International Trade Financce

Bizugo is an intermediary between national governments via their Export Credit Agencies (ECAs) and exporters to issue export insurance solutions, and guarantees for financing. 

Institutions who wish to engage with ECAs require technical expertise to see their ventures realised.

We understand the process and policies in place to obtain cover and manage relationships with ECAs and exporters. 

Beginning with initial consultation to the application process until the approval of your venture. we will walk you through the entire process of formulating a policy for your institution. 

Cover Policy 

A cover policy covers your institution from all forms of risk.

Trade transactions are covered from end to end to ensure your venture is covered in the event your venture struggles to complete due to unforeseen circumstances present in the country you are exporting to. 

A to Z list of country or territory cover policies and indicators

Afghanistan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
We are not able to offer any coverNoNoNot applicable

Albania

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£250 million to £500 millionYesYesTwo

Algeria

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesTwo

American Samoa

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£25 million to £50 millionYesYesOne

Andorra

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesTwo

Angola

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

Anguilla

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£10 million to £25 millionYesYesOne

For medium or long term cover we can only consider providing support for exports to private sector buyers.

Antigua and Barbuda

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

Normally irrevocable letter of credit or equivalent security for private buyers.

Normally confirmed irrevocable letter of credit or equivalent security for sovereign/public buyers.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Argentina

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usContact us

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Armenia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£750 million to £1 billionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to Care on Location.

For medium/long term business, we are willing to consider Local Currency Financing.

Aruba

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesTwo

Australia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

For medium/long term business Local Currency Financing is available.

Austria

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

Azerbaijan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesTwo

Subject to Care on Location.

Bahamas

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

Bahrain

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

For medium/long term business, we are willing to consider Local Currency Financing.

Bangladesh

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£500 million to £750 millionYesYesTwo

Subject to sustainable lending criteria.

Barbados

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesContact usTwo

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Belarus

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

Belgium

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

Belize

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesContact usTwo

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Benin

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£250 million to £500 millionYesYesTwo

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to sustainable lending criteria.

Subject to Care on Location.

Bermuda

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£500 million to £750 millionYesYesOne

Bhutan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£250 million to £500 millionYesYesTwo

For medium or long term cover we can only consider providing support for exports to private sector buyers.

Subject to sustainable lending criteria.

Bolivia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£750 million to £1 billionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Bosnia and Herzegovina

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£150 million to £250 millionYesYesTwo

For medium or long term cover we can only consider providing support for exports to private sector buyers.

Botswana

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Brazil

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesTwo

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

British Virgin Islands

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesOne

Brunei Darussalam

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesTwo

Bulgaria

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Burkino Faso

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£150 million to £250 millionYesYesTwo

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to Care on Location.

Subject to sustainable lending criteria.

Burundi

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
We are not able to offer any coverNoNoNot applicable

Cambodia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£150 million to £250 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by an irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Cameroon

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£500 million to £750 millionYesYesTwo

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to sustainable lending criteria.

Canada

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

For medium/long term business, Local Currency Financing is available.

Cape Verde

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£25 million to £50 millionYesYesTwo

Subject to sustainable lending criteria.

Cayman Islands

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesOne

Central African Republic

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesNoNot applicable

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

Chad

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

Normally irrevocable letter of credit or equivalent security for private buyers.

Normally confirmed irrevocable letter of credit or equivalent security for sovereign/public buyers.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Chile

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

China

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Colombia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

Subject to Care on Location.

Comoros

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseNoYesTwo

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Congo

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Congo DR (formerly Zaire)

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Subject to Care on Location.

Cook Islands

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usOne

Costa Rica

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Cote D’Ivoire

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£500 million to £750 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to sustainable lending criteria.

Subject to Care on Location.

Croatia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Cuba

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseContact usContact usTwo

For medium or long term cover, we can only consider providing support for foreign exchange-earning projects.

Curacao

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

Cyprus

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£750 million to £1 billionYesYesTwo

Our cover policy applies only to the area under control of the Government of the Republic of Cyprus.

Czech Republic

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

For medium/long term business, Local Currency Financing is available.

Denmark

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

For medium/long term business, Local Currency Financing is available.

Djibouti

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can consider foreign exchange-earning projects only.

Subject to sustainable lending criteria.

Dominica

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

Normally irrevocable letter of credit or equivalent security for private buyers.

Normally confirmed irrevocable letter of credit or equivalent security for sovereign/public buyers.

For medium or long term cover we can consider foreign exchange-earning projects only.

Subject to sustainable lending criteria.

Dominican Republic

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£500 million to £750 millionYesYesTwo

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

Dubai

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesTwo

For medium/long term business, we are willing to consider Local Currency Financing.

Ecuador

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Egypt

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

For medium and long-term business, Local Currency Financing is available.

El Salvador

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

We can also consider business where the CABEI acts as borrower or guarantor.

Equatorial Guinea

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

Normally irrevocable letter of credit or equivalent security for private buyers.

Normally confirmed irrevocable letter of credit or equivalent security for sovereign/public buyers.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Eritrea

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Estonia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesOne

Eswatini (formerly Swaziland)

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£25 million to £50 millionYesYesTwo

Ethiopia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£150 million to £250 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

weIn view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Falkland Islands

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£10 million to £25 millionYesYesOne

Faroe Islands

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesOne

Fiji

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£500 million to £750 millionYesYesTwo

Finland

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

France

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

French Polynesia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usOne

Gabon

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Gambia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Georgia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

Subject to Care on Location.

Germany

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

Ghana

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

There is significant exposure on Ghana, and our capacity for new business is limited. Please contact our Underwriters for the latest position.

Subject to sustainable lending criteria.

For medium/long term business, Local Currency Financing is available.

Gibraltar

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesOne

Greece

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesContact usOne

Greenland

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesOne

Grenada

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

Normally irrevocable letter of credit or equivalent security for private buyers.

Normally confirmed irrevocable letter of credit or equivalent security for sovereign/public buyers.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Guatamala

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

We can also consider business where the CABEI acts as borrower or guarantor.

Guinea

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Guinea-Bissau

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesNoNot applicable

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Guyana

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesTwo

Subject to sustainable lending criteria.

Subject to Care on Location.

Haiti

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseNoYesTwo

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

WeIn view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Honduras

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£500 million to £750 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We can also consider business where the CABEI acts as borrower or guarantor.

Subject to sustainable lending criteria.

Hong Kong

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Hungary

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

For medium/long term business, Local Currency Financing is available.

Iceland

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesOne

For medium/long term business, Local Currency Financing is available.

India

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Indonesia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Iran

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseContact usContact usTwo

In 2016, UKEF reintroduced cover for Iran in Pounds Sterling and Euros. This is on a case-by-case basis, and allows for contracts of material size (hundreds of millions). We will also consider applications for direct lending.

Iraq

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£750 million to £1 billionYesYesTwo

Capacity is limited and it is up to the Government of Iraq to decide which are the priority projects for financing within the cover available.

Subject to Care on Location.

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Ireland

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

Israel

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

For medium/long term business, Local Currency Financing is available.

Italy

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesOne

Jamaica

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£250 million to £500 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Japan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

Jordan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Kazakhstan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Kenya

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£750 million to £1 billionYesYesTwo

Subject to sustainable lending criteria.

Kiribati

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

Subject to sustainable lending criteria.

we areIn view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Kosovo

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
We are not able to offer any coverNoNoTwo

Kuwait

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Kyrgyzstan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Laos

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£150 million to £250 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Latvia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£3 billion to £4 billionYesYesOne

Lebanon

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to Care on Location.

Lesotho

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£100 million to £250 millionYesYesTwo

Subject to sustainable lending criteria.

Liberia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£25 million to £50 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term business we would consider private sector only.

Subject to sustainable lending criteria.

Libya

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
We are not able to offer any coverNoNoNot applicable

Liechtenstein

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesTwo

Lithuania

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£3 billion to £4 billionYesYesOne

Luxembourg

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£3 billion to £4 billionYesYesOne

Macao

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£3 billion to £4 billionYesYesTwo

Madagascar

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Malawi

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Malaysia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Maldives

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Mali

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

Normally irrevocable letter of credit or equivalent security for private buyers.

Normally confirmed irrevocable letter of credit or equivalent security for sovereign/public buyers.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Malta

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesTwo

Marshall Islands

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Mauritania

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Mauritius

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesTwo

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

Mexico

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

Micronesia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Moldova

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Monaco

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

Mongolia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£150 million to £250 millionYesYesTwo

Montenegro

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£250 million to £500 millionYesYesTwo

Montserrat

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usOne

Morocco

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesTwo

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

Mozambique

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For medium or long term cover we can only consider foreign exchange-earning projects.

Subject to sustainable lending criteria.

Myanmar

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£150 million to £250 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by an irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Namibia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

Nauru

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usYesTwo

Nepal

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£250 million to £500 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Subject to Care on Location.

Netherlands

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

New Zealand

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

Nicaragua

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£150 million to £250 millionYesYesTwo

Subject to sustainable lending criteria.

We can also consider business where the CABEI acts as borrower or guarantor.

Niger

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

Normally irrevocable letter of credit or equivalent security for private buyers.

Normally confirmed irrevocable letter of credit or equivalent security for sovereign/public buyers.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Nigeria

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£750 million to £1 billionYesYesTwo

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

Subject to Care on Location.

Niue

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usOne

North Korea

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
We are not able to offer any coverNoNoNot applicable

North Macedonia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£750 million to £1 billionYesYesTwo

North Mariana Islands

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usOne

Norway

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

For medium/long term business, Local Currency Financing is available.

Oman

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£150 million to £250 millionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Pakistan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£750 million to £1 billionYesYesTwo

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

Palau

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

Palestinian Authority

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
We are not able to offer any coverNoNoNot applicable

Panama

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

Papua New Guinea

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£250 million to £500 millionYesYesTwo

Subject to sustainable lending criteria.

Paraguay

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

For medium/long term business, we are willing to consider Local Currency Financing.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Peru

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£3 billion to £4 billionYesYesTwo

We can also consider business in Peru where the CAF acts as borrower or guarantor.

For medium/long term business, Local Currency Financing is available.

Philippines

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Poland

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

For medium/long term business, Local Currency Financing is available.

Portugal

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

Puerto Rico

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesOne

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Qatar

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Romania

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£3 billion to £4 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Russian Federation

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

For medium/long term business, Local Currency Financing is available.

Rwanda

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£250 million to £500 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Samoa

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

San Marino

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesTwo

Sao Tome and Principe

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by Confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Saudi Arabia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Senegal

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£500 million to £750 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by Confirmed irrevocable letter of credit or equivalent security.

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to sustainable lending criteria.

Serbia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

Seychelles

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesTwo

Sierra Leone

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Singapore

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Sint Maarten

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

Slovakia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

Slovenia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£3 billion to £4 billionYesYesOne

Solomon Islands

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

Subject to sustainable lending criteria.

Somalia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
We are not able to offer any coverNoNoNot applicable

South Africa

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

South Korea

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

For medium/long term business, Local Currency Financing is available.

South Sudan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
We are not able to offer any coverNoNoTwo

Spain

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

Sri Lanka

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£500 million to £750 millionYesYesTwo

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

St Helena

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£10 million to £25 millionYesYesOne

St Kitts and Nevis

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

Normally irrevocable letter of credit or equivalent security for private buyers.

Normally confirmed irrevocable letter of credit or equivalent security for sovereign/public buyers.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

St Lucia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesTwo

Subject to sustainable lending criteria.

St Pierre and Miquelon

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£10 million to £25 millionYesYesOne

St Vincent and the Grenadines

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£25 million to £50 millionYesYesTwo

Subject to sustainable lending criteria.

Sudan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
We are not able to offer any coverNoNoNot applicable

Suriname

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Case by caseYesYesTwo

Subject to Care on Location.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Sweden

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

For medium/long term business, Local Currency Financing is available.

Switzerland

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

For medium/long term business, Local Currency Financing is available.

Syria

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
We are not able to offer any coverNoNoNot applicable

Taiwan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Tajikistan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£10 million to £25 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We would prefer asset based finance or foreign exchange earning projects.

Subject to sustainable lending criteria.

we areIn view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Tanzania

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£500 million to £750 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Subject to Care on Location.

Thailand

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Timor l’Este

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£25 million to £50 millionYesYesTwo

Subject to sustainable lending criteria.

Togo

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£250 million to £500 millionYesYesTwo

Normally irrevocable letter of credit or equivalent security for private buyers.

Normally confirmed irrevocable letter of credit or equivalent security for sovereign/public buyers.

For medium or long term cover we can consider foreign exchange-earning projects only.

Subject to sustainable lending criteria

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Tonga

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Trinidad and Tobago

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

Tunisia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

For medium/long term business, we are willing to consider Local Currency Financing.

Turkey

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Turkmenistan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£500 million to £750 millionYesYesTwo

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Turks and Caicos Islands

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£25 million to £50 millionYesYesOne

Tuvalu

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

We would need to conduct a country review to consider any cover.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country we are unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Uganda

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£250 million to £500 millionYesYesTwo

Subject to sustainable lending criteria.

For medium/long term business, Local Currency Financing is available.

Ukraine

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

United Arab Emirates (UAE)

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesTwo

Our market risk appetite for United Arab Emirates is shared with Abu Dhabi but not Dubai, which has its own country limit.

For medium/long term business, Local Currency Financing is available.

United States (USA)

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
At least £4 billionYesYesOne

Uruguay

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£3 billion to £4 billionYesYesTwo

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

Uzbekistan

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£1 billion to £2 billionYesYesTwo

Subject to sustainable lending criteria.

Vanuatu

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

Subject to sustainable lending criteria.

Vatican City

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Less than £10 millionYesYesTwo

Venezuela

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

We are willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Vietnam

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£2 billion to £3 billionYesYesTwo

For medium/long term business, Local Currency Financing is available.

Virgin Islands (US)

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
£50 million to £100 millionYesYesOne

Yemen

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
We are not able to offer any coverNoNoNot applicable

Zambia

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
Contact usContact usContact usTwo

For cash or short term cover we would expect payments to be secured by an irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Zimbabwe

Market risk appetiteCash or short term coverMedium or long term coverConsensus category
We are not able to offer any coverNoNoNot applicable

Definitions

Cash or short term cover

The EU State Aid temporary framework is supporting economies in the context of the coronavirus (COVID-19) outbreak. In addition to our usual market criteria, we can now also support credit insurance business with a horizon of risk of less than 24 months in all EU member states, Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland and the USA. This applies during the transition period.

Care on location

Those countries where there may be regional, ethnic or religious tensions, border disputes/conflict with neighbouring countries which may give rise to additional risks depending on where projects are located. We will need to take into account the location of the project in deciding whether or not support can be provided.

Consensus category (used in the cover indicator table)

Countries are classified under the Organisation for Economic Co-operation and Development (OECD) Arrangement on Officially Supported Export Credits which determines the maximum repayment terms.

Category One – maximum credit period is normally 8.5 years

Category Two – maximum credit period is normally 10 years

However, longer maximum repayment terms may be considered for large civil aircraft, nuclear and non-nuclear power stations, ships, renewable energies and water projects and projects where the cashflows generated will be used to repay the export credit loans.

Foreign exchange-earning projects

Projects which earn foreign exchange income. In certain circumstances it may be possible to provide support for such projects in countries where UKEF cover is not normally available.

Horizon of risk

The total length of time an ECA could be at risk for a contract. This is usually the total period from date of contract to final payment under that contract.

Letters of credit

A letter of credit is an undertaking by a bank to make a payment to a named beneficiary within a specified time, against the presentation of documents which comply strictly with the terms of the letter of credit. There are different types of letter of credit including irrevocable letter of credit (ILC) and confirmed irrevocable letter of credit (CILC).

Market risk appetite

The total amount of risk exposure we would be willing to support for new business in a particular country or territory. For foreign exchange earning projects with robust financing structures and strong risk mitigants, We may be able to exceed the market risk appetite specified. ECA’s make these decisions on a case by case basis.

Medium or long term cover

Where the credit terms are longer than 2 years.

Public or private sector

The status of an entity. Public sector entities are usually government departments, or organisations owned by the State. Private sector entities are businesses owned by private individuals or organisations.

Sustainable lending

For certain poor countries we can only support exports and investments which meet sustainable lending criteria. The export or investment must be expected to assist in the social and economic development of the country or territory, without adversely affecting its underlying debt sustainability position.