with the comprehensive medium-term insurance policy for the bank amounting to US$ 2.5 million. Further Mexico’s Agropecuaria Barobampo in Sinaloa is buying hog feeding, breeding and watering instrument from Poultry and Industrial Suppliers of Miami, with funding from Sun Trust Bank of Miami. The transaction is covered with an Ex-Im US$ 1.1 million comprehensive medium-term insurance policy.♦


♦ Brazil: IFC programme for improving financial liquidity The International Finance Corporation (IFC) has provided medium term trade credit lines to two major commercial banks in Brazil, coherently with its purpose of improving trade finance liquidity for companies of the country. IFC has recently closed a US$ 100 million loan to Banco BBA Creditanstalt and teamed up with the Inter-American Development Bank (IADB) for a US$ 150 million loan to Banco Bradesco. These new facilities are intended to change the negative trend of the availability of trade credit lines to Brazil during the past year, as many creditors cut back their lending exposure: according to the Brazilian Central Bank the volume of eternal trade credit lines slumped from some US$ 22 billion in late 2001 to US$ 16 billion in October 2002.♦


♦ Chile: working capital to ENAMI for American and European exports Chile’s Empresa Nacional de Mineria (ENAMI) has secured a US$ 70 million syndicated deal secured against its future minerals exports. The deal of one year will provide working capital for the state-owned ENAMI’s sale of copper, gold and silver in America and Europe. Eight European and Latin American lenders participated in the ENAMI transaction. An extension of a US$ 40 million loan facility tapped by ENAMI in December 2001. The deal was lead arranged by Deutsche Bank and priced at 87.5 basis points over Libor, plus fees.♦


♦ Bolivia: The IADB supports a trade programme The IADB signed a soft-loan agreement (US$ 5 million) for a programme for backing the competitiveness of goods and services by modernising and strengthening local institutions, stimulating and diversifying trade, improving trade policy and technical capacity for international negotiations.♦


♦ Brazil: IFC and IADB syndication for Brandesco The International Finance Corporation and the Inter-American Development Bank will arrange in an international syndication a loan of US$ 150 million for supporting Brandesco in export financing.♦


♦ Jamaica: support to IA from US Ex-Im The US Ex-Im Bank approved a US$ 2.2 million insurance policy to sustain exports by Impex Associates (IA) to Phil’s Incorporated. The sale concerns construction equipment and materials and the total amount is US$ 2.5 million.♦


♦ Venezuela: US Ex-Im stops financing US Ex-Im Bank has decided to suspend all new credits and loan guarantees for the country, although it might make an exception for state oil company Petroleos de Venezuela. The reason of this decision is the problematic political and economic situation of the country.♦

(International Trade finance, May 2003)

♦ Brazil: granting from IADB to Brazilian Banks The Inter-American Development Bank (IADB) has granted US$ 500 million in export credits to Brazil in 2003, that represent about half of the total export credits planned by the agency this year. An export credit of US$ 180 million has been granted to Bradesco. IADB is negotiating the remainder with two other Brazilian banks.♦




TANZANIA

The newly created Centre for International Business Development Services (CIBDS) and ITC organized a two-day Round-table on Access to Finance in Dar es Salaam on 30 and 31 January. Financial experts from commercial banks and business associations met “eye-to-eye” in a structured manner to identify systematically all the concrete problems faced by entrepreneurs in accessing finance for their first export orders. The methodology used for the Round-table, tested for the first time in the Philippines and Tanzania, was found simple, relevant and particularly effective not only in addressing correctly the issues but also in selecting the most practical ways to improve the offer of financial services in Tanzania.

KINGDOM of BHUTAN & NEPAL

An ITC mission in Bhutan and Nepal was carried out from 28 March to 13 April 2003 to examine in details the trade finance infrastructure of these two countries with a view to consider what schemes should be introduced to support diversification and the development of exporting SMEs. In-depth consultations with the counterparts organizations and representatives of the finance sector allowed for a prioritisation of possible solutions in each countries. ITC will therefore formulate recommendations to the Kingdom of Bhutan to analyse the setting up of a Guarantee Fund for SMES that will enable enterprises located anywhere in this mountainous country to access credit by providing an alternative to real estate or land mortgages that are not attractive to banks. In Nepal, a feasibility study for the setting up of a Matching Grant scheme was validated and will be the object of further consideration by the World bank under the Integrated Framework (IF) and/or by the Asian Development Bank under a new trade support initiative.

ZAMBIA

In Livingstone, Zambia, the Annual Conference of African Insurance Organisation (AIO) took place from 26 to 31 May 2003. The creation of a specific panel on Credit Insurance was adopted at the conference. ITC supported this initiative that will provide the missing link between insurance and credit insurance. ITC also illustrated its training efforts in the area of Credit Insurance and Guarantees and its readiness to contribute to strengthen the capacity of new African players in this field.

CAMBODIA

Adaptation of a guide & seminar … The two-day workshop in Phnom Penh from 14 to 16 July 2003 focused on “Export Marketing, Financing, Purchasing and Supply Management Techniques” merged for the first time procurement and finance. The event drew more than 40 participants and was strongly supported by the Ministry of Commerce and officially opened by His Excellency, Sok Siphuana, Secretary of State. The workshop identified the main weaknesses of the banking system in Cambodia and a few concrete proposals were made for improvements in this area, including the possibility of an Export Fund. Finally, three banks present to the workshop offered to assist the University of Cambodia, ITC counterpart organisation in the preparation of a national version of the guide How to Approach Banks.

NNEEWWSS OONN IITTCC’’SS TTRRAADDEE FFIINNAANNCCEE PPRROOGGRRAAMMMMEE



For up-to-date information on ITC’s programme and related events, please consult the Trade Finance sub-site at http://www.intracen.org.

Minimum interest rates for officially supported export credits (%) (For latest applicable interest rates, please refer to OECD’s website at

http://www.oecd.org/ech/index_4.htm)

CURRENCY OF COUNTRY 15 MAY – 14 JUN 15 APR – 14 MAYAustralian Dollar 6.75 7.05Canadian Dollar

< 5 years 5.39 5.395 to 8.5 years 6.09 6.1

> 8.5 years 6.4 6.43Czech Koruna 5.75 5.9Danish Krone

< 5 years 5.72 5.945 to 8.5 years 5.99 6.15

> 8.5 years 6.22 6.32Euro

< 5 years 5.46 5.55 to 8.5 years 5.81 5.86

> 8.5 years 6.01 6.06Hungarian florin 8.62 8.59Japanese Yen 1.9 2.1Korean Won 8.15 8.07New Zealand Dollar 7.58 7.78Norwegian Krone 7.9 7.66Swedish Krona

< 5 years 6.3 6.275 to 8.5 years 6.46 6.46

> 8.5 years 6.56 6.55Swiss Franc 4.04 4.23UK Pound Sterling

< 5 years 6.06 6.15 to 8.5 years 6.25 6.27

> 8.5 years 6.29 6.29US Dollar

< 5 years 5.01 5.145 to 8.5 years 5.65 5.74

> 8.5 years 6.02 6.14 These rates are published monthly by OECD, normally around the middle of each month. A premium of 0.2 per cent is to be added to the credit rates when fixing at bid. Interest rates may not be fixed for longer than 120 days. A CIRR (Commercial Interest Reference Rate) is fixed for each currency, including the Euro, that is used by participants in the Consensus (Australia, Austria, Belgium, Canada, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States). CIRRs are subject to change on the 15thof each month.

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The ITC offers several publications on trade finance, which are free in limited numbers for institutions and firms in developing countries and economies in transition. FINANCEMENTS ET GARANTIES DANS LE COMMERCE INTERNATIONAL : GUIDE JURIDIQUE 394 pages, French, Spanish, 2002 (English available later in the year 2003) This publication deals with the juridical aspects of the main financial instruments for international trade, and provides models for the most commonly used clauses in finance and payment contracts. A glossary is also available. RULES OF ORIGIN IN EXPORT CREDIT INSURANCE 56 pages, English, 2000 This publication focuses on the impact of product and service origins on export credit insurance. It provides a brief review of export credit insurance, and explains links between the two fields. There is also a short informative section on the impact of the Euro on both rules of origin and export credit insurance. TRADE IN EURO: A GUIDE FOR ENTERPRISES AND TRADE SUPPORT AGENCIES IN DEVELOPING AND TRANSITION COUNTRIES 95 pages, English, French, 2000 This guide analyses the implications of the introduction of the Euro for small and medium-sized enterprises in developing countries. It describes the economic, commercial and financial environment resulting from the creation of the European Monetary Union (EMU), and its impact on non-European countries. Furthermore, the guide examines the practical consequences of the introduction of the Euro for enterprises outside the Eurozone, and outlines adjustments to be considered by these countries. It describes the main steps leading to full implementation of the Euro and gives a general overview of the EMU. THE GLOSSARY OF TRADE FINANCE TERMS CD-ROM, English, French, Spanish, 2000 A trilingual glossary on Trade Finance terms, covering terms and instruments used in the financing of international trade. This glossary is available on CD-ROM and has been designed as a dynamic tool capable of evolving with changes and different needs. HOW TO EVALUATE TRADE CREDIT REQUESTS: A GUIDE FOR BANKERS AND THE SCORECARD 116 pages, English, French, Spanish, 1999 A guide to the assessment of requests for trade credit from enterprises in developing and transition countries, this publication deals with basic lending facilities and practices involved in commercial transactions, and the practical aspects of assessing applications for trade credit by exporters and importers. It also outlines ways in which trade credit transactions can be structured and monitored before and after disbursement.

IITTCC PPUUBBLLIICCAATTIIOONNSS OONN TTRRAADDEE FFIINNAANNCCEE



EXPORT CREDIT INSURANCE AND GUARANTEE SCHEMES: A PRACTICAL GUIDE FOR DEVELOPING AND TRANSITION ECONOMIES 231 pages, English French, Spanish, 1998 The aim of this publication is to provide guidelines for decision-makers and bankers concerning the setting-up of credit insurance schemes and institutions. It includes an analysis of the needs and constraints of export credit insurance, and outlines the typical organisational structure of an export credit agency, the legal infrastructure and the range of policies offered. Supporting documentation, risk management techniques and claim and recovery procedures are also examined. HOW TO APPROACH BANKS: A GUIDE TO SHORT-TERM TRADE CREDIT 89 pages, English, French and Spanish, 1997 This guide aims at networking national institutions for adaptation and dissemination in their respective countries, in accordance with the guidelines covered in Part Two. It addresses assessing financial needs, payment methods and related credit facilities for trade transactions; and it goes on to review types of financial institutions, providing hints on how to approach them, how to prepare a business plan and how to negotiate short-term credit. Appendices contain samples of relevant forms, trade documents and selected related ITC publications. IMPROVING THE FINANCING OF EXPORTS FROM EASTERN EUROPE 75 pages, English, 1997 Export financing in Central and Eastern Europe and the Baltic States gives a good overview of current trade trends and developments in the region. This publication analyses the role of trade financing services, export financing infrastructure and export financing needs in the countries under review. In addition, it outlines the main factors and procedures for setting up an export credit agency, and presents proposals for addressing and improving trade financing needs and constraints, as well as for strengthening export credit insurance agencies in the region. Annexes include details of EBRD Trade Facilitation Programs and other sources of technical assistance. THE FINANCING OF EXPORTS: A GUIDE FOR DEVELOPING AND TRANSITION ECONOMIES 110 pages, New Edition. French, Spanish, 1997 This guide reviews financial measures to promote exports; deals with the role of commercial banks and export credit agencies; addresses private-sector credit insurance; looks at finance targeted at the informal sector (micro-credits); and explains the Grameen Banking Approach (GBA). Experiments in providing micro-credits for exporters in selected developing countries are described. FINANCIAL MEANS AND SOURCES: A GUIDE TO FINANCING OF EXPORT PROJECTS 90 pages, English, French, Spanish, 1995 This manual focuses on the means and sources of export project financing and their implications for developing countries, as well as ways of determining a project’s optimal capital structure and ensuring liquidity. REHABILITATION FINANCE MANAGEMENT: GUIDELINES FOR BANKERS AND EXPORT-ORIENTED ENTERPRISES ON LEGAL ISSUES 68 pages, English, 1991 A monograph on legal practices and procedures available for the rehabilitation of export-oriented enterprises in developing countries, this guide discusses basic legal issues, various rehabilitation schemes and measures, and methods of liquidation. It gives existing legislation for rehabilitation in India, the Philippines, Singapore and the United Kingdom.



Title English French Spanish

1. Financements et Garanties dans le Commerce International - � -

2. Rules of Origin in Export Credit Insurance � - -

3. Trade in Euro: A Guide for Enterprises and Trade Support Agencies in Developing and Transition Countries

� � -

4. How to Evaluate Trade Credit Requests: A Guide for Bankers and the Scorecard � � �

5. Export Credit Insurance and Guarantee Schemes: A Practical Guide for Developing and Transition Economies

� � � 6. How to Approach Banks: A Guide to Short-term Trade

Credit � � �

7. Improving the Financing of Exports from Eastern Europe � - -

8. The Financing of Exports: A Guide for Developing and Transition Economies - � �

9. Financial Means and Sources: A Guide to Financing of Export Projects � � �

10. Rehabilitation Finance Management: Guidelines for Bankers and Export-Oriented Enterprises on Legal Issues � - -

To order the above publications: Please check the items of interest on the above list and send this, with a request on your business letterhead, to: Postal address: International Trade Centre Palais des Nations CH-1211 Geneva 10, Switzerland ITC publications are free in limited numbers for institutions and firms in developing countries and economies in transition. Most ITC publications exist in English, French and Spanish. The list with prices is also available on the Internet at: http://www.intracen.org

LLIISSTT OOFF IITTCC PPUUBBLLIICCAATTIIOONNSS OONN TTRRAADDEE FFIINNAANNCCEE



HOW TO APPROACH BANKS IN ARMENIA 103 pages, Armenian, English, 2000 This guide, intended to facilitate access to credit for Armenian entrepreneurs and traders, was published in partnership with the Armenian Development Agency. To order kindly contact: Armenian Development Agency Attention: Marine Hovhannesyan

E-mail: [email protected] HOW TO APPROACH BANKS IN BANGLADESH 216 pages, English, 2001 This publication was issued by the Bangladesh Bank in partnership with the ITC. To order kindly contact: Bangladesh Bank Attention: Habidullah Bahar

E-mail: [email protected] HOW TO APPROACH BANKS IN BENIN 185 pages, French This guide was published by the Centre Béninois du Commerce Extérueur in partnership with the ITC. To order kindly contact : Centre Beninoise du Commerce Exterieur

Attention: Christian Segbo E-mail: [email protected]

COMMENT APPROCHER LES BANQUES EN CÔTE D’IVOIRE 124 pages, French, 1999 This publication was issued by the Association pour la Promotion des Exportations de la Cote d’Ivoire as a part of the Programme in partnership with the ITC. To order kindly contact : Association pour la Promotion des Exportations de la Cote d’Ivoire

Attention: Guy M’Bengue E-mail: [email protected]

COMO ACCEDER A LOS BANCOS EN CUBA 230 pages, Spanish, 2003 This publication was issued by Centro Para la Promoción des Exportationes de Cuba (CEPEC) and Central Bank of Cuba in partnership with the ITC. To order kindly contact: MINCEX Attention: Olena Navas Pérez E-mail: [email protected] [email protected]

NNAATTIIOONNAALL AADDAAPPTTAATTIIOONN OOFF IITTCC GGUUIIDDEESS



COMO ACCEDER A LOS BANCOS EN EL SALVADOR 100 pages, Spanish, 2001 This publication was issued in partnership with the Banco Multisectorial de Inversiones. To order kindly contact: Banco Multisectorial de Inversiones (BMI) Attention: Sonia Hernandez E-mail: [email protected] HOW TO APPROACH BANKS IN ERITREA 105 pages, English, 2001 This guide for entrepreneurs in Eritrea was published by the Eritrean National Chamber of Commerce as a part of the “Mediterranean 2000” programme in partnership with the ITC. To order kindly contact: Eritrean National Chamber of Commerce Attention: Adam Tesfamariam or Mr Tekeste Agshedom E-mail: [email protected] HOW TO APPROACH BANKS IN ETHIOPIA 132 pages, English, 2001 This guide for entrepreneurs in Ethiopia was published by the Ethiopian Export Promotion Agency as a part of the “Mediterranean 2000” programme. To order kindly contact: The Ethiopian Export Promotion Agency, Attention: Tilaye Lemma

E-mail: [email protected] or: [email protected] or: [email protected]

HOW TO APPROACH BANKS IN INDIA 88 pages, English, 2002 This guide was published by the Small Industries Development Bank of India (SIDBI) in partnership with the ITC. To order kindly contact: Small Industries Development Bank of India (SIDBI)

Web-Site: http://www.sidbi.com HOW TO APPROACH BANKS IN JORDAN 154 pages, Arabic, English, 2001 The guide for Jordanian entrepreneurs was published in 2001 in two languages by the Jordan Export Development and Commercial Centres Corporation in Jordan as part of the Mediterranean 2000 programme. To order kindly contact: Jordan Export Development Corporation (JEDCO) Attention: Khawla Al-Badri E-mail: [email protected]

or: [email protected]



HOW TO APPROACH BANKS IN LEBANON 95 pages, Arabic, English and French, 2001 This guide for entrepreneurs in Lebanon was published in January 2001 in three languages by the Association of Banks in Lebanon, as part of the Mediterranean 2000 programme. To order kindly contact: Association des Banques du Liban (ABL) Attention: Fadoie Mansour

E-mail: [email protected] HOW TO APPROACH BANKS IN MAURITIUS 111 pages, English, 1999 This guide for Mauritian Entrepreneurs was published in partnership with the Mauritius Chamber of Commerce & Industry as a part of the ProCIP Programme. To order kindly contact: Mauritius Chamber of Commerce & Industry Attention: Jean Claude Montoccchio E-mail: [email protected] HOW TO APPROACH BANKS IN PALESTINE 75 pages, English, 2002 This publication was issued by the Palestine Trade Center (Paltrade) in partnership with the ITC. To order kindly contact: Palestine Trade Center (Paltrade) E-mail: [email protected] Web-site: http://www.paltrade.org HOW TO APPROACH BANKS IN THE PHILIPPINES 118 pages, English, 1999 This publication was issued by the Philippine Exporters Confederation as a part of the ProCIP Programme in partnership with the ITC. To order kindly contact: Philippine Exporters Confederation Attention: Jane T. Ramos

E-mail: [email protected] or: [email protected]

HOW TO APPROACH BANKS IN TANZANIA 57 pages, English, 2001 This publication was issued by the Board of External Trade in Dar es Sallam/Tanzania in partnership with the ITC. To order kindly contact: Board of External Trade (BET)

Attention: Samuel Billy Mvingira E-mail: [email protected]



COMMENT APPROCHER LES BANQUES EN TUNISIE 70 pages, French, 2002 This publication was prepared within the frameworks of the Mediterranean 2000 Programme, in partnership with the Association Professionnelle Tunisienne des Banques et des Etablissements Financiers (APBT). To order kindly contact: Association Professionnelle Tunisienne des Banques et des

Etablissements Financiers (APBT) Attention: A. Ben Ghezala

E-mail: [email protected] HOW TO APPROACH BANKS IN UGANDA 66 pages, English, 2000 This publication was prepared within the frameworks of the Joint ITC/UNCTAD/WTO integrated Programme (JITAP) and the Mediterranean 2000 Programme, in partnership with the Uganda Export Promotion Board (UEPB). To order kindly contact: Uganda Export Promotion Board (UEPB)

Attention: O.K. Matovu E-mail: [email protected]

COMMENT APPROCHER LES BANQUES EN VIÊTNAM 99 pages, French and Vietnamese, 1998 This publication was issued in partnership with the Vietnam Institute for Trade and the Centre Franco – Vietnamien de formation à la Gestion (CFVG) as a part of the ProCIP Programme. To order kindly contact: Vietnam Institute for Trade Attention: Nguyen Bao

E-mail: [email protected] or: Centre Franco – Vietnamien de formation à la Gestion (CFVG) Attention: L. Schwab

E-mail: [email protected] or: [email protected]

HOW TO APPROACH BANKS IN ZAMBIA 169 pages, English, 1988 This guide was published in partnership with the Export Board of Zambia as a part of the ProCIP Programme. To order kindly contact: Export Board of Zambia Attention: J. Mwenya E-mail: [email protected] In addition the following countries will become available in the course of the year 2003: HOW TO APPROACH BANKS IN ANGOLA Portuguese Camara de Comercio e Industria de Angola E-mail: [email protected]



COMMENT APPROCHER LES BANQUES EN BURKINA FASO Office National du Commerce Extérieur (ONAC) E-mail: [email protected] Sékou Ba E-mail: sé[email protected] Boundi Dijbril E-mail: [email protected] HOW TO APPROACH BANKS IN GHANA Ghana Export Promotion Council (GEPC) Emmanuel Addison Emmanuel Quao E-mail: [email protected] COMMENT APPROCHER LES BANQUES EN GUINÉE Centre International d’Echange et de Promotion des exportations (CIEPEX) E-mail: [email protected] Dioumessy Moussa HOW TO APPROACH BANKS IN KENYA Export Promotion Council (EPC) Peter W. Muthoka E-mail: [email protected] HOW TO APPROACH BANKS IN PAKISTAN Small and Medium Enterprise Development Authority (SMEDA) Hassanien Javed Janjua E-mail: [email protected]



ALBANIA Agjensia Shqiptare E Garancise (ASHG)

Rruga “Ismail Qemali”, P 34, Ap. 2, Tirana E-mail: [email protected], Tel: +355 42 470 48, Fax: +355 42 470 47

ALGERIA Compagnie Algérienne d’Assurance et de Garantie des Exportations

(CAGEX) 151, route nationale – BP 116, Dely-Brahim, Algiers Tel: +213 21 91 00 48/51, Fax: +213 21 91 0044/5

ARGENTINA Asecuradora de Créditos y Garantías SA (ACG)

415, avda Corrientes, 4° CI 043 AAE, 1043 Buenos Aires E-mail: [email protected], URL: http://www.acg.com.ar Tel: +54 11 4320 7232, Fax: +54 11 4320 7277/7224 Asecuradores de Cauciones SA (Compañía de Seguros) Paraguay 580 – Piso 5, 1057 Buenos Aires Tel: +54 11 318 3700/3713 Compañia Argentina de Seguros de Crédito a la Exportación SA (CASCE) Av. Corrientes 345, 7th Floor, 1043 Buenos Aires E-mail: [email protected], URL: http://www.casc.com.ar Tel: +5411 4313-2986/-2683/-4303/-4362/-5071/-3048, Fax: +5411 4313-2919

AUSTRALIA Export Finance and Insurance Corporation (EFIC)

Level 5, Export House 22 Pitt Street, Sydney, NSW 2000 E-mail: [email protected], URL: http://www.efic.gov.au Tel: +61 2 9201 2111, Fax: +61 2 9251 3851 Gerling Australia Insurance Company Ltd. 44 Pitt Street – P.O. Box R300, Sydney NSW 2000 URL: http://www.gerling.com/credit/ Tel: +61 2 9251 8055, Fax: +61 2 9251 8083

QBE/TI In order to find the relevant office, please refer to the web-site: http://www.qbe.com.au/�heriff��/contacts/index.html HIH Insurance 50 Bridge Street, Sydney NSW 2000 Tel: +61 2 9650 2000, Fax: +61 2 9650 2030

AUSTRIA COFACE Vienna

Stubenring 24, 1010 Wien Tel: + 43 151554212, Fax: + 43 151554221

Oesterreichische Kontrollbank AG (OKB) Strauchgasse 1-3, A-1011 Wien E-mail: [email protected], URL: http://www.oekb.co.at Tel: +43 222531270, Fax: +43 22253127693

PRISMA Kreditversicherungs AG Heiligenstädter Straße 201, A-1190 Wien E-mail: [email protected] Tel: +43 1 379 00 222, Fax: +43 1 379 00 208

MMAAIINN EEXXPPOORRTT CCRREEDDIITT AAGGEENNCCIIEESS



Gerling Konzern Speziale Kreditversicherungs AG Hietzinger Hauptstraße 41, A-1130 Wien E-mail: [email protected] Tel: +43 18 78 83-8 52, Fax: +43 18 78 83-65

BANGLADESH Central Bank of Bangladesh

Motijheel Commercial Area, PO Box 325, Dhaka Tel: +88 0239360/250402, Fax: +88 02833394

Sadhara Bima Corporation Export Credit Guarantee Department (ECGD) 33 Dilkusha C/A, PO Box 607, Dhaka 1000 Tel: +88 0232070, Fax: +88 02863703

BARBADOS The Central Bank of Barbados Export Credit Insurance and Guarantee

Scheme PO Box 1016, Barbados E-mail: [email protected], URL: www.bajan.com/cenbnet/welcome.html Tel: +18 094366870, Fax: +18 094373334

BELGIUM COBAC

Rue Montoyer 15, B-1000 Brussels Tel: +32 22893111, Fax: +32 22893299 Ducroire/Delcredere International Partnerships Division Square de Meeus 40, B-1000 Bruxelles E-mail: [email protected] or [email protected] or [email protected] URL: http://www.ondd.be/ducroire Tel: +32 2 509 4383/4211, Fax: +32 2 513 5059

Gerling NAMUR Belgium Avenue Prince de Liège 74-78, B-5100 Namur URL: http://www.namur.be/brain/e4773.html Tel: +32 81324211, Fax: +32 81324301

Office National du Ducroire (OND) Square de Meeus 40, B-1040 Brussels URL: http://www.ducroire.be Tel: +32 25094211, Fax: +32 25135059

Institut de Réescompte et de Garantie (IRG) Rue du Commerce 78, B-1040 Brussels Tel: +32 25117330, Fax: +32 25143450

Les Assurances du Crédit (Namur) 32-34, avenue Prince de Liège, B-5100 Jambes BOLIVIA Creditinform International SA de Seguros (CIS) Edif. Credinform, Calle Potosi - Esq. Ayacucho 1220, Casilla 1724, La Plaz

Tel: +591 2 31 5566, Fax: +591 2 39 1225 BOSNIA & Investment Guarantee Agency (IGA) HEREZEGOVINA Fra Andjela Zvizdovica 1, 71000 Sarajevo

BRAZIL COFACE DO BRAZIL

Av. Paulista, 2006, CEP 01310-200, Sao Paulo SP Tel: + 5112530778, Fax: + 5112531896



Banco Nacional de Desenvolvimiento Economico e Social (BNDES) Ave. Republica do Chile 100/17°, 20139-900 Rio de Janeiro E-mail: [email protected], URL: http://www.bndes.gov.br/ Tel: +55 212777290, Fax: +55 212202615 Export Financing Program (PROEX) c/o Banco do Brasil – SBS Ed Seds 1, 14 Andar 7007-100 Brasilia Tel: +55 612252701, Fax: +55 612250563 Instituto de Resseguros do Brasil (IRB) Avenida Marechal Camara 171, 8 Andar, 20023-900 Rio de Janeiro Tel: +55 21 2720200, Fax: +55 21 2406261

Seguradora Brasileira de Fiancas, SA Avenida Paulista 1294 – 19° Andar, 01310 – 100 São Paulo Tel: +55 11 269 0300

BULGARIA Bulgarian Export Insurance Agency (BAEZ)

1, Sveta Nedelia Sq., Sofia 1000, Bulgaria E-mail: [email protected], URL: http://www.baez-bg.com Tel: +359 2 987 06 65, Fax: +359 2 987 96 64

CAMEROON Fonds d’Aide et de Garantie des Crédits aux PME (FOGAPE) PO Box 1591, Yaounde Tel: +23 7231690, Fax: +23 7233859

CANADA Export Development Corporation (EDC)

151 O’connor Street, Ottawa K1A 1K3 E-mail: [email protected], URL: http://www.edc.ca Tel: +1 613 598.2500, Fax: +1 613 237.2690

Gerling Canada Global House, 480 University Avenue, Toronto, Ontario, Canada, M5G 1V6 E-mail: [email protected] Tel: (416) 598-4651, Fax: (416) 598-5478

CHILE Cia de Seguros de Crédito Continental

Calle Huérfanos No. 8-35 – Piso 15, Santiago Tel: +56 26383233, Fax: +56 26397606

CHINA Gerling Credit Information Consulting (Shanghai) Co. Ltd.

17 Floor - Jin Mao Tower, 88 Shi Ji Avenue, Pu Dong New Area Shanghai 200121 E-mail: [email protected], URL: http://www.gerling.com/credit Tel: +86 21 5047 1700, Fax: +86 21 5047 1702 The Export-Import Bank of the Republic of China 75 Chongnei Street, Beijing 100005 Tel: +86 105132288, Fax: +86 105236641 People Insurance Company of China 2/F, Wing Building, Huicheng Commercial Center, 10 Xiamen, China 361004 Tel: 86-592-5053052, Fax: 86-592-5053062

COLOMBIA Banco Colombiano de Exportaciones (BANCOLDEX)

Calle 28, No 134-15 – Edificio, Centro de Las Americanas, Bogotá D.C. Tel: +57 12825151, Fax: +57 12845071



Fondo Nacional de Garantias (FNG) Apartado Aereo, No 41052, Bogotá D.C. Tel: +57 12867202, Fax: +57 1283381636 Segurexpo de Colombia Aseguradora del Comercio Exterior Calle 72, No 6-44 – Piso 12, PO Box 75140, Santafé de Bogotá D.C. Email: [email protected] URL: http://www.colombiaexport.com/segurexp.htm Tel: +57 12170900, Fax: +57 12110218

COSTA RICA Fundacion Para el Desarrollo Sostenible de la PME (FUNDES)

Apartado 743-2050, San Jose Tel: +50 62346359, Fax: +50 62346837

COTE D’IVOIRE La Protection Ivoirienne

Bd. Clozel – Immeuble Menanou, Abidjan 01, 01 BP 4532 Tel: +22 5226772, Fax: +22 5224346

CYPRUS Export Credit Insurance Services

Ministry of Commerce Industry & Tourism, CY-1421 Nicosia Tel: +35 72 303 441/456, Fax: +35 72366120

Hermes Insurance Co. PO BOX 24828, Nicosia Tel: +357 2 448130, Fax: +357 2 461888

CZECH Czech Export Bank (CEB) REPUBLIC Spalena 29, 111 96 Prague 1

URL: http://www.ceb.cz Fax: +42 0224228593 The Export Guarantee and Insurance Corporation (EGAP) Vodickova 34, PO Box 6, 111 21 Prague 1 E-mail: [email protected], URL: http://www.egap.cz Tel: +42 0222842010, Fax: +42 0222844100

Gerling Speziale Vseobecna pojistovaci Akciora spolecnost Tel: +42-02-24 31 63 18, Fax: +42-02-24 31 43 89

DENMARK NCM EKR Kreditforsikring GL. Kongevej 11-13, DK- DK-1610 Copenhagen V Tel: +45 31313825, Fax: +45 31312425

Danish Export Finance Corporation La Cours Vej 7 DK-2000 Frederiksberg Tel: +45 38166800, Fax: +45 38166801 Gerling Nordic Kreditforsikring AG Frederiksberg C, Copenhagen Tel: +45 33 86 25 10, Fax: +45 33 86 25 05

Eksport Kredit Fonden (EKF) PO. Box 80, Tagensvej 137, 2000 Copenhagen URL: http://www.ekf.cz Tel: +45 35 46 61 00, Fax: +45 35 46 61 11



ECUADOR Corporación Financiera Nacional Fondo de Promotion de Exportaciones (FOPEX) Calle Robles No 731 y Avenida Amazones, Quito Tel: +59 32564900, Fax: +59 322562519

EGYPT Credit Guarantee Corporation of Egypt

8 Adbel Khalek Sarwat St. 11th floor, El Cairo Export Credit Guarantee Company of Egypt URL: http://www.ecgegypt.com Export Development Bank of Egypt (EDBE) Talaat Harb Street, Evergreen Commercial, PO Box 2096, Cairo Tel: +20 257-82584/-77003, Fax: +20 3774553

FINLAND Finnish Guarantee Board (FGB)

Etaläranta 6, PO Box 1010, FIN-SF-00101 Helsinki Tel: +35 80134111, Fax: +35 80651181

Leonia Corporate Bank PLC Office Eteläesplanadi 8, PO Box 123, FIN-00131 Helsinki Tel: +35 89131171, Fax: +35 89174819

Finnvera Oyj FIDE Ltd. Vuorimiehekatu 1, PO Box 1010, FIN-00140 Helsinki URL: http://www.finnvera.fi Tel: +358 105 2171, Fax: +358 105 217 220

FRANCE Banque Française pour le Commerce Extérieur (BFCE)

21 Boulevard Haussman, F-75009 Paris Tel: +33 142474747, Fax: +33 142474151

Compagnie Française d’Assurance Pour le Commerce Extérieur (COFACE) 151 Cours Michelet,F-92065 Paris La Défense Cedex E-mail: [email protected], Web site: www.coface.com Tel: +33 1 49 02 20 00, Fax: +33 1 49 02 27 41 Gerling NAMUR Direction pour la Portugal 111 rue Longchamp, F-75016 Paris E-mail : [email protected] Tel: +33 1 44 05 56 00, Fax: +33 1 44 05 56 66

Unistrat Assurances 161-163 rue de Courcelles, F-75017 Paris Tel: +33 144299300, Fax: +33 147667107

Euler Group 1, rue Euler, F-75008 Paris Tel: +33 1 40 70 50 50, Fax: +33 1 40 70 50 17

GERMANY Ausfuhrkredit-Gesellschaft (AKA)

Grosse Gallusstrasse 1-7, D-60311 Frankfurt am Main Tel: +49 69 298 00/91, Fax: +49 69 292928 Gerling Konzern Speziale Kreditversicherung AG Hohenzollernring 62, D-50672 Köln Tel: +49 221 14 43 705, Fax: +49 221 14 43 718



Hermes Kreditversicherungs AG Friedensallee 254 or Postfach 2 27 46 22763 Hamburg E-mail: [email protected], URL: http://www.hermes-kredit.com Tel: +49 40.8834.1055, Fax: +49 40.8834.1059 Kreditanstalt für Wiederaufbau (KfW) Palmengartenstrasse 5-9, D-60325 Frankfurt am Main Tel: +49 69 7430/1, Fax: +49 69 74312944

GREECE Export Credit Insurance Organization (ECIO)

57 Panepistimiou Street, GR- 10564 Athens URL: http://www.oaep.gr Tel: +30 13310-020/-997, Fax: +30 13244074

Gerling Speziale Greek Branch, Athens Tel: +30 1 72 59 364, Fax: +30 1 72 59 365

HONG KONG Hong Kong Export Credit Insurance Corporation (Special Administrative South Seas Centre, 2/f., Tower 1 – 75 Mody Road, T.S.T East Region of China) Kowloon, Hong Kong E-mail: [email protected], URL: www.hkecic.com

Tel: +85 227233883, Fax: +85 227226277

Gerling Speziale Asia Gerling Gen Asia, Central Plaza, Wan Chai Tel: +852 5988 338

Hermes Credit Underwriters HK Ltd 9/F One international Finance CentreOne Harbour View Street, Central, Hong Kong E-mail: [email protected], URL: http://www.hermes-kredit.com Tel: +852 2867 0061, Fax: +852 2869 8655

HUNGARY EXIMBANK

Nagymezo utca 44 H- H-1065 BUDAPEST E-mail: [email protected], URL: http://www.datanet.hu/mehib Tel: +36 126905-93/80, Fax: +36 1269-4476/-5735

Magyar Exporthitel Buztositó Rt. (MEHIB) Nagymezo u. 46-48, H-1065 Budapest E-mail: [email protected], URL: http://www.mehib.hu Tel: +36 12690593, Fax: +36 12695749 Gerling Speziale Budapest Tel: +36 1 31 92 758, Fax: +36 1 31 92 808

HERMES Hitelbiztosító Magyarország Rt. Nagybátonyi u. 8, Post Box 469, H–1037 Budapest Tel: +36 1 453 90 00, Fax: +36 1 453 90 09

Hungarian Export Credit Insurance Ltd. (MEHIB Ltd.) Nagymezö u. 46-48, H-1065 Budapest E-mail: [email protected], [email protected] URL: http://www.datanet.hu/mehib/index-eng.html Tel: +36 1-269 05 91/-374 92 00/-374 92 13, Fax: +36 1 269-5172/-1198



INDIA Export Credit Guarantee Corporation of India Dalamal House – Jamnalal Bajaj Marg, Nairman Point, PO Box 11776 Bombay 400 021 Tel: +91 222835994, Fax: +91 222835994 I-EXIMBANK World Trade Centre, Cuffe Parade, Centre One Floor 21, Bombay 400 005 E-mail: [email protected] URL: http://www.indiaworld.co.in/home/exim/ Tel: +91 222185272, Fax: +91 222182572

INDONESIA Asuransi Exspor Indonesia (ASEI)

Sarinah Building, 13th Floor – JI MH Thamrin, No 11, 3812 JKT, Jakarta 10350 E-mail: [email protected], URL: http://www.asei.co.id Tel: +62 213903535, Fax: +62 2132-7886/-3662

P.T. Bank Ekspor Impor Indonesia Jl. Jend., Gatot Subroto 36 & 38, Jakarta 12190 URL: http://www.bexi.co.id, Fax: +62 215265008

IRELAND The Insurance Corporation of Ireland (ICI) Burlington Road, DUBLIN 4 Tel: +35 317023000, Fax: +35 316609220

Gerling NAMUR 36 Lower Baggot Street, Dublin 2 Tel: +353 1 61 45 156, Fax: +353 1 61 47 240

ISRAEL Israel Foreign Trade Risks Insurance Corporation (IFTRIC)

65 Petah Tikva Road, PO Box 10215, Tel Aviv 61201 Tel: +97 235631777, Fax: +97 235610313

ITALY La VISCONTEA, Milan (COFACE)

Via Bensi 12.5, I-20152 Milan E-mail: [email protected], URL: http://www.viscontea.it Tel: +39 02483351, Fax: +39 0248335404

Mediocredito Centrale Via Piemonte 51, Roma Tel: +39 0647911, Fax: +39 064791574

Società Italiana assicurazione Crediti S.p.A. (SIAC) 19, via Raffaello Matarazzo, I-00139 Roma URL: http://www.eulergroup.com/siac/home.cfm, or: http://www.grupposiac.it Tel: +39 6 8729 2957, Fax: +39 6 8729 2555 Sezione Speciale per l’Assicurazione del Credito all’Esportazione (SACE) 37 Piazza Poli, I-00187 Roma URL: http://www.ntt.it/sace Tel: +39 06 6736-255/-228, Fax: +39 06 678 9835

Euler / SIAC Via Raffaello Matarazzo 19, I-00139 Roma URL: http://www.grupposia.it Tel: +39 06 872921, Fax: +39 06 87130413

Gerling Speziale Rappresentanza Generale par l’Italia, Milan Tel: +39 02 63 24 15 01, Fax: +39 02 63 24 16 01



JAMAICA National Export Import Bank of Jamaica (JAMAICA EXIMBANK) PO Box 3, Kingston Tel: +18 099229699, Fax: +18 099229184

JAPAN COFACE Tokyo

Kioi-cho Bldg, 3F, 3-12, Kioi-cho Chiyoda-Ku, 102.0094 Tokyo Tel: + 81335566252, Fax: + 81335566253

Export, Import and Investment Insurance Division- Ministry of International Trade and Industry (EID-MITI) 1-3-1, Kasumigaseki, Chiyoda-ku, Tokyo 100-8901 URL: http://www.miti.go.jp Tel: +81 3 3501-1665/-8901, Fax: +81 3 3508 2624

Export-Import Bank of Japan (JEXIM) 4-1 Ohtemachi 1-Chome, Chiyoda-Ku, Tokyo 100-8144 Tel: +81 332879101, Fax: +81 332879539

Gerling Allgemiene Versicherungs – AG Tokyo Tel: +81 3 52 14 13 61, Fax: +81 3 52 14 13 65

Japan Bank for International Co-operation (JBIC)

1-4-1, Ohtemachi, Chiyoda-ku, Tokyo 100-8144 URL: www.jbic.go.jp Tel: +81 352 18 3100, Fax: +81 352 18 3956

JORDAN Export and Finance Bank (EFB)

PO Box 941283, Amman 11194 Tel: +96 2694250, Fax: +96 2692062

Jordan Loan Guarantee Corp. Ltd (JLGC) PO Box 830703, Amman 11183 E-mail: [email protected], URL: http://www.jlgc.com Tel: +96 2 4617393, Fax: +96 2 4613032

LEBANON Compagnie Libanaise pour la Protection du Credit (CLPC)

E-mail: [email protected] Tel: +961 1 216 923, Fax: +961 1 202 391

Lebanese Credit Insurer SAL (LCI) Sodeco Square, Bloc B, 15th Floor, Damascus Road, Beyrouth E-mail: [email protected] Tel: +961 1 615 616, Fax: +961 1 611 044

LESOTHO Central Bank of Lesotho Corner of Airport & Moshoeshoe Roads, PO Box 1184, Maseru 100 Tel: +26 6324281, Fax: +26 6310051

LIBERIA National Bank of Liberia

Broad Street, Monrovia Tel: +23 1222497, Fax: +23 1222580

LUXEMBOURG Gerling NAMUR Assurance du Crédit SA

Luxembourg Tel: +352 44 18 79 30, Fax:+352 45 07 20



MALAYSIA Malaysian Export Credit Insurance Berhad (MECIB) Level 12, Bangunan Bank Industri – Jalan Sultan Ismail, 50734 Kuala Lumpur E-mail: [email protected], URL: http://www.mecib.com.my Tel: +60 32910677, Fax: +60 32910353

MALTA Malta Export Credit Guarantee Company (MECI)

Trade Centre, PO Box 8, San Gwann Sgn 09 URL: http://www.metco.com.mt Tel: +35 64461-86/-87, Fax: +35 6496687

MEXICO Banco National de Comercio Exterior (Bancomext)

Periférico Sur 4333, 14210 Col. Jardines en la Montana, Mexico City URL: http://www.bancomext.gob.mx

Fianzas Atlas, SA Córdoba 42, Piso 10, Col. Roma, 06700 México, D.F. E-mail: [email protected], URL: http://www.fianzasatlas.com.mx Tel: +52 5 511 4992, Fax: +52 5 511 5281 Gerling COMESEC, SA Avenida Miguel Angel de Quevedo 696, Apdo Postal 21-593 04000 Mexico, D.F. E-mail: [email protected], [email protected], [email protected] URL: http://www.gerling.com Tel: +52 15 484 00-31/-00, Fax: +52 15-6581173/-5543046

MOROCCO Société Marocaine d’Assurance à l’Exportation (SMAEX) 24 Rue Ali Abderrazak, Casablanca, Maarif Tel: +21 22 982 000

NETHERLANDS Gerling NAMUR Kredietverzekeringen Amsterdam Tel: +31 20 53 04 370, Fax: +31 20 53 04 379

Nederlandsche Credietverzekering Maatschappij (NCM) Keizershracht 281, Amsterdam URL: http://www.ncmgroup.com Tel: +31 20 553911, Fax: +31 20 5532811

NEW ZEALAND Export Credit Office

Eksport Kredit Fonden, Ministry of Trade and Industry, Dahlerups Pakhus Langelinie Allé 17, DK-2100 Copenhagen, Denmark Tel: +45 35 46 61 63, Fax: +45 35 46 61 65

NIGERIA Nigerian Export-Import Bank (NEXIM)

Allied Bank Building – 155/161 Broad Street, PO Box 80004, Lagos Tel: +23 412641050, Fax: +23 412667481

NORWAY Eksportfinans

Dronning Mauds Gate 15, PO Box 1601, N- 0119 Oslo Tel: +47 22012201, Fax: +47 22012202

Garanti Instituttet for Exsportkreditt (GIEK) Dronning Maudsgate 15, 0250 Oslo URL: http://www.giek.no Tel: +47 22 876200, Fax: +47 22 832445



GerlingNordic Kredittforsikring AS, Oslo Tel: +47 22 91 10 72, Fax: +47 22 91 10 81

NCM Kreditforsäkring Lysaker Torg 10, N- 1324 Lysaker

PAKISTAN Pakistan Insurance Corporation Ltd. Al-Falah Court, 3rd and 5th Floor – I.I. Chundrigar rd 5436, Karachi 2 Tel: +92 212636111, Fax: +92 212638740

State Bank of Pakistan Chundrigar Road, PO Box 4456, Karachi Tel: +92 2151324141, Fax: +92 215671582

PERU Corporación Financiera de Desarrollo (COFIDE)

Augusto Tamayo 160, PO Box 140501, Lima L27 Tel: +51 14422550, Fax: +51 14423374

Compañia Peruana de Seguro de Crédito a la Exportacion (SECREX) Av. Angamos –Oeste 1 234 Miraflores, Lima L18 E-mail: [email protected] Tel: +51 14424033

PHILIPPINES Bangko Sentral NG Pilipinas (BSP) Mabini corner, Vito Cruz Street Malate, Metro Manila 1004 Tel: +63 2507093/ 51, Fax: +63 25223987

Philippine Export and Foreign Loan Guarantee Corporation (PHILGUARANTEE) 5th Floor, Executive Building Centre, Sen. Gil J. Puyat Avenue cor. Makati Avenue, Makati City, Philippines, 1200 Tel: 896 0707 (DL), Fax: 896 4515

POLAND Korporacja Ubezieczén Kredytón (KUKE)

ul Widok 5, PL- 00-023, Warsaw E-mail: [email protected], URL: http://www.kuke.com.pl Tel: +48 22273583, Fax: +48 22273587 Gerling Polska Towarzystwo Ubezpieczen’ na Zycie (life), Warsaw Tel: +48 22 67 28 293, Fax: +48 22 67 28 468

PORTUGAL Companhia de Seguro de Créditos (COSEC)

Avenida da Republica 58, P- 1069 Lisboa URL: http://www.cosec.pt Tel: +35 1179-60131/-52143, Fax: +35 117934614

REP. OF KOREA Export-Import Bank of Korea (KEXIMBANK)

16-1 Yoido-Dong, Youngdungpo-Gu, Seoul 150 URL: www.koreaexim.go.kr Tel: +82 23996792, Fax: +82 239 96-759/-577 Korea Export Insurance Corporation (KEIC) 16-18th Floor, Young Poong Bldg–33 Seorin-Dong, Chongro-Ku, Seoul 110-110 E-mail: [email protected], URL: http://www.keic.or.kr Tel: +82 23996157, Fax: +82 23996155



ROMANIA EXIMBANK of Romania 6 Stavropoleous Strada, R-70075 Bucharest 3 Tel: +40 13110493, Fax: +40 13121350

RUSSIAN FED. Export-Import Bank of Russia

57 Arbat Street, Moscow 121200 E-mail: [email protected] Tel: +70 952443313, Fax: +70 952443110 Ingosstrakh Insurance Co., Ltd Pyatnitskaya 12, Moscow 113805 Tel: +7952303742, Fax: +7952302518

SAUDI ARABIA Islamic Corp. for the Insurance of Investment & export Credit (ICIEC)

P.O. Box 15722, Jeddah 21454 E-mail: [email protected] or [email protected], [email protected] URL: http://www.iciec.org Tel: +966 2 64-45666/-67587, Fax: +966 2 64 43447

SENEGAL Société Nationale d’Assurances du Credit (SONAC)

56 Avenue Faidherbe – Résidence Faibherbe, PO Box 3939, Dakar Tel: +22 1224234, Fax: +22 1213611

SINGAPORE Export Credit Insurance Corporation of Singapore (ECICS)

10-00 Int. Factors Building – 141 Market Street, Singapore 048944 URL: http://www.ecics.com.sg Tel: +65 2728866, Fax: +65 2240939

SLOVAKIA EXIMBANKA SR

Grsslingova 1, 813 50 Bratislava Tel: +42 1759398212, Fax: +42 1759398157

SLOVENIA Export Insurance and Finance Corporation of Slovenia

Josipine Turnograjske 6, 1000 Ljubljana URL: http://www.sid.si Tel: +38 6611762019, Fax: +38 6611253015

SOUTH AFRICA Credit Guarantee Insurance Corporation of Africa (CGIC)

Gauteng, PO Box 125 RANDBURG 2194 31 Dover Street URL: http://www.creditguarantee.co.za Tel: +27 118897000, Fax: +27 118897473

SPAIN MAPFRE Caución y Crédito S.A.

Av. General Perón N°40 – C, 28020 Madrid Tel: +34 91 581 1303/-1300, Fax: +34 91 581-1336/-2981

Compañia Española de Seguros de Crédito a la Exportación, SA (CESCE) C/Velázquez 74, 28001 Madrid URL: http://www.cesce.es Tel: +34 1 557 60 66/77, Fax: +34 1 576 51 40

Gerling Speziale Delegación para España c/o GERINSA, Madrid Tel: +34 91 59 02 700, Fax: +34 91 59 02 739



Compañia Española de Seguros y Reaseguros de Crédito y Caución SA (CESCC) Paseo de la Castellana 4, E-28046 Madrid URL: http://www.creditoycaucion.es Tel: +34 1 432 6300, Fax: +34 1 432 6511

SRI LANKA Sri Lanka Export Credit Insurance Corporation (SLECIC)

Level 4, Export Guarantee House – 4 2 Navam Mawatha COLOMBO 2 Email: [email protected] Tel: +94 174719410, Fax: +94 174719400

SWAZILAND Central Bank of Swaziland Export Credit Guarantee Scheme (ECGS)

PO Box 546, Mbabane Tel: +26 843225/ 43223, Fax: +26 845417

SWEDEN Export Kreditnämnden (EKN)

Kungsgatan 36 Stockholm URL: http://www.ekn.se Tel: +46 8 701 00 00, Fax: +46 8 411 81 49

Svensk Exportkredit (SEK) Västra Trädgardsgatan 11 B, PO Box 16368, S-103 27, Stockholm Tel: +46 86138300, Fax: +46 8203894

NCM Kreditforsäkring AB Regeringsgatan 38, PO Box 7755, S-10396, Stockholm

Gerling Nordic Kredittförsäkring AB, Stockholm Tel: +46 84 40 82 50, Fax: +46 84 42 57 90

SWITZERLAND COFACE Switzerland

Bahnhofstrasse 65, 8001 Zurich Tel: + 41213400461, Fax: + 41213400462

Export Risk Guarantee Agency (ERG) Kirchenweg 8 , CH-8032 Zürich URL: http://www.swiss-erg.com Tel: +41 1 384 47 77, Fax: +41 1 384 47 87

Gerling Speziale Federal Insurance Co. Ltd Zurich Tel: +41 1 26 54 780, Fax: +41 1 26 54 920

Geschäftsstelle für die Export – risikogarantie (ERG Agency)

Kirchenweg 8, CH-8032 Zürich E-mail: [email protected], URL: http://www.swiss-erg.com Tel: +41 1 384 4780, Fax: +41 1 384 4787

TAIWAN Export – Import Bank of the Republic of China (T-EXIMBANK) (PROVINCE 8th floor, 3 Nanhai road OF CHINA) Taipe2, Taiwan 100

E-mail: [email protected], URL: http://www.heriff.com.tw Tel: +88 6232 10511, Fax: +88 6234 12659



THAILAND Export-Import Bank of Thailand 16th Floor, Boon Pong Tower – 1193 Phaholyothin Road, Phayathai Bangkok 10400 Tel: +66 22713700, Fax: +66 22713204

TRINIDAD EXIMBANK of Trinidad and Tobago Ltd. AND TOBAGO URL: www.eximbank.co.tt

TUNISIA Compagnie Tunisienne pour l’Assurance du Commerce Exterieur

(COTUNACE) Rue 8006 – Cité Montplaisir, 1002 Tunis Tel: +21 61783000, Fax: +21 61782539

Compagnie d’Assurances Tous Risques et de Réassurance (ASTREE) 45 ave Kheireddine Pacha BP 780 1002 TUNIS

TURKEY Turk EXIMBANK Milli Müdafa Cad. 20 – Bakanliklar, Ankara 06100 Tel: +90 3124171300, Fax: +90 3124257896

UNITED KINGDOM COFACE LBF OF GREAT BRITAIN 15, Appold Street, EC2A – 2DL London & NORTHERN Tel: + 441713257500, Fax: + 441713257699 IRELAND

Export Credit Guarantee Department (ECGD) 2 Exchange Tower Harbour Exchange Square, London E14 9GS E-mail: [email protected] URL: http://www.ecgd.gov.uk Tel: +44 171.512.7000, Fax: +44 171.512.7649

Gerling NAMUR UK Ltd London Tel: +44 207 69 68 099, Fax: +44 207 69 68 119 NMC Credit Insurance 3 Harbour Drive – Capital Waterside Wales, GB–Cardiff CF1 6TZ E-mail: [email protected] Tel: +44 1222824000, Fax: +44 1222824002

Euler Trade Indemnity Group Lloyd’s 1 Canada Square, GB-London E14 5DX URL: http://www.tradeindemnity.com Tel: +44 1715129333, Fax: +44 1715129186

URUGUAY Banco de Seguros

Avenida Liberatador Brig. General, Montevideo Tel: +59 82917117, Fax: +59 82902428

VENEZUELA Fondo de Financiamento a las Exportaciones (FINEXPO)

Banco Central de Venezuela, Esqu. Carmelitas, Piso 20, Caracas Tel: +58 28015148, Fax: +58 25614768

Instituto de Comercio Exterior (ICE) Ave. Libertador, Sec. La Florida – Centro Comercial Los Cedros, Caracas 1050 Tel: +58 27 62-2777/-3810, Fax: +58 27312343



La Mundial Venezolana de Seguros de Crédito Av. R. Gallegos 23, Ed. RNV – Urbanizacion Montecristo, Caracas 1071 Tel: +58 22395808

ZIMBABWE Credit Insurance Zimbabwe (CREDSURE) Credsure House, 69 Second Street, CY 1584, Harare E-mail: [email protected] Tel: +26 34706101, Fax: +26 34706105

Reserve Bank of Zimbabwe 76 Samora Machel Avenue, Harare Tel: +26 34790731, Fax: +26 34726672

MULTILATERAL African Export-Import Bank (AFREXIMBANK) EXPORT CREDIT World Trade Center, PO Box 404, 11221 Cairo, 1191 Corniche El Nil St INSTITUTIONS URL: http://www.afreximbank.com

Tel: +20 2580-1812/-1860, Fax: +20 25780276/ 7/ 8 Arab Trade Financing Program (ATFP) Trade Development & Promotion, Corniche Road, PO Box 26799, Abu Dhabi United Arab Emirates E-mail: [email protected], [email protected], URL: http://www.atfp.org.ae Tel: +971 2 631-6999/-5442, Fax: +971 2 631-6299/-6793 Inter Arab Investment Guarantee Corporación P.O.Box: 23568, Safat 13096 State of Kuwait, Tlx: 46312, 22562 Kafeel KT. E-mail: [email protected], URL: http://www.iaigc.org Tel: 48 44 500, Fax: 48 41 240; 48 15741/ 2

Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) C/o Islamic Development Bank, PO Box 5925, Jeddah 21432, Saudi Arabia Tel: 6361400, Fax: 6371064

Corporación Andina de Fomento (CAF) Altamira Avenue, Luis Roche, Torre Central, Venezuela Tel: 58 22842153, Fax: +58 22842880

Banco Latino Americano de Exportaciones SA (BLADEX) Calle 50 y Aquilino de la Guardia – El Dorado, PO Box 6-1497, Panama City Tel: +50 72636766, Fax: +50 72696333

Multilateral Investment Guarantee Agency (MIGA) 818 H Street, NW, Washington DC 20433, USA URL: http://www.miga.org Tel: +001 2024736167, Fax: +001 2025222630

REGIONAL Berne Union (The International Union Credit and Investment Insurers) ASSOCIATIONS OF 1-2 Castle Lane, London SW1E 6DR CREDIT INSURERS Tel: +44 171 233 8228, Fax: +44 171 233 8208

ALASECE (Associación Latino-Americana de organismos de Seguros de Crédito a la Exportación) Santafé de Bogotà, Colombia URL: http://www.alasece.com

ICIA (International Credit Insurance Association) Flims Waldhaus, Switzerland



PASA (Pan-American Surety Association) Panamerican Surety Association, Reconquista 554, 1003- Buenos Aires Argentina E-mail: [email protected], URL: http://www.afpasa.com.ar Tel: +54 1 394 1404, Fax: +54 1 393 01 08

Dakar Union (Association of Export Credit Insurers and Export Promotion Organization) Résidence Faidherbe, 56, Avenue Faidherbe – BP 3939, Dakar, Sénégal Tel: +221 224 234, Fax: +221 213 611

National Export Import Bank of Jamaica (JAMAICA Eximbank) PO Box 3, Kingston Tel: +18 099229699, Fax: +18 099229184



Project Finance Nestor House Playhouse Yard London EC4V 5EX, UK Tel: +44 171 779 8995 Fax: +44 171 779 8846 http://www.projecttradefinance.com

Marchés Tropicaux 98 Boulevard Malesherbes F-75017 Paris, France Tel: +31 1 43188700 Fax: +31 1 43188701

Credit Notes Credit Guarantee Insurance Corp. of Africa Ltd. PO Box 125 Randburg 2125, South Africa Tel: 011 889 7467 Fax: 011 889 7473 [email protected]

Society for Worldwide Interbank Financial Services Avenue Adele 1 B-1310 La Hulpe, Belgium Tel: +32 2 6553111 Fax: +32 2 6553226

The Economist 111, West 57th Street New York, NY 10019, USA Tel: +1 212 541 0500 Fax: +1 212 541 9378 http://www.economist.com

ECGD Press Release PO Box 2200 2 Exchange Tower Harbour Exchange Square London E14 9GS, UK Tel: +171 512 7000 Fax: +171 512 7649 Telex: 290350 ECGD HQG

International Trade Finance Maple House 149 Tottenham Court Road London W1P 9LL, UK Tel: +44 1424 719 248 Fax: +44 1424 442 913

Financial Times 1, Southwark Bridge London SE1 9HL, UK Tel: +44 171 873 3000 Fax: +44 171 407 5700 http://www.ft.com

NCM N.V. Keizersgracht 281 1016 ED Amsterdam PO Box 473 1000 AL Amsterdam The Netherlands Tel: +31 020 553 9111 Fax: +31 20 553 2811 [email protected]

Le Moci 10, Avenue d’Iéna F-75116 Paris, France Tel: +32 1 40 73 3000 Fax: +32 1 40 73 3585 [email protected]

Africa Confidential 73, Farringdon Road London EC1M 3JQ, UK Tel: +44 20 7831 3511 Fax: +44 20 7831 6778 http://www.africa-confidential.com

Asia Weekly Financial Alert Business Monitor International Ltd. 179 Queen Victoria Street London EC4V 4DU, UK Tel: +44 20 7248 0468 Fax: +44 20 7248 0467 http://www.emerging-markets-online.com

New Media Age 50 Poland Street London W1F7AX, UK Tel: +44 20 7943 8134 Fax: +44 20 7943 8169 http://www.newmediazero.com

Trade Finance Nestor House Playhouse Yard London EC4V 5EX, UK Tel: +44 171 779 8610 Fax: +44 171 779 8846 http://www.tradefinancemagazine.com

EDC Newsletter Export Development Canada 151 O’Connor Ottawa, Canada K14 1K3 Tel: +613 598 2500 Fax: +613 237 2690 http://www.edc.ca

ZDH Partnership News Zentralverband des Deutschen Handwerks (ZDH) Mohrenstr. 20/21 D-10117 Berlin, Germany Tel: +49 30 20619-0 Fax: +49 30 20619-460 http://www.zdh.de http://www.zdh-connect.com

SSOOUURRCCEESS FFOORR TTHHEE PPRREESSSS AABBSSTTRRAACCTTSS

ITC: Your Partner in Trade Development

International Trade CentreU N C T A D / W T O

ITC: Your partner in trade development

For more information:Street address: ITC, 54–56, rue de Montbrillant,1202 Geneva, Switzerland.Postal address: ITC, Palais des Nations, 1211 Geneva 10, Switzerland.Telephone: +41 22 730 0111 fax: +41 22 733 4439 e-mail: [email protected] Internet: http://www.intracen.org

The International Trade Centre (ITC) is the technical cooperation agency of theUnited Nations Conference on Trade and Development (UNCTAD) and theWorld Trade Organization (WTO) for operational, enterprise-oriented aspectsof trade development.

ITC supports developing and transition economies, and particularly their businesssectors, in their efforts to realize their full potential for developing exports andimproving import operations.

ITC works in six areas:� Product and market development� Development of trade support services� Trade information� Human resource development� International purchasing and supply management� Needs assessment, programme design for trade promotion

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