UK Export Finance
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ECGD Backs £2.92 Billion of British Exports in 2010-11
ECGD, the UK’s export credit agency, has published its Annual Review and Resource Accounts 2009-10, showing it provided 33 per cent more support to UK exporters in 2010-11 - £2.92 billion, up from £2.21 billion in 2009-10.
The most significant development in 2010-11 was the launch of the
new products announced in the Government’s white paper Trade and
Investment for Growth. As a result ECGD is now able to support a
much broader range of exporters. ECGD has started a comprehensive
programme to inform exporters about its new products.
ECGD issued 192 guarantees and insurance policies to support British companies competing in overseas markets in 2010-11, compared to 198 in the previous financial year.
While support for Airbus remained a significant part of ECGD’s business, with 158 aircraft supported, civil project business volumes showed a return to more typical levels in 2010-11, after a comparatively quiet year in 2009-10. Among the wide range of civil exports supported were a contract won by Rolls-Royce for the supply and installation of natural gas pumping units in Russia and an export of control panels by TES Life Cycle Engineering for a water treatment facility in Baghdad.
For the first time in many years, in 2010-11 ECGD supported
finance raised in the international capital markets: for the sale
of Airbus aircraft to AerCap.
ECGD earned premium income of £96 million, compared to £58 million in 2009-10.
ECGD Chief Executive Patrick Crawford said:
“This has been a very busy year for ECGD, which has seen a significant rise in enquiries and a big rise in its support for exporters. At the same time we have successfully introduced a range of new products to support British exporters in these difficult times.”
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 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.
Phone: Tel: 020 7512 7319
Mobile: 07990 887852
Phone: For enquiries please contact the issuing dept