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