WIREDGOV

ECGD, the UK’s official export credit agency, has published its Annual Review and Resource Accounts 2008-09, showing it provided £1.46 billion of support to UK exporters and UK investors undertaking business overseas.

The report showed ECGD issued 136 guarantees and insurance policies to support British companies competing in overseas markets, compared to 96 in the previous financial year.

ECGD’s support for Airbus remained a significant part of the Department’s business. In 2008-09, ECGD supported the sale of 117 Airbus aircraft, including its first A380.

The oil, gas and petrochemicals and telecoms sectors also continued to be sources of business. The largest financing supported by ECGD was for the Kayan chemical project in Saudi Arabia.

ECGD earned £38 million of premium and recorded a net operating income of £299 million, compared to £60 million and £597 million respectively in the previous financial year.

ECGD Chief Executive Patrick Crawford said:

“This has been a year of two halves. After September the global economic downturn increased the importance to exporters of ECGD and its products. I am confident ECGD will continue to demonstrate its ability to advance with the times and to make the changes needed to deliver its services to UK exporters cost-effectively.”

NOTES TO EDITORS

1. ECGD’s Annual Review and Resource Accounts can be downloaded in PDF format at http://www.ecgd.gov.uk/index/publications.htm.

2. ECGD (www.ecgd.gov.uk), the Export Credits Guarantee Department, is the UK's official export credit agency.

3. ECGD works with exporters, project sponsors, banks and buyers to help UK exporters of capital equipment and project-related goods and services, by providing insurance against non-payment risks to UK exporters and guarantees for bank loans to facilitate the arranging of finance to buyers of UK goods. It also provides insurance against political risks to UK investors in overseas markets.

ECGD PRESS ENQUIRIES:
Steve Roberts-Mee, Head of Communications
Tel: 020 7512 7319
Out of Hours: 07990 887852

Contacts:

Steve Roberts-Mee
Phone: Tel: +44(0) 020 7512 7319
Steve.Roberts-Mee@ecgd.gsi.gov.uk