ECGD has supported £3.5bn of UK export and overseas investments in 2002-03 up by 7% on the previous financial year.
ECGD’s Annual Review and Resource Accounts show that the UK’s official export credit agency provided £2.6bn-worth of export credit guarantees and £905mn of Overseas Investment Insurance (OII) in the last fiscal year.
Welcoming the report, Trade Minister Mike O”Brien says: “This annual review shows that ECGD continues to provide valuable support to UK exporters and investors in a challenging global trading environment.
“During the last financial year, ECGD announced its renewable energy initiative and introduced a streamlined environmental and social impact assessment process testament to its continued commitment to provide the best possible service to all its stakeholders while playing its part in helping the UK to deliver on its sustainable development commitments.”
Brown adds: “Although much of our business is in large, often globally sourced projects, supporting customers with whom we have built up a long-term relationship, we are continuing our efforts to broaden our customer base and to increase our support to smaller UK exporters.”
Copies of the Annual Review and Resource Accounts 2002-03 can be downloaded in pdf format from www.ecgd.gov.uk.
ECGD, the Export Credits Guarantee Department, is the UK’s export credit agency. A separate government department reporting to the secretary of state for trade and industry, it has more than 80 years” experience of working closely with exporters, project sponsors, banks and buyers to help UK exporters of capital equipment and project-related goods and services. It does this by providing: insurance against non-payment to UK exporters, and help in arranging finance packages for buyers of UK goods by guaranteeing bank loans, and overseas investment insurance a facility that gives UK investors up to 15 years” insurance against political risks.