UK export credit agency ECGD has published its annual review and resource accounts 2004-05, revealing that some £2bn of support was provided to UK exporters and UK investors winning business overseas.

The report showed that the UK’s official export credit agency issued 113 guarantees and insurance policies to help British companies compete in overseas markets, compared to 155 in the previous financial year.

ECGD’s support for Airbus remained a significant part of the department’s business. In 2004-05, ECGD supported the sale of 54 Airbus aircraft by providing guarantees worth £593mn.

The oil, gas and petrochemicals business also continued to be a major source of civil business, while a high level of activity in the telecoms sector was maintained throughout the last financial year, with transactions in Kazakhstan, Pakistan and Russia leading the way.

The top ten markets for ECGD cover, representing 79% of business in the last financial year, included newcomers China, India, Iran and Qatar.

ECGD earned £45mn of premium and recorded a net operating income of £1.1bn, compared to £102mn and £613mn respectively in the previous financial year.