WIREDGOV

ECGD launches public consultation on scheme to confirm letters of credit for UK exporters

ECGD News Release issued by COI News Distribution Service on 8 May 2009

ECGD, the UK's official export credit agency, today (8 May) launched a public consultation on a proposal to offer a scheme to confirm letters of credit for British exports.

The consultation on this scheme was announced by Lord Mandelson in New Industry, New Jobs on 20 April. The Chancellor referred to it in the Budget.

ECGD's Minister Ian Pearson said:

"Britain was built on trade, and trade will be vital to our future prosperity. I want to ensure that the support offered by ECGD plays a significant role supporting UK exporters when demand picks up. Under the current difficult circumstances it's right that the Government should do all it can to help British exports and the jobs they support. And exporters and banks have told ECGD that this scheme will be of real help.

"As ECGD has not undertaken this sort of business for some time, it is appropriate to seek interested parties' views, and I hope they take advantage of this opportunity to make suggestions for any other new schemes ECGD could introduce to help Britain's economy."

The consultation closes on 3 July. The consultation document and supporting material is available at http://www.ecgd.gov.uk/index/public-information/public-consultation.htm As well as receiving written submissions, ECGD will arrange meetings with interested parties if requested. These can be arranged through ECGD's Consultation Co-ordinator, Nina Lefley, on 020 7512 7035.

NOTES TO EDITORS
ECGD, the Export Credits Guarantee Department, is the UK's official export credit agency. 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. More details are available at http://www.ecgd.gov.uk.