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Peru has paid off £50mn of the total £110mn debt owed to the Export Credits Guarantee Department (ECGD).
This represents around 45% of Peru’s debt to ECGD.
ECGD is continuing to recover substantial amounts of historic debt resulting from the1980s global debt crisis which affected many financial institutions worldwide.
The Peruvian debt originates from claims paid out by ECGD on UK exports and investments to Peru that it had guaranteed or insured before1983.
The payment was received following an agreement signed on June 15 between Peru and members of the Paris Club, an informal group of sovereign creditors which includes the British government.
Under the agreement, Peru will prepay around US$1.5bn of its total US$4.2bn debt owed to members of the Paris Club.