ECGD Backs £1.8
Billion Of UK Exports In 2006-07
ECGD, the UK's official export credit agency, today
published its Annual Review and Resource Accounts 2006-07, showing
it provided £1.8 billion (GBP) of support to UK exporters and UK
investors undertaking business overseas.
The report showed ECGD issued 91 guarantees and insurance
policies to support British companies competing in overseas
markets, compared to 151 in the previous financial year.
ECGD's support for Airbus remained a significant part of the
Department's business. In 2006-07, ECGD supported the sale of
58 Airbus aircraft by providing guarantees worth £483 million,
compared to 86 aircraft worth £1 billion the year before.
The oil, gas and petrochemicals and telecoms sectors also
continued to be sources of business. The largest financing
supported by ECGD was for the Yansab Petrochemical Project in
Saudi Arabia, which will include the world's biggest ethane cracker.
ECGD earned £55 million of premium and recorded a net operating
income of £404 million, compared to £88 million and £1.7 billion
respectively in the previous financial year.
ECGD Chief Executive Patrick Crawford said:
"This year we have continued to reshape ECGD to meet the
needs of UK exporters in future. On 26 June, Ministers announced
the key principles of a new financial framework under which ECGD
will operate from 1 April 2008. We are benefiting from all our key
functions being on one site and from lower operating costs. And we
will continue to make changes over the coming year and beyond in
order to deliver our services to exporters in a cost effective way."
NOTES TO EDITORS
1. ECGD's Annual Review and Resource Accounts can be
downloaded in pdf format at http://www.ecgd.gov.uk/index/pubs_home/annual_review_and_accounts_2006-2007.htm
2. The Annual Review and Resource Accounts were laid before
Parliament on Friday, 13 July 2007.
3. ECGD (http://www.ecgd.gov.uk), the
Export Credits Guarantee Department, is the UK's official
export credit agency.
4. 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.