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UK Export Finance
The Export Credits Guarantee Department (ECGD), branded as UK Export Finance (UKEF), is the export credit agency and a ministerial department of the Government of the United Kingdom.
In 1920, UKEF had a maximum total exposure of just £26 million. Today, its maximum commitment stands at £50 billion.
ECGD derives its powers from the Export and Investment Guarantees Act 1991 (c. 67) and undertakes its activities in accordance with specific consent from HM Treasury. ECGD was established in 1919 to promote UK exports, lost during the submarine blockade of World War I.
In recent years we have supported business in the aerospace, automotive, construction, healthcare, industrial processing, oil and gas, petrochemical, water treatment, and satellite sectors.
— UK Export Finance, GOV.uk
ECGD's aim is to benefit the UK economy by helping exporters of UK goods and services to win business, and UK firms to invest overseas by providing guarantees, insurance and reinsurance against loss, taking into account HM Government's wider international policy agenda. ECGD is required by the HM Government to operate slightly better than break even, by charging premiums from exporters at levels that match the perceived risks and costs in each case.
The largest part of ECGD's activities involves underwriting long-term loans to support the sale of capital goods, principally for the export of aircraft, bridges, machinery, and services; it helps UK companies take part in major overseas projects such as the construction of oil and gas pipelines and the upgrading of hospitals, airports, and power stations. Support can be given for contracts as low as £1,000, but some of the projects ECGD backs go well beyond the £1 billion mark.
As part of its risk management process, ECGD has to make a judgement on the ability of a country to meet its debt obligations. The department uses a "productive expenditure" test, undertaken in consultation with the Foreign, Commonwealth and Development Office, that makes sure that the countries defined as heavily indebted poor countries and those exclusively dependent on International Development Association financing only get official export credits from the UK for projects that help social and economic development without creating a new unsustainable debt burden. ECGD continues to check that the proposed borrowing is sustainable.
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UK Export Finance
The Export Credits Guarantee Department (ECGD), branded as UK Export Finance (UKEF), is the export credit agency and a ministerial department of the Government of the United Kingdom.
In 1920, UKEF had a maximum total exposure of just £26 million. Today, its maximum commitment stands at £50 billion.
ECGD derives its powers from the Export and Investment Guarantees Act 1991 (c. 67) and undertakes its activities in accordance with specific consent from HM Treasury. ECGD was established in 1919 to promote UK exports, lost during the submarine blockade of World War I.
In recent years we have supported business in the aerospace, automotive, construction, healthcare, industrial processing, oil and gas, petrochemical, water treatment, and satellite sectors.
— UK Export Finance, GOV.uk
ECGD's aim is to benefit the UK economy by helping exporters of UK goods and services to win business, and UK firms to invest overseas by providing guarantees, insurance and reinsurance against loss, taking into account HM Government's wider international policy agenda. ECGD is required by the HM Government to operate slightly better than break even, by charging premiums from exporters at levels that match the perceived risks and costs in each case.
The largest part of ECGD's activities involves underwriting long-term loans to support the sale of capital goods, principally for the export of aircraft, bridges, machinery, and services; it helps UK companies take part in major overseas projects such as the construction of oil and gas pipelines and the upgrading of hospitals, airports, and power stations. Support can be given for contracts as low as £1,000, but some of the projects ECGD backs go well beyond the £1 billion mark.
As part of its risk management process, ECGD has to make a judgement on the ability of a country to meet its debt obligations. The department uses a "productive expenditure" test, undertaken in consultation with the Foreign, Commonwealth and Development Office, that makes sure that the countries defined as heavily indebted poor countries and those exclusively dependent on International Development Association financing only get official export credits from the UK for projects that help social and economic development without creating a new unsustainable debt burden. ECGD continues to check that the proposed borrowing is sustainable.