UK's official export credit agency, today (27 February 2008)
signed an agreement to co-operate more widely with its Chinese counterpart.
The Memorandum of Understanding with the China Export &
Credit Insurance Corporation (Sinosure) was signed by ECGD's
Chief Executive, Patrick Crawford and Sinosure's Executive
Vice President, Zhidong Liang, at a ceremony attended by Mrs
Yanyan Bei, Chief Representative of Sinosure's London Office.
The MOU will provide a platform for sharing knowledge and
experience on areas of export credit policy and practice. It will
also enable co-operation on specific projects where export credit
facilities are provided to support exporters from the United
Kingdom and China.
ECGD's Minister Malcolm Wicks said:
"I welcome the signing of this agreement. China is a global
player in the supply of capital goods and services, and Sinosure
is playing an increasingly important role in supporting Chinese
exporters. Through greater collaboration we can learn from each
other and seek to employ good practice and sound principles in the
projects that we support."
Sinosure's President Ruoxin Tang commented:
"The arrangement with ECGD may offer great opportunities for
Chinese exporters. Many of them already have an international
focus. Sourcing from UK and still benefiting from our cover, has
now been made easier. This comes on top of our existing extensive
cover possibilities for joint Chinese and British exports to third countries."
1. Sinosure is an authorised Chinese export credit insurance
company. More details are available at http://www.sinosure.com.cn.
2. 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.
3. Photographs of ECGD chief executive Patrick Crawford and the
chief representative of Sinosure's London office Yanyan Bei
at the signing are available from ECGD.