China and UK sign agreement on export credits

ECGD News Release issued by The Government News Network on

ECGD, the 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."

NOTES

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.