G/AG/W/125/Rev.10/Add.2  
 
10 May 2019  
(19-3230) Page: 1/73 
Committee on Agriculture    
 
EXPORT SUBSIDIES, EX PORT CREDITS, EXPORT  CREDIT GUARANTEES  
OR INSURANCE PROGRAM MES, INTERNATIONAL F OOD AID  AND 
AGRICULTURAL EXPORTI NG STATE TRADING ENT ERPRISES  
BACKGROUND DOCUMENT BY THE SECRETARIAT1 
Export Credits, Export Credit Guarantees or Insurance Programmes  
Addendum  
This addendum refers to and must be read in conjunction with document G/AG/W/125 /Rev. 10. 
It provides information on the use of export credits, export credit guarantees and insurance 
programmes (hereinafter referr ed to as "export financing support") provided by Members for the 
export of agricultural products , as described in P art B of document G/AG/W/125 /Rev. 10. 
 
_______________  
 
                                                
1 This document has been prepared under the Secretariat's own responsibility and is without prejudice 
to the positions of Members or to their rights and obligations under the WTO. It has been prepared for 
information only and is not intended to provide any authoritative or official legal interpretation of the provisions 
of the WTO Agreements in general or in relation to any specific entity or measure listed in this document.  G/AG/W/125/Rev.10/Add.2  
 
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  TABLE OF CONTENTS  
Argentina  ................................ ................................ ................................ ...........................  4 
Australia  ................................ ................................ ................................ ............................  7 
Brazil  ................................ ................................ ................................ ................................ . 9 
Canada  ................................ ................................ ................................ ............................. 11 
China  ................................ ................................ ................................ ............................... 13 
European Union  ................................ ................................ ................................ ................. 16 
Hong Kong, China  ................................ ................................ ................................ .............. 40 
Iceland  ................................ ................................ ................................ ............................. 41 
Indonesia  ................................ ................................ ................................ .......................... 42 
Jamaica  ................................ ................................ ................................ ............................ 45 
Japan  ................................ ................................ ................................ ............................... 46 
Malaysia  ................................ ................................ ................................ ........................... 51 
New Zealand  ................................ ................................ ................................ ..................... 52 
Paraguay  ................................ ................................ ................................ .......................... 54 
Russian Federation  ................................ ................................ ................................ ............. 59 
Switzerland  ................................ ................................ ................................ ....................... 61 
Thailand  ................................ ................................ ................................ ........................... 61 
Trinidad and Tobago  ................................ ................................ ................................ ........... 61 
Turkey  ................................ ................................ ................................ .............................. 64 
United States of America  ................................ ................................ ................................ ....69 
Viet Nam  ................................ ................................ ................................ .......................... 72 
 G/AG/W/125/Rev.10/Add.2  
 
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  TABLE ON SOURCE OF DATA  
Member  Source of data  
Argentina  • Reply to Questionnaire circulated on 16 November 2017  
Australia  • Reply to Questionnaire circulated on 25 October 2018  
Brazil  • Reply to Questionnaire circulated on 25 October 2018  
Canada  • Reply to Questionnaire circulate d on 25 October 2018  
China  • Reply to Questionnair e circulated on 31 October 2016  
European Union  • Reply to Questionnaire circulated on 25 October 2018  
Hong Kong China  • Reply to Questionnaire circulated on 25 October 2018  
Iceland  • Reply to Questionnaire circulated on 31 October 2016  
Indonesia  • Reply to Questionnair e circulated on 25 October 201 8 
Jamaica  • Reply to Questionnaire circulated on 20 January  2016 
Japan  • Reply to Questionnaire circulated on 25 October 2018  
Malaysia  • Reply to Questionnair e circulated on 16 November 2017  
New Zealand  • Reply to Questionnaire circulated on 25 October 2018  
Paraguay  • Reply to Questionnaire circulated on 25 October 2018  
Russian Federation  • Reply to Questionnair e circulated on 25 October 2018  
Switzerland  • Reply to Questionnaire circulated on 25 October 2018  
Thailand  • Reply to Questionnair e circulated on 31 October 2016  
Trinidad and Tobago  • Reply to Questionnair e circulated on 31 October 2016  
Turkey  • Reply to Questionnaire circulated on 25 October 2018  
United States of America  • Reply to Questionnair e circulated on 25 October 2018  
Viet Nam  • Reply to Questionnaire circulated on 20 January  2016 
 
  G/AG/W/125/Rev.10/Add.2  
 
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  Argentina  
A. Bank of the Argentine Nation (BNA)  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any 
other form of governmental export credit support) and relevant legislation  
 
The Bank of the Argentine Nation does not p articipate in any form of governmental export credit 
support programmes.  
 
2. Description of Export Financing Entity  
 
The BNA offers credit lines for pre-financing  and post -financing exports whose terms, rates and other 
conditions arise from the requirements of the current financial market, thus ensuring that the 
products offered are competitive and adequate.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
Not applicable.  
 
4. Annual average premium rates/fees per programme  
 
Not applicable.  
 
5. Maximum repayment terms per programme  
 
Not applicable.  
 
6. Annual average repayment periods per programme  
 
Not applicable.  
 
7. Export destination or gro up of destinations per programme  
 
Not applicable.  
 
8. Programme use by product or product group  
 
Not applicable.  
 
B. Investment and Foreign Trade Bank (BICE)  
 
1. Description of the programme (classification within the following categories: direct 
financing  support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
Direct financing support.  
 
2. Description of Export Financing Entity  
 
Investment and Foreign Trade Bank S.A. 
 
Programmes associated with export financing are self -financing as a result of BICE's commercial 
activity, and hence do not entail any kind of outlay or expenditure on the part of the National State. 
Inasmuch as BICE is a public productive development  bank, it grants the most competitive market 
rates for export financing, without this requiring any out lay on the part of the National  State.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insuranc e programmes and use per programme  
 
USD 202,142,392.  G/AG/W/125/Rev.10/Add.2  
 
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  4. Annual average premium rates/fees per programme  
 
1.77%.  
 
5. Maximum repayment terms per programme  
 
360 days.  
 
6. Annual average repayment periods per programme  
 
180 days.  
 
7. Export destination or gro up of destinations per programme  
Programme: Direct Financing Support  
COUNTRY  PERCENTAGE  
Algeria  0.65 
Aruba  0.22 
Australia  0.22 
Belgium  0.87 
Bolivia, Plurinational State of  0.43 
Brazil  13.64  
Canada  1.73 
Cayman Islands  0.22 
Chile 5.41 
China  3.46 
Colombia  0.22 
Croatia  0.22 
Czech Republic  0.43 
Denmark  0.22 
Ecuador  0.22 
European Union  22.08  
Finland  0.22 
France  0.43 
Germany  7.58 
Greece  0.22 
Hong Kong, China  3.68 
India 1.08 
Ireland  0.43 
Italy 1.30 
Japan  0.43 
Korea, Republic of  0.43 
Luxembourg  0.22 
Macao, China  1.30 
Mexico  0.87 
Nepal  0.22 
Netherlands  9.52 
New Zealand  0.22 
Panama  0.22 
Paraguay  0.22 
Peru 1.52 
Poland  0.43 
Puerto Rico  0.22 
Qatar  0.22 
Russian Federation  0.22 
Saudi Arabia, Kingdom of  0.65 
Slovak Republic  0.22 
South Africa  0.22 
Spain  0.22 
Switzerland  0.65 
Thailand  0.22 
Turkey  1.08 
United Arab Emirates  0.22 
United Kingdom  6.06 
Uruguay  9.09 
Viet Nam  0.22 
 G/AG/W/125/Rev.10/Add.2  
 
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  8. Programme use by product or product group  
Programme : Direct  financing support  
PRODUCT (CHAPTER TARIFF NOMENCLATURE ) PERCENTAGE  
2 - Meat and edible meat offal  4.51 
4 - Dairy produce; birds' eggs; natural honey; edible products…  1.94 
7 - Edible vegetables and certain roots and tubers.  7.04 
8 - Edible fruit and nuts; peel of citrus fruit or melons.  7.04 
9 - Coffee, tea, maté and spices.  4.85 
10 – Cereals  8.01 
11 - Products of the milling industry; malt; starches; inulin; wheat gluten.  1.94 
12 - Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit; industrial 
or medicinal plants; straw and fodder.  13.11  
15 - Animal or vegetable fats and oils and their cleavage products; prepared edible 
fats...  4.85 
17 - Sugars and sugar confectionery.  2.67 
19 - Preparations of cereals, flour, star ch or milk; pastrycooks' products.  0.24 
20 - Preparations of vegetables, fruit, nuts or other parts of plants.  0.73 
21 - Miscellaneous edible preparations.  1.21 
22 - Beverages, spirits and vinegar.  14.56  
23 - Residues and waste from the food industries; prepared animal fodder.  0.24 
24 - Tobacco and manufactured tobacco substitutes.  0.24 
41 - Raw hides and skins (other than furskins) and leather.  18.45  
51 - Wool, fine or coarse animal hair; horsehair yarn and woven fabric.  8.25  
  G/AG/W/125/Rev.10/Add.2  
 
- 7 - Australia  
The Export Finance and Insurance Corporation ( EFIC) is the only government entity that provides export finance in Australia. This is a self -funded organisation 
that operates in accordance with commercial principles. EFIC was established in its current form on 1 November 1991 under the Export Finance and Ins urance 
Corporation Act 1991 as a statutory corporation wholly owned by the Commonwealth of Australia. EFIC has no agriculture specific export financing programmes . 
The EFIC website is located at https://www.efic.gov.au/ . 
Export Credit, Export Credit Guarantees or Insurance Programme s (Export financing)  
Programme Title  Category 
of 
Support  Description of Programme  Annual average 
premium rates/fees 
per programme  Maximum 
repayment 
terms per 
programme  Annual 
average 
repayment 
periods per 
programme  Export 
destination or 
group of 
destinations per 
programme 
(201 8) Program me 
use by 
product or 
product 
group  
(201 8) 
Bond  (B) Risk cover  A guarantee on bond(s) issued by banks and other 
financial institutions to overseas buyers of Australian 
goods and/or services. Efic may also issue the bond(s) 
directly. Types of bonds issued or guaranteed are: 
performance bonds, advance payment bonds and warranty 
bonds. These bonds may be on -demand or conditional. The 
Efic guarantee on the bond remains in force until the term 
required under the export contract.  Risk fees take into 
consideration the value of 
the security offered and the 
assessed technical a nd 
financial strength of the 
exporter to deliver on the 
contract.  n/a n/a Nil in 201 8 Nil in 201 8 
Risk Participation 
Agreements  (RPA)  Risk cover  Risk-sharing arrangement with the Asian Development 
Bank (ADB) under ADB's  Trade Facilitation Program (TFP) 
where Efic will share in the risk that ADB takes when it 
provides guarantees against non -payment under financial 
instruments issued for payment of Australian exports to 
specific markets in Asia.  1.8% p.a. to 3% p.a.  
 
Risk fees are quoted by the 
lead bank on a case -by-
case basis, factoring in risk 
variables such as assessed 
riskiness of counterparty 
and tenor of exposure, 
amongst others.  270 days  54 days  Pakistan, 
Viet Nam Basic 
material 
wholesaling  
Documentary 
Credit 
Guarantee  (DCG)  Risk cover  Efic guarantees payments to the confirming bank of the 
principal and interest obligations of the bank issuing an 
irrevocable documentary credit in connection with trade 
facilities extended to an Australian exporter. The 
guarantee  may be up to 100% of the amount of the 
underlying documentary credit (DC), which is generally 
limited to 85% of the export contract value and will apply 
for the duration of the DC.  Risk fee calculation is 
based on the assessed 
creditworthiness of the 
issuing bank, the tenor and 
frequency of repayments.  Under 180 
days n/a Nil in 201 8 Nil in 201 8 
EFIC's 'Export Contract Loan', 'Export Line of Credit', 'Small Business Export Loan' and 'Export Capital Working Guarantee' programm es (which had been reported in Australia's 
previous Export Competition Questionnaire responses) have been excluded from Australia's response. Those programmes provide o nly working capital financing support for suppliers 
(exporters) and are not export credit programmes pursua nt to footnote 7 of the Nairobi Ministerial Decision.  
  
  G/AG/W/125/Rev.10/Add.2  
 
- 8 - Total value of export of agricultural products covered by export credits, export credit guarantees or insurance programmes an d use per 
programme, 2009 -2018 (Million AUD)  
EFIC Programme  2009  2010  2011  2012  2013  2014  2015  2016  2017  2018  
Bond Nil Nil 24.2 17.26   Nil Nil  Nil Nil Nil Nil 
Risk Participation Agreements  Nil Nil 0.72 4.71 5.38 7.72 11.24  3.83 Nil 1.7 
Export Finance Guarantee  Nil Nil 54 56.2 16.14  21.44  Nil 99.17  Nil Nil 
Documentary Credit Guarantee   Nil 22.4  Nil Nil  Nil Nil  Nil 0.17 Nil Nil 
Foreign Exchange Facility Guarantee   Nil 44.3 131.4  13.8 1.15 1.43 1.33 n/a n/a n/a 
Totals  0 66.7 210.32  91.97  22.67  30.59  12.57  103.17  0 1.7* 
* EFIC's 'Export Contract Loan', 'Export Line of Credit', 'Small Business Export Loan' and 'Export Capital Working Guarantee' programmes (which had bee n reported in Australia's 
previous Export Competition Questionnaire responses) have been excluded from the above table. Those progr ammes provide(d) only working capital financing support for suppliers 
(exporters) and are not export credit programmes pursuant to footnote 7 of the Nairobi Ministerial Decision.  
Export values by programme and destination for 2018 (Million AUD)  
EFIC Progra mme  Country  Export Value AUD  
RPA Pakistan  0.2 
Viet Nam  1.5 
  Subtotal  1.7 
Grand Total    1.7 
 
 
 G/AG/W/125/Rev.10/Add.2  
 
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  Brazil 
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
(i) Brazilian Export Financing Program (PRO EX) 
 
PROEX Direct Financing: Government provides direct financing for exporters (supplier's credit) and 
buyers (buyer's credit) of Brazilian services and goods. PROEX covers several sectors, including 
machinery and equipment; repayment period is up to ten years. The program applies international 
markets interest rates with respect to the funding currency and its maturity.  
 
PROEX Interest Rate Support: The interest rate support aims to reduce the interest rate export 
finance charged by financial institutions  in order to support Brazilian export of goods and services. 
Export credit is granted by financial institutions and government (PROEX) assumes part of the 
financial burden, allowing interest rates to be compatible with those practiced in the international 
market.  
 
Both categories are regulated by Federal Law 10.184 of 12 February 2001; Resolutions of National 
Monetary Council (CMN) nº 2.575, 17 December 1998, and nº 4.063, 12 April 2012; and PROEX 
Interest Rate Support is also disciplined by the Federal Dec ree 7.710, 3 April 2012.  
 
2. Description of Export Financing Entity  
 
Brazilian Export Financing Program (PROEX) relies on National Treasury resources and has specific 
allocation in the federal budget, in order to provide official support to Brazilian expor t in two 
modalities: direct financing and interest support. The operational procedures are undertaken 
exclusively by Banco do Brasil S.A.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
The total value of agricultural exports supported by the PROEX Direct Financing, in 2018, was 
USD 61,861,060.76.  
  
In 2018, Proex Equalization was not used for  agricultural products.  
 
4. Annual average premium ra tes/fees per programme  
 
The PROEX Direct Financing applies international markets interest rates with respect to the funding 
currency and its maturity.  
 
PROEX does not charge any fee from the Brazilian exporters.  
 
5. Maximum repayment terms per programme  
 
According to the current regulation, the maximum  repayment term for agricultural products in the 
PROEX Direct Financing is 12 months.  
 
For exports to Cuba, the maximum repayment term is 18  months. The maximum repayment term 
used to be 36  months, but it chan ged to 18 months after the 114th meeting of the Council of  Ministers 
of the Chamber of  Foreign Trade in 2018.  
 
6. Annual average repayment periods per programme  
 
In 2018, the annual average repayment term for agricultural products in the PROEX Direct Finan cing, 
excluding exports to Cuba, was six months. For exports  to Cuba, the average repayment period 
was 34 months.  
 G/AG/W/125/Rev.10/Add.2  
 
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  7. Export destination or group of destinations per programme  
 
Please see the list below, which shows the destinations of Brazil's exports of agricultural products 
supported by the PROEX Direct Financing program in 201 8. 
 
Country  USD 
Germany  49,900.37  
Australia   580,250.12  
Cabo Verde  135,334.65  
China  155,525.71  
Croatia  30,768.72  
Cuba 56,422,688.15  
Egypt  678,397.93  
United Arab Emirates  2,031,209.43  
Ecuador  88,343.25  
Philippines  771,283.99  
Mexico  701,156.54  
Panama  216,201.90  
Total  61,861,060.76  
 
8. Programme use by product or product group  
 
Please see the list below. This data contains the total value of agricultural product group exports 
supported by the PROEX Direct Financing in 201 8. 
 
Product Group  USD 
Sugar and confectionery products  30,768.72 
Meat and edible meat offal  5,830,855.89 
Cereals  25,039,023.66 
Tobacco and its manufactures  2,802,493.42 
Animal or vegetable fats and oils  299,037.33 
Milk, eggs, honey and edible products  1,295,400.03 
Other animal origin products  49,900.37 
Preparations of meat, fish and crustaceans  3,273,839.95 
Preparations of vegetables and fruits  678,397.93  
Food and animal waste  21,555,641.77  
Seeds, oilseeds and medicinal plants  1,005,701.69  
Total   61,861,060.76  
 
 
 
 G/AG/W/125/Rev.10/Add.2  
 
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  Canada  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of gover nmental export credit support) and relevant legislation  
 
Credit Insurance  – provides Canadian exporters coverage of 90% of insured losses against a variety 
of risks when selling products to international buyer(s).  
https://www.edc.ca/en/solutions/insurance/credit -insurance.html  
 
Buyer Financing  – helps Canadian exporters by providing their buyers with flexible payment options 
through the extension of a loan, thereby taking on th e non -payment risk. EDC has a guarantee 
solution for transactions under CAD  10 million.  
 
2. Description of Export Financing Entity  
 
The EDC is Canada's official Export Credit agency. It is a self -financing Crown Corporation that is 
wholly -owned by the Government of Canada and operates at arm 's length from the government. Its 
mandate is to support and develop Canada's export trade. EDC provides financing and insurance 
solutions to help Canadian companies of any size respond to interna tional business opportunities.  
Details on all products EDC offer s are available on our web -site:  
https://www.edc.ca/EN/Our -Solutions/Pages/default.aspx  
 
3. Total value of export of agr icultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
Credit Insurance:  CAD million  
 
2016: 6,546  
2017: 5,881  
2018: 5,741  
 
Buyer Financing*: 
 
2016: nil  
2017: nil  
2018: nil  
 
* amounts stated in previous questionnaires related to working capital support  
 
4. Annual average premium rates/fees per programme  
 
For agricultural products  
 
Credit Insurance:  
 
2016: 0.23%  
2017: 0.25%  
2018: 0.25%  
 
5. Maximum repayment terms per programme  
 
Credit Insurance: the maximum repayment term for the programme is up to two years; for 
agricultural products the maximum repayment term is typically 180 days.  
 
Buyer financing: repayment terms are decided case by case and depend on the underlying export 
contract and  would not be used for the sale of agricultural products.  
 G/AG/W/125/Rev.10/Add.2  
 
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  6. Annual average repayment periods per programme  
 
For agricultural products  
 
Credit Insurance:  
 
2016: 67 days  
2017: 66 days  
2018: 62 days  
 
Buyer financing:  nil for agricultural products  
 
7. Export destination or group of destinations per programme  
 
For agricultural products  
 
Credit Insurance:  
CAD Million  
Region  2016  2017  2018  
Africa, Europe & Middle -East  1,854  1,443  1,201  
Asia 1,889  1,711  1,803  
Mexico, Central America & Caribbean  477 484 559 
North America  2,010  1,923  1,823  
South America  315 320 355 
 
8. Programme use by product or product group  
 
For agricultural products  
CAD Million  
Product  2016  2017  2018  
Breeding/Genetics/Animal Health & Nutrition  219 169 193 
Commodities -Grain, Specialty Crops  2,634  2,050  1,849  
Commodities -Meat 1,055  1,198  1,422  
Commodities -Horticulture, Organic  184 176 191 
Processor/Elevator -Grain, Specialty Crops  611 475 434 
Food/Processed Food and Beverages  852 797 671 
Nutraceuticals, Vitamins & Supplements  54 67 73 
Processing – Fisheries  938 950 909 
 
 
 G/AG/W/125/Rev.10/Add.2  
 
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  China  
I. China Development Bank  
 
China Development Bank (CDB ) is a state -owned policy bank with the mandate to carry out financial 
businesses of long -term loan and investment, with the aim of facilitating the implementation of 
medium or long term development strategies with significant importance for national econo my. CDB 
provides financial supports to the construction of processing bases of agricultural products, but 
doesn 't provide financial supports for agricultural products export.  
 
II. Agricultural Development Bank of China  
 
1.  Description of the programme (classification within the following categories: direct  
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
The support provided by the Agricultural Development Bank of China is direct financing support.  
 
2.  Description of Export Financing Entity  
 
The Agricultural Development Bank of China  is a state -owned policy bank engaged in providing 
financial supports for ag riculture and rural development. Its main businesses include making 
payments on behalf of the state agencies for implementing agricultural policies. In addition, the 
bank is authorized to provide financial services on commercial basis, including the short-term trade 
financing supports for export of agricultural products based on invoices, receipts or credit letters, 
etc. 
 
3.  Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programme s and use per pr ogram me 
 
The total value of export of agricultural products covered in 2015 and in 2016 is USD 156 million 
and USD 155 million respectively.  
 
4.  Annual average premium rates/fees per program me 
 
Not available.  
 
5.  Maximum repayment terms per program me 
 
Three months or six  months.  
 
6.  Annual average repayment periods per program me 
 
Three  - four months.  
 
7.  Export destination or group of destinations per program me 
 
The destinations include: Republic of Korea; Japan; Hong Kong, China; India; the United States ; 
Thailand; Pakistan; Germany; Italy and Bangladesh.  
 
8.  Program me use by product or product group  
 
Fruits and vegetables.  
 
III. The Export -Import Bank of China  
 
1. Description of the program me (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
The support provided by the Expor t-Import Bank of China is direct financing support.  
 G/AG/W/125/Rev.10/Add.2  
 
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  2. Descrip tion of Export Financing Entity  
 
The Export -Import Bank of China is a state -funded and state -owned policy bank with the status of 
an independent legal person. It is a bank directly under the s upervision of the State Council and 
dedicated to supporting China 's foreign trade, investment and international economic cooperation. 
With the Chinese government 's credit support, the Bank plays a crucial role in promoting steady 
economic growth and struct ural adjustment, supporting foreign trade, and implementing the "going 
global " strategy. It is committed to reinforcing financial support to key sectors and weak links in the 
Chinese economy to ensure sustainable and healthy economic and social development . Supports for 
export of agricultural products only account for a small proportion in their business, and most of the 
supports are working capital loans for suppliers.  
 
3. Total value of export of agricultural products covered by export credits, export cre dit 
guarantees or insurance program mes and use per program me 
 
No export financing support of agricultural products was provided in 2015. In 2016, the total value 
of export of agricultural products covered is RMB 199 million (or USD 30 million).  
 
4. Annual average premium rates/fees per program me 
 
Not available.  
 
5. Maximum repayment terms per program me 
 
150 days or 250 days.  
 
6. Annual average repayment periods per program me 
 
200 days.  
 
7. Export destination or group of destinations per program me 
 
The destinat ions include: Republic of Korea; Japan;  Hong Kong, China; India;  the United States ; 
Thailand; Pakistan; Germany;  Italy and Bangladesh.  
 
8. Program me use by product or product group : 
 
Apple juice, coffee.  
 
IV. China Export & Credit Insurance Corporation (SINOSURE)  
 
1.  Description of the program me (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support)  and relevant legislation  
 
The export credit insurance program mes provided by SINOSURE are risk cover provided on regular 
commercial terms and conditions.  
 
2.  Description of Export Financing Entity  
 
SINOSURE  is a state -owned insurance company with the mandate to promote Chinese exports of 
goods, technologies and service, especially high -tech and high value -added capital goods such as 
electromechanical products. State owned enterprises ' overseas investment, by  means of export 
credit insurance against non -payment risks. SINOSURE 's main products include medium - and long -
term export credit insurance, overseas investment insurance and short -term export credit insurance. 
Currently, SINOSURE provides insurance for ex port of agricultural products fully on commercial 
terms.  
 G/AG/W/125/Rev.10/Add.2  
 
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  3.  Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per program me 
 
In 2015, the total value of export covered by export insurance is USD 11.9 billion. In  2016, the total 
value of export covered by export insurance is USD 13.9 billion.  
 
4.  Annual average premium rates/fees per program me 
 
Not available.  
 
5.  Maximum repayment te rms per program me 
 
No more than 18 months.  
 
6.  Annual average repayment periods per program me 
 
No more than 12 months.  
 
7.  Export destination or group of destinations per program me 
 
The exportation destinat ions include: the United States; Hong Kong, China; Japan;  the United  Arab 
Emirates and Indonesia.  
 
8.  Program me use by product or product group  
 
Since the insurance is provided on commercial terms, SINOSURE only considers the risks associated 
with the importer and the importing country, rather than th e products being exported. And the 
clients are only requested to declare the amount to be insured, and the information regarding the 
products being insured is not necessary. Therefore, the information on product or product groups is 
not available.  
 G/AG/W/125/Rev.10/Add.2  
 
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  European Union  
No export credit, export credit guarantees,  or insurance programmes are operated at the EU level. 
The available data concerning various export financing schemes operated by the EU member States 
is annexed to this note .2 No data on export financing programmes operated has been submitted by 
Luxembour g. Nil replies were provided by Belgium, Cyprus, Greece, Ireland, Italy, Malta, Portugal 
and Spain.  
 
Austria  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmenta l export credit support) 
and relevant legislation  
 
General programmes (non -agriculture specific) for export credit insurance. An extremely limited 
volume of agricultural products is covered under the General program. Agricultural products are 
usually covered by the private market.   
 
Federal Law relating to the granting of Guarantees for Contracts and Rights (Export Guarantees Act), 
Federal Law Gazette No.215/1981 as last amended on 24  April 2017 ( https://www.ris.bka.gv.at/ ). 
 
2. Description of Export Financing Entity  
 
Oesterreichische Kontrollbank AG (OeKB ). 
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per programme : 
 
None in 2018 . 
 
4. Annual average premium rate s/fees per programme  
 
Not applicable.  
 
5. Maximum repayment term s per programme  
 
Not applicable.  
 
6. Annual average repayment period s per programme  
 
Not applicable.  
 
7. Export destination or group of destinations per programme  
 
Not applicable.  
 
8. Programme  use by product or product group  
 
Not applicable.  
  
                                                
2 In some EU member States the d ata on "exports" includes intra -EU trade as disaggregated data on 
extra-EU trade only is not available.  G/AG/W/125/Rev.10/Add.2  
 
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  Bulgaria  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Risk cover programme against non -marketable short -term and medium -term commercial and 
non-commercial risks. The programme does not involve any credit instruments. Hence repayment 
and respectively maximum repayment term and annual average repayment period, are not 
applicable . 
 
Bulgarian Export Insurance Act, Order No. 101 of the Council of Minis ters of the Republic of Bulgaria 
dated 18 December 1997  
 
2. Description of Export Financing Entity  
 
Bulgarian Export Insurance Agency (BAEZ) : http://baez.bg/ .  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per programme  
 
Total value of exports covered by non -marketable short -term commercial risk (in  million  EUR) 2018: 
14.351.  
 
4. Annual avera ge premium rate s/fees per programme  
 
Annual average premium rated for non -marketable short -term commercial risk (%) 2018: 0.35.  
 
5. Maximum repayment term s per programme  
 
Not applicable.  
 
6. Annual average repayment period s per programme  
 
Not applicable.  
 
7. Export destination or group of destinations per programme  
 
Brazil, Chile, China, Greece, India, North Macedonia, Russian Federation, Turkey, Ukraine, 
United  Arab Emirates.  
 
8. Programme  use by product or product group  
 
Fruits, nuts, vegetables, coffee, tea, spices, dairy . G/AG/W/125/Rev.10/Add.2  
 
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  Czech Republic  
 
1. Description of the program me (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental exp ort credit support) 
and relevant legislation  
 
EGAP - short-term export credit insurance (Insurance of a Short -Term Export Supplier Credit, resp. 
Insurance of a Short -Term Export Supplier Credit Financed by a Bank).  
 
Legal basis: EGAP  operates in accordance with the regulations in force: Insurance Act No.  277/2009 
Coll. as amended, and Act No. 58/1995 Coll., on Insurance and Financing of Exports with State 
Support and on Supplement  to Act No. 166/1993 Coll., on the Supreme Audit Office , as amended.  
 
CEB - Česká exportní banka, a.s. (Czech Export Bank or CEB) provides short -term and long -term 
export financing support (export credits, guarantees, purchase of export receivables etc.) for Czech 
exporters, i.e. general export promotion progr ammes not focused on agricultural products. 
CEB operates in accordance with Act No. 58/1995 Coll., on Insurance and Financing of Exports with 
State Support and on Supplement to Act No. 166/1993 Coll., on the Supreme Audit Office, as 
amended.  
 
2. Descriptio n of Export Financing Entity  
EGAP (Exportní garanční a pojišťovací společnost, a.s./Export Guarantee and Insurance Corporation) 
is an insurance company having a legal form of a joint -stock company fully owned by the Czech 
state (1 shareholding ministry: Mi nistry of Finance).   
https://www.egap.cz/en  
CEB Česká exportní banka, a.s. (Czech Export Bank) is a specialized banking institution with an 
exclusive authorization to provide financing to promote the Czech exports, es tablished in 1995 under 
the laws of the Czech Republic.  
https://www.ceb.cz/en/  
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programs and use per pr ogram me 
 
EGAP : 2018 - CZK mil. 241.2  
 
CEB: 2018 - CZK mil. 331.6  
 
4. Annual average premium rates/fees per program me 
 
EGAP : 3,1%  
 
CEB: N/A. 
 
5. Maximum repayment terms per program me 
 
EGAP : 12 months is the maximum repayment term of the realized transactions. In general, 
maximum available repayment term of this program is two years. However, maximum repayment 
term for the export of agricultural products/commodities is 18 months. It is part of the product 
overview – basic terms and conditions of in surance on the company 's website.  
 
CEB: Short -term general programs up to two years, long -term general program mes in compliance 
with the OECD Arrangement on Officially Supported Export Credits.  
 
As of 31 December 2017, CEB provides supported financing for agricultural products specified in the 
WTO 2015 Nairobi Ministerial Decision with a maximum repayment term of no more than  18 months.  
 G/AG/W/125/Rev.10/Add.2  
 
- 19 - 
 
  6. Annual average repayment periods per program me 
 
EGAP : 11.2 months . 
 
CEB: one  year (supported financing for agricultural products - purchase of receivables) . 
7. Export destination or group of destinations per program me 
 
EGAP : Angola, Armenia, Belarus, Cuba, Kazakhstan, Russia n Federation , Ukraine.  
 
CEB: Cuba. 
 
8. Program me use by product or product group  
 
EGAP : Food supplements, wheat, milk products, pasta, beer, baking mixtures, etc.  
 
CEB: food wheat, milk powder . 
  G/AG/W/125/Rev.10/Add.2  
 
- 20 - 
 
  Croatia  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
General program mes (non -agriculture specific) for supplier credit, buyer credit and export 
guarantees, short term insurance and reinsurance.  
 
Legal basis: Act on the Croatian Bank for Reconstruction and Development ( OG 138/06,  OG 25/13).  
Regulation on Export Credit Insurance ( OG 61/07, OG 92/08, OG 79/10).  
 
2. Description of Export Financing Entity  
 
"Hrvatska banka za obnovu i razvitak " (HBOR) is the development and export bank of the Republic  of 
Croatia and provides export credit insurance operations on behalf and for account of  the Republic of 
Croatia.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per programme  
 
699,759 EUR in 2018.  
 
4. Annual average premium rate s/fees per programme  
 
This information is not held . 
 
5. Maximum repayment term s per programme  
 
18 months.  
 
6. Annual average repayment period s per programme  
 
This information is not held . 
 
7. Export destination or group of destinations per programme  
 
Bosnia and Herzegovina, Italy, Czech Republic, U nited States of America , Germany, France, Spain, 
Slovenia, North Macedonia, Montenegro . 
 
8. Programme  use by product or product group  
 
Hazelnut, Jam, Bee Food, Vine, Spices, Truffles, Apples, Fruit Syrups.  
 
 G/AG/W/125/Rev.10/Add.2  
 
- 21 - 
 
  Denmark  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
General export credit programme for Danish exporters.  
 
Reinsu rance programme available for the private, commercial export credit agencies operating in 
Denmark, but only to exports to markets outside the EU and OECD, as official export credit s of 
agricultural products are not permitted within these markets.  
 
Legal ba sis: Act no. 104 of 3 February 2016 on EKF Denmark 's Export Credit Agency.  
 
2. Description of Export Financing Entity  
 
Denmark 's Export Credit Agency (EKF) is an official export credit agency,100% owned by the Danish 
state.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per programme  
 
Danish general export credit programme covers some agricultural products. During 2018, EKF has 
issued export c redit guarantees covering export of agricultural products worth approximately DKK  30 
million.  
 
EKF reinsures exports of all type of products insured by the private insurance companies. Separate 
value of agricultural products is not available.   
 
4. Annual a verage premium rate s/fees per programme  
 
Depends on the credit rating of the individual destination country.  
 
5. Maximum repayment term s per programme  
 
General export credit programme covering breeding animals: 18 months.  
Other agricultural products: One year or less.  
Reinsurance programme: 180 days.  
 
6. Annual average repayment period s per programme  
 
As above . 
 
7. Export destination or group of destinations per programme  
 
Mainly countries outside the EU/OECD.  
 
8. Programme  use by product or product group  
 
General export credit program me: Primarily capital goods.  
 
Reinsurance program me: All types of goods, but typically consumer goods.  
 G/AG/W/125/Rev.10/Add.2  
 
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  Estonia  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Products offered to agricultural and food processing industry are under short term credit insurance 
products.  
 
Estonian Law - State Export Guarantees Act:  
https://www.riigiteataja.ee/en/eli/506012014002/consolide . 
 
2. Description of Export Financing Entity  
 
KredEx Krediidikindlustus AS . 
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per programme  
 
In 2018 the value of export of agricultural products/food covered by short term credit insurance 
under state e xport support legislation was EUR 7.9 million.  
 
4. Annual avera ge premium rate s/fees per programme  
 
Short -term credit insurance premiums are provided in the insurance contracts and are negotiated 
with individual exporter according to insurance cover provid ed. Premium rates range between 0,2% 
and 2% of insured credit turnover across all industries.  
 
5. Maximum repayment term s per programme  
 
Short -term credit insurance: up to 12 months.  
 
6. Annual average repayment period s per programme  
 
For short-term credit insurance two months.  
 
7. Export destination or group of destinations per programme  
 
Short -term credit insurance to only non -OECD countries eligible for the state support.  
  
8. Programme  use by product or product group  
 
All industries, including food processing industry and fisheries (without specification).  G/AG/W/125/Rev.10/Add.2  
 
- 23 - 
 
  Finland  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
General programme  (non-agriculture specific) for risk cover and credit insurance.  
 
No. 422/2001 Act on State 's Export Credit Guarantees . 
 
2. Description of Export Financing Entity  
 
Finnvera plc, State specialized financing company .  
 
https://www.finnvera.fi/ . 
 
3. Total value of export of agricultural products covered by export credits, export credit 
guara ntees or insurance program mes and use per programme  
 
Total covered exports for  agricultural products were EUR  13 mill ion in 2014, EUR 12 million in  2015, 
EUR 6 million in 2016 , EUR 7 million in 2017  and EUR 13 million in 2018 . 
 
4. Annual avera ge premium rate s/fees per programme  
 
2,0% - 3,0% per annum on the volume of covered exports . 
 
5. Maximum repayment term s per programme  
 
180 days . 
 
6. Annual average repayment period s per programme  
 
Typical credit terms are 30 -90 days . 
 
7. Export destination or group of destinations per programme  
 
In 2018 largest volumes were exported to the Russian Federation, around 70% of supported exports.  
 
8. Programme  use by product or product group  
 
In 2018 barley malt accounted for 48% of supported e xports, animal feed 20%, milk products  18% 
and butter 13%.  
 G/AG/W/125/Rev.10/Add.2  
 
- 24 - 
 
  France  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Short -term export credit guarantees for the financing of exports of certain food products to Cuba, 
temporary short -term credit insurance scheme for exports to Greece, and short -term export credit 
guarantees for non -marke table risk in Egypt, Lebanon and Algeria.  
 
French Insurance Code (L.432 -2 and following articles, R. 442 and following articles).  
 
Communicat ion from the Commission to the member States on the application of Articles  107 
and 108 of the Treaty on the Functioning of the European Union to short -term export -credit 
insurance.  
 
Nairobi Ministerial Decision on Export Competition (maximum repayment term).  
 
2. Description of Export Financing Entity  
 
Bpifrance Assurance Export.  
 
A financial company under public control, duly empowered by French law to manage and grant 
export guarantees on behalf of the French State.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
About EUR  46,5 million of which:  
• around 1,5 million was exported to Greece;  
• around 0,1 million was exported to Algeria (no guarantee was delivered in 2018 by the 
program mes dedicated to the Lebanese Republic and Egypt);  
• nearly 45 million was ex ported to Cuba.  
 
4. Annual average premium rate s/fees per programme  
 
Cuba: 2,420%  
Algeria: 1%  
Greece: 6,5%  
 
5. Maximum repayment term s per programme  
 
18 months . 
 
6. Annual average repayment period s per programme  
 
Cuba: 360 days  
Algeria: 45 days  
Greece: 90 days . 
 
7. Export destination or group of destinations per programme  
 
Cuba, Greece, Algeria, Egypt, Lebanon.  
 G/AG/W/125/Rev.10/Add.2  
 
- 25 - 
 
  8. Programme  use by product or product group  
 
Cuba:  
  
EUR 42 212 265 guaranteed for cereals (wheat and malt);  
EUR 2 605 713 guaranteed for milk.  
 
Algeria:  
 
EUR 135 000 guaranteed for live animals (cows).  
 
Greece:  
 
EUR 1 532 000 guaranteed for frozen meat.  
  G/AG/W/125/Rev.10/Add.2  
 
- 26 - 
 
  Germany  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Pure cover only (no specific agriculture programme).  
 
Annual Budget law 2018 and the Guidelines on the grant of Export Guarantees, as last amended 
on 4 June 2014  (only German version).  
 
2. Description of Export Financing Entity  
 
Euler Hermes Aktiengesellschaft is charged with the management of the state export guarantee 
scheme. It acts as service provider for the government of Federal Republic of Germany.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per programme  
 
Nil. 
 
4. Annual average premium rate s/fees per programme  
 
Not applicable.  
 
5. Maximum repayment term s per prog ramme  
 
Not applicable.  
 
6. Annual average repayment period s per programme  
 
Not applicable.  
 
7. Export destination or group of destinations per programme  
 
Not applicable.  
 
8. Programme  use by product or product group  
 
Not applicable.  
 G/AG/W/125/Rev.10/Add.2  
 
- 27 - 
 
  Hungary  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Hungarian Export Credit Insurance Ltd. provides export credit insurance for non -payment of the 
buyer or the credit debtor.  
 
Hungarian Export -Import Bank provides official support in form of guarantees to exporters and direct 
lending directly or via refinanced financial institutions. Hungarian E xport -Import Bank conducts the 
tied aid facilities to developing countries.  
 
Acts: 
 
• Act XLII of 1994 on the Hungarian Export -Import Bank Private Limited Company and the 
Hungarian Export Credit In surance Private Limited Company.  
• Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises.  
 
Decrees:  
 
• Decree No. 312/2001 (XII. 28.) on the terms of the insurance of non -marketable risks by the 
Hungarian Export Credit Insurance Plc. with a government payment guarantee provided from the 
central budget.  
 
• Decree No. 18/2009 (VIII. 6.) MNB of the Governor of the National Bank of Hungary on Payment 
Services Activities . 
 
2. Description of Export Financing Entity  
 
Hungarian Export Credit Insurance Ltd. and  Hungarian Export -Import Bank were esta blished 
in 1994. The official export credit agency (ECA) is a private company limited by shares, which is 
solely owned by the State, but its funding is achieved through the capital market.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
• Export credit insurance covered EUR 6.4 million in 201 8.  
• Official guarantees were not issued.  
• The value of outstanding officially supported export credits was EUR 12.1 million in 201 8. 
 
4. Annual average premium rate s/fees per programme  
• For short term export credit insurance, the annual average premium rate was 1.79% 
in 2018.  
• For medium and long term insurance: N/A.  
• The annual average weighted interest rate for the credits was 1.34 % in 2018.  
5. Maximum repayment term s per programme  
 
The maximum repayment term of export credits and export credit insurance is maximum 18  months.  
 
6. Annual average repayment period s per programme  
 
• The average repayment period under ST c redit insuranc e was approx. 16 months for 
year 2018.  
• For MLT insurance: N/A.  
 G/AG/W/125/Rev.10/Add.2  
 
- 28 - 
 
  7. Export destination or group of destinations per programme  
 
As far as non -EU countries are concerned, the following destinations prevailed in 2018:  
 
• Insurance cover: Russian Federation, Republic of Moldova, Tajikistan, Honduras, Belorussia, 
Serbia;  
• Credits: Russian Federation, North Macedonia, Kosovo, Honduras, Azerbaijan.  
 
8. Programme  use by product or product group  
 
Raising of pigs, beef processing, seeds, other processing and preserving of fruit and vegetables.  
 
  G/AG/W/125/Rev.10/Add.2  
 
- 29 - 
 
  Latvia  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Short -term export credit guarantees – short term export credit insurance for export transactions 
with deferred payment for General programme (non -agriculture) up to 730 days, for agricultural 
products up to 547 days.  
 
Risk cover: sho rt-term export credit insurance for non -marketable and temporarily non -marketable 
risks.  
 
Legislation:  
 
1. Regulation No 866 on short -term export credit guarantees for economic entities approved 
on 20 December 2016 by Ministers of Cabinet;  
2. Communication from the Commission to the member States on the application of 
Articles  107 and 108 of the Treaty on the Functioning of the European Union to short -term 
export credit insurance (2012/C 392/01);  
3. EC Decision: State aid SA.47233 (2017/N) – Latvia "Short term expor t credit Scheme".  
 
2. Description of Export Financing Entity  
 
Guarantees are provided by Development  Finance Institution Altum , JSC. 
 
Fully owned by the Latvian state, the shareholders are Ministry of Economics, Ministry of Finance 
and Ministry of Agriculture.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
Issued export credit guarantees specific for agricultural products: 2.77 million EUR.  
 
4. Annual average premium rate s/fees per programme  
 
0,8% . 
 
5. Maximum repayment term s per programme  
 
General programme (non -agriculture) up to 730 days.  
For export transactions of agricultural products deferred payment up to 547 days, (18 months).  
 
6. Annual average repayment period s per programme  
 
79 days. 
 
7. Export destination or group of destinations per programme  
 
Belarus, Russian Federation, Europe, Asia, the Middle East, Africa and America.  
 G/AG/W/125/Rev.10/Add.2  
 
- 30 - 
 
  8. Programme  use by product or product group  
Export cre dit guarantee program me is not limited to specific products or sectors.  
The following food -related sectors (C.10 by NACE 2 Classification) have been subject to the 
programme:  
 
10.2 - Processing and preserving of fish, crustaceans and mollus cs; 
10.3 - Processing and preserving of fruit and vegetables;  
10.5 - Manufacture of dairy products;  
10.6 - Manufacture of grain mill products, starches and starch products;  
10.7 - Manufacture of bakery and farinaceous products;  
10.8 - Manufacture of other food produc ts; 
10.9 - Manufacture of prepared animal feeds;  
11.0 - Manufacture of beverages.  
 G/AG/W/125/Rev.10/Add.2  
 
- 31 - 
 
  Lithuania  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of government al export credit support) 
and relevant legislation   
 
General programmes for providing export credit guarantees. Resolution on the approval of 
regulations for providing export credit guarantees dated 13 September 2017 No 746 of the 
Government of the Republi c of Lithuania.  
 
2. Description of Export Financing Entity  
 
Limited liability company Investment and Business Guarantees (INVEGA).  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
In 2018, one application was received to insure export of agricultural products (grains) to 
unmarketable risk country. Total amount - 27 000 EUR.  
 
4. Annual average premium rate s/fees per programme  
 
Payable fee for the export credit guarantee is calculated for each declared sale of export goods (with 
a deferred payment option) during the applicable term for invoicing. In every case it depends on the 
risk profile of a foreign buyer, risk group of the country of destinatio n, amount of the guarantee and 
the due date of deferred payments.  
 
5. Maximum repayment term s per programme  
 
45 days.  
 
6. Annual average repayment period s per programme  
 
45 days.  
 
7. Export destination or group of destinations per programme  
 
South Africa . 
 
8. Programme use by product or product group  
 
Grains . 
 G/AG/W/125/Rev.10/Add.2  
 
- 32 - 
 
  The Netherlands  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
a.   Export Credit Insurance and Export Credit Guarantee (insurance against non -payment, exchange 
risks, political risks, natural disaster, etc). The actual financing of the export transactions is d one 
by private banks while the executing agency (see below) serves as the guarantor of the various 
export credit insurance and guarantee schemes.  
b.   Dutch Good Growth Fund:  Similar to the Export Credit Insurance scheme aimed at export 
transaction with developing countries targetting SME 's both in the Netherlands as well as 
developing countries. Both export credit insurance as well as export financing schemes.  
c.   Dutch Trade and Investment Fund : DTIF is similar to DGGF, the difference is that it is open to 
all countries other than DGGF countries and also other companies than only SME's. The scheme 
is provided on the basis of additionality to the private sector.  
Legal Basis: Private Company serving  as the executing agency for the Netherlands Ministry of 
Finance.  
 
2. Description of Export Financing Entity  
 
Atradius Dutch State Business, integral part of the Atradius Group (private) . 
 
3. Total value of export of agricultural products covered by export  credits, export credit 
guarantees or insurance program mes and use per  programme  
 
Nil. 
 
4. Annual average premium rate s/fees per programme  
 
The prem ium rate is 2. 684 % on the contract value. The maximum clai ms amount was topped at 
EUR 742, 500. 
 
5. Maximum repayment term s per programme  
 
180 days . 
 
6. Annual average repayment period s per programme  
 
180 days . 
 
7. Export destination or group of destinations per programme  
 
The destination of the goods/country of the buyer is Afghanistan.  
 
8. Programme  use by product or product group  
 
Not applicable . 
 G/AG/W/125/Rev.10/Add.2  
 
- 33 - 
 
  Poland  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation  
 
Risk Cover -Insurance of short -term export receivables against non -marketable risk and bonds 
concerning letters of credit - facilities backed by the State Treasury.  
  
Legal basis:  
 
• The Act of 7 July 1994 on Export Insuranc e Guaranteed by the State Treasury;  
• Regulation of the Minister of Economy of 19 December 2014 – concerning the maximum 
percentage share of foreign -origin components in the net revenues from performance of an 
export contract and the types of evidence to serve as the basis for determining the origin of 
a product or service.  
2. Description of Export Financing Entity  
 
KUKE S.A.: a joint stock company registered in Poland with a majority share held by the State 
Treasury that is mandated to provide  export insuranc e backed by the State Treasury.  
 
KUKE S.A. extends also cover of domestic and export receivables on market conditions as well as 
contract guarantees.  
 
http:/www.kuke.com.pl/  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
85,707,077.85 USD  
 
4. Annual avera ge premium rate s/fees per programme  
 
Trade receivables insurance: 0 .672%.  
Bonds concerning LCs: 0.757% . 
 
5. Maximum repayment term s per programme  
 
Maximum repayment term cannot exceed 540 days.  
 
6. Annual average repayment period s per programme  
 
Trade receivables insurance: 6 2 days.  
Bonds concerning LCs: 338 days. 
 
7. Export destination or group of destinations per programme  
 
Geographic distribution of supported by KUKE  export is dominated by Ukraine, Russian Federation, 
Belarus, Serbia, North Macedonia.  
 
8. Programme  use by product or product group  
 
Meat, cereals, fruits and vegetables, dairy products, soft drinks, agriculture products and other food 
products.  
 G/AG/W/125/Rev.10/Add.2  
 
- 34 - 
 
  Romania  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Risk cover: Short -term export credit insurance for non -marketable and temporarily non -marketable 
risks (pure cover) .  
 
Relevant legislation:  
 
• Communicat ion from the Commission to the m ember States on the application of Articles  107 
and 108 of the Treaty on the Funct ioning of the European Union to short -term export -credit 
insurance 2012/C 392/01;  
• Law no. 96/2000, as republished, regarding the organisation and functioning of Banca de 
Export -Import a Romaniei Exim Bank S.A., published in the Official Journal of Romani a, Part  I, 
no. 260/18.04.2007 ;  
• Government Decision no. 534/2007, regarding the establishment, responsibilities  and 
functioning of the Interministerial Committee for Financing, Guarantees and Insurance, 
published in the Official Gazette of Romania, Part I, no. 417/22.06.2007, as amended ;  
• Norm "Short -term export credit insurance, on behalf and for the account of the State, of non -
marketable and temporarily non -marketable risks", published in Official Gazette of Romania, 
Part I, no. 211/28.03.2017 , as am ended by Norm published in Official Gazette of Romania, 
Part I, no 86/30.01.2018 . 
 
2. Description of Export Financing Entity  
 
According to the provisions of Law n o. 96/2000, the Export -Import Bank of Romania EximBank  S.A. 
is authorized to provide on behalf and for the account of the Romanian State :  
a.   short term cover for non -marketable and temporarily non -marketable risks, in compliance 
with the Communicat ion from the Commission to the m ember States on the application o f 
Articles 107 and 108 of the Treaty on the Functioning of the European  Union to short -term 
export -credit insurance (2012/C 392/01), as amended;  
b.   medium and long term cover, in compliance with Regulation (EU) No. 1233/2011 of the 
European Parliament and of the Council of 16 November 2011 on the application of certain 
guidelines in the field of officially supported export credits, as amended.  
EximBank' medium and long -term cover does  not apply to exports of agricultural commodities, which 
are outside the scope of the EU Regulation incorporating the OECD Arrangement on Officially 
Supported Export Credits.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
Nil. 
 
4. Annual average premium rate s/fees per programme  
 
2018: Nil. 
 
Note: EximBank  applies the same risk -based pricing methodology and premium rates for all types 
of exports, either industrial, agricultural goods or services . 
 
5. Maximum repayment term s per programme  
 
Up to two years.  
Note: Starting 2018, the maximum repayment terms for agricultural products is no more than 
18 months, in compliance with the Nairobi Ministerial Decision of 19 December 2015 – 
WT/MIN(15)/45 – WT/L/980.  G/AG/W/125/Rev.10/Add.2  
 
- 35 - 
 
  6. Annual average repayment period s per programme  
 
Up to two  years . 
  
Note: Starting from 2018, t he annual average repayment periods shall be correlated with the 
maximum repayment terms for agricultural products which do not exceed 18 months, in compliance 
with the Nairobi Ministerial Decision of 19 December 2015 - WT/MIN(15)/45 - WT/L/980 . 
 
7. Export  destination or group of destinations per programme  
 
In principle, EximBank  is open for cover for non -EU and non -OECD countries that are not subject to 
EU and international sanctions.  
 
8. Programme use by product or product group  
 
In principle, EximBank  is open to cover all types and groups of agricultural products which obtain 
the export licence from the Agency for Payments and Intervention in Agriculture (APIA) . G/AG/W/125/Rev.10/Add.2  
 
- 36 - 
 
  Slovak  Republic  
 
1. Description of the programme (direct financing support , risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
The Export -Import bank of the Slovak Republic (EXIMBANKA  SR) covers support for export of the 
agricultural products within its portfolio of financing and insurance services in compliance with 
international regulations for export credits of EU, OECD and WTO, with maximum repayment term 
not exceeding 18 months.  
 
2. Description of Export Financing Entity  
 
EXIMBANKA SR as official export – credit agency of the Slovak Republic and only direct instrument 
of the state for official support of export, providing banking and insurance services . 
 
3. Total value of export of  agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
EXIMBANKA SR covers support for export of the agricultural products within its portfolio of financing 
and insurance services in compli ance with international regulations for export credits of  EU, OECD 
and WTO, with maximum repayment term not exceeding 18 months.  
The figures of programmes used per agricultural products are not recorded separately. Provided data 
are separated from overall dataset and selectively filtered by sector.  
 
Total value of exports (in million EUR), 2018: 18 .4. 
 
4. Annual average premium rate s/fees per program me 
 
EXIMBANKA  SR covers support for export of the agricultural products within its portfolio of financing 
and insurance services in compliance with international regulations for export credits of EU, OECD 
and WTO, with maximum repayment term not exceeding 18 months.  
Annual average premium rate/fee of programmes  used per agricultural products are not recorded 
separately. Provided data are separated from overall dataset and selectively filtered by sector.  Max.: 
2.2%. 
 
5. Maximum repayment term s per program me 
 
EXIMBANKA SR covers support for export of the agricultural products within its portfolio of financing 
and insurance services in compliance with international regulations for export credits of  EU, OECD 
and WTO, with maximum repayment term not exceeding 18 m onths.  
 
6. Annual average repayment period s per program me 
 
EXIMBANKA  SR covers support for export of the agricultural products within its portfolio of financing 
and insurance services in compliance with international regulations for export credits of EU, OECD 
and WTO, with maximum repayment term not exceeding 18 months.  
Annual average repayment period figures of program mes used per agricultural products are not 
recorded separately. Provided data are separated from overall dataset and selectively filtered by 
sector . 
 
2018 – 12 months . 
 
7. Export destination or group of desti nations per program me 
 
• Financing: Russian Federation, Romania, Italy ; 
• Insurance cover: Belarus, Romania, Denmark, Hungary, Serbia, Czech Republic, Poland, Italy, 
Netherlands, Germany . 
8. Program me use by product or product group  
 
Meat and meat products, dairy products, cereals and cereal products, animal feed, seeds.  G/AG/W/125/Rev.10/Add.2  
 
- 37 - 
 
  Slovenia  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation  
 
No specific supporting program mes/schemes for export of agricultural products . 
 
2. Description of Export Financing Entity  
 
SID Bank Inc., Ljubljana operate s as export -credit bank and as authorized Slovene export -credit 
agency (ECA), which provides non -marketable insurance on behalf and for the account of the 
Republic of Slovenia.  
 
In the reporting years, i.e. 2016, 2017 and 2018, the SID bank Inc. did not es tablish any specific 
schemes and did not approve any export credit, export credit guarantee or insurance programme to 
support the export of agricultural products.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
2016: 0.00 EUR  
2017: 0.00 EUR  
2018: 0.00 EUR  
 
In the reporting years, i.e. 2016, 2017 and 2018, the SID bank Inc. did not establish any specific 
schemes and did not approve any export credit, export credit guarantee or insurance programme to 
support the export of agricultural products.  
 
Source: SID Bank Inc, Ljubljana, 29.01.2019.  
 
4. Annual average premium rate s/fees per programme  
 
Not applicable . 
 
5. Maximum repayment term s per programme  
 
Not applicable . 
 
6. Annual average repayment period s per programme  
 
Not applicable . 
 
7. Export destination or group of destinations per programme  
 
Not applicable . 
 
8. Programme use by product or product group  
 
Not applicable . G/AG/W/125/Rev.10/Add.2  
 
- 38 - 
 
  Sweden  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Risk Cover (Guarantee for Trade Receivables and Letter of Credit Guarantee) . 
 
2. Description of Export Financing Entity  
 
EKN is a state agency operating under The Ministry for Foreign Affairs.  http://www.ekn.se.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
SEK 82.0 million in 201 8. 
 
4. Annual average premium rate s/fees per programme  
 
Approximately 1 .5% in 201 8. 
 
5. Maximum repayment term s per programme  
 
180 days . 
 
6. Annual average repayment period s per programme  
 
Approximately 90 days in 201 8. 
 
7. Export destination or group of destinations per programme  
 
China, Kenya, Russian Federation, Turkey, Uganda, Ukraine.  
 
8. Programme  use by product or product group  
 
Confectionary; vegetable oils and fats; flavouring; food stuff; frozen vegetables; healthy grains and 
cereals; lingonberry jam; mineral water; soft drinks; juice; beer; malt; powdered eggs; salted and  
smoked meat products; snacks; skins, hides and leather.  
 
 G/AG/W/125/Rev.10/Add.2  
 
- 39 - 
 
  United  Kingdom  
 
1. Description of the programme (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Export Insurance Policy (EXIP)  
An EXIP insures an exporter against the risk of not being paid under an export contract or of not 
being able to recover the costs of performing that contract because of certain event s which prevent 
its performance or lead to its termination.  
UK Export Finance's powers are set out in the Export and Investment Guarantees Act  1991 as 
amended by the Industry and Exports (Financial Support) Act 2009.  
 
https://www.ukef.gov.uk  
 
2. Description of Export Financing Entity  
 
UK Export Finance is the UK 's official export credit agency and is a UK ministerial department under 
the Secretary of State for International Trade. T he Minister of State for Trade and Investment has 
day to day responsibility for the operation of UKEF.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
2018: GBP 1.58 million . 
 
4. Annual average premium rate s/fees per programme  
 
This information is not held . 
 
5. Maximum repayment term s per programme  
 
18 months . 
 
6. Annual average repayment period s per programme  
 
This information is not held . 
 
7. Export destination or group of destinations per programme  
 
Brazil, Lebanon, Pakistan, Ukraine .  
 
8. Programme  use by product or product group  
 
Frozen fish, scotch/whisky, health foods, inoculants, animal feed  
 G/AG/W/125/Rev.10/Add.2  
 
- 40 - 
 
  Hong Kong, China  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
Hong Kong Expo rt Credit Insurance Corporation (HKECIC), which was established under the 
Hong Kong Export Credit Insurance Corporation Ordinance (Cap. 1115), provides exporters of 
HKC with insurance protection against non -payment risks arising from commercial and politic al 
events.  
 
2. Description of Export Financing Entity  
 
Pursuant to Section 9(4) of Cap. 1115, HKECIC is required to pursue a policy directed towards 
securing revenue sufficient  to meet all expenditure properly chargeable to its revenue account. 
HKECIC operates on a commercial and self -financing basis. HKECIC takes on risks on merit grounds 
and charges its policyholders risk -based premiums. The Government does not provide any rec urrent 
subvention to HKECIC and there is no influence from the Government in HKECIC 's risk underwriting 
activities.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per p rogramme  
 
Financial year ending 31 March 2018: HK$67 million.  
 
4. Annual average premium rates/fees per programme  
 
Insurance premium is based on shipment value which is varied depending on the importing 
economies and payment terms of the transaction.  
 
5. Maximum repayment terms per programme  
 
Not applicable as no repayment of loans is involved.  
 
6. Annual average repayment periods per programme  
 
Not applicable as no repayment of loans is involved.  
 
7. Export destination or group of destinations per program me 
 
Major destinations were Europe, North America and Asia.  
 
8. Programme use by product or product group  
 
The demand for insurance in the agricultural sector is negligible. Major products included food 
seasonings, dried vegetables, pasta, starches and flour.  
  G/AG/W/125/Rev.10/Add.2  
 
- 41 - 
 
  Iceland  
1. Description of the program me (classification within the following categories: direct  
financing support, risk cover, government to government credit agreements or any  other 
form of governmental export credit sup port) and relevant legislation  
 
According to Act No. 61/1997, there exists an export credit guarantee program me. However, this 
program me has not been active in recent years. No applicants have applied for guarantees or other 
program mes, at least for the last eight years. The role of the Icelandic Export Credit Guarantee is 
to provide insurance and guarantees to promote Icelandic exports of goods and services, increasing 
the Icelandic investment abroad, participation in construction projects abroad and participation i n 
large construction projects in Iceland.  
 
The role is fulfilled by:  
a.   undertaking to guarantee a export credit provided by an credit institution to an exporter or 
purchaser, provided that the credit or loan is granted to finance exporting of  Icelandic produ cts 
or services;  
b.   undertaking to guarantee or provide guarantees for contracts between exporters and 
purchasers, made in respect of Icelandi c exports of goods and services;  
c.   undertaking to guarantee or ensure accountability for the performance of services or  contracts 
regarding exports of Icelandic go ods and services;  
d.   to issue performance guarantees or guarantee work responsibilities of Icelandic entities, of which 
goes to the extent of the threshold that makes public constructions obligated for public proced ure 
in the European Economic Area;  
e.   to ensure investments of domestic investors a broad because of political risk;  
f.   to secure equipment, moved abroad by a resident in relation with projects, due to political risks ; 
g.   release another form of guarantee or warrant y than the above, provided that it's mission export 
credit guarantee.  
2. Descrip tion of Export Financing Entity  
 
Not applicable.  
 
3. Total value of export of agricultural products covered by export credits, export credit  
guarantees or insuranc e program mes and use per programme  
 
Not applicable.  
 
4. Annual average premium rates/fees per programme  
 
Not applicable.  
 
5. Maxim um repayment terms per programme  
 
Not applicable.  
 
6. Annual average  repayment periods per programme  
 
Not applicable . 
 
7. Export destination or gr oup of destinations per programme  
 
Not applicable . 
 
8. Program me use by product or product group  
 
Not applicable . G/AG/W/125/Rev.10/Add.2  
 
- 42 - 
 
  Indonesia  
A. Indonesia EximBank  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government  credit agreements or any 
other form of governmental export credit support) and relevant legislation  
 
Indonesia Exim bank's programme comprises of:  
 
1. Financing  
 
Demand Side (Buyer)  Supply Side (Seller/ Exporter)  
• Buyer 's Credit  
• Overseas  Investment  Financing  • Working Capital Financing  
• Investment Financing  
• Project Financing  
 
The financing may be carried out based Conventional as well as Sharia Principles.  
 
2. Risk Cover: Guarantee & Insurance  
 
• Guarantees provided to Indonesia exporters, overseas importers and tenders related to 
project performance. Line of products: project guarantee, custom guarantee, credit 
guarante e. 
• Insurance facilities:  
Line of products: overseas investment insurance, export insurance, buyer 's default payment 
risk, political risk insurance.  
 
3. Other Form of Governmental Export Credit Support  
 
• National Interest Account:  
Special  assignment by the Government to support the national export program for the cost of 
the government and the risk is assumed by Indonesian Government (National Interest 
Account).  
• Advisory Services:  
Advisory services by coaching and advisory services to ban ks, financial institutions, exporters 
manufacturers of export goods, especially small - and medium -sized enterprises and 
cooperatives.  
Relevant legislations: Act No.  2 Year  2009 and Regulation of the Minister of 
Finance  134/PMK.08/2015.  
 
2. Description of Export Financing Entity  
 
Indonesia Eximbank (IEB ) is a financial institution wholly -owned by the Government of the Republic 
of Indonesia that was established pursuant to the Act No.  2 Year 2009 to perform the National Export 
Financing (PEN).  Indonesia Eximbank 's mandate is to support national export programme through 
national export financing. National Export Financing is a facility provided for any enterprises as well 
as any individuals for the purpose to boost the national export.  
 G/AG/W/125/Rev.10/Add.2  
 
- 43 - 
 
  3. Total va lue of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
Type of Facility  2018  2017  
Working Capital  2,567,003  17.2%  2,453,684  15.5%  
Investment  12,330,072  82.5%  13,296,879  84.2%  
Acceptance Receivable  42,852  0.3%  42,831  0.3%  
Insurance & Guarantee  0 0.0%  0 0.0%  
Total for Agricultural Sector  14,939,927  100.0%  15,793,394  100.0%  
Note: value in million IDR.  
 
4. Annual average premium rates/fees per programme  
 
We do not have specific programme for agricultural sector. Eximbank does not use specific interest 
rates for lending and export financing. The rates  are based on analysis on customer 's financial 
statement, feasibility study of the project, and its collater al amount is adjusted based on business 
cash flow (risk -based approach).  
 
5. Maximum repayment terms per programme  
 
Not applicable. We do not have specific programme for agricultural sector.  
 
For financing facilities, the tenor will be categorized as follow:  
 
- Short term tenor: ≤ 1 year ; 
- Medium term tenor: 1 – 5 year s; 
- Long term tenor: > 5 year s. 
 
6. Annual average repayment periods per programme  
 
Not applicable. We do not have specific programme for agricultural sector.  On average, repayment 
for interest will be charge on monthly basis.  
 
7. Export destination or group of destinations per programme  
 
Indonesia Eximbank 's main export destination are as follow: ASEAN Countries, Japan, U nited States 
of America , China, Europe, South Korea, India, and other s. 
 
8. Programme use by product or product group  
 
Please see the list below : 
 
HS Indonesia Eximbank 's Client Export Commodity as of 2016  Export Value 
(USD)  
02 Meat and edible meat offal  2,724,034  
05 Products of animal origin  not elsewhere specified or included  7,605  
06 Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental 
foliage  3,090,105  
07 Edible vegetables and certain roots and tubers  1,905,379  
08 Edible fruit and nuts; peel of citrus fruit or melons  1,457,796  
09 Coffee, tea, mate and spices  50,164,773  
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit; industrial or 
medicinal plants; straw and fodder  2,656,579  
13 Lac; gums, resins and other vegetable saps and extracts  7,064,838  
14 Vegetable plaiting materials; vegetable products not elsewhere specified or included  2,637,587  
15 Animal or vegetable fats and oils and their cleavage products; prepared edible fats; 
animal or vegetable waxes  46,883,350  
16 Preparations of meat, of fish or of crustaceans, molluscas or other aquatic 
invertebrates  100,992,268  
18 Cocoa and cocoa preparations  28,856,768  G/AG/W/125/Rev.10/Add.2  
 
- 44 - 
 
  HS Indonesia Eximbank 's Client Export Commodity as of 2016  Export Value 
(USD)  
19 Preparations of cereals, flour, starch or milk; pastrycooks ' products  3,977,975  
20 Preparations of vegetables, fruit, nuts or other parts of plants  3,010  
21 Miscellaneous edible preparations  10,357,347  
22 Beverages, spirits and vinegar  169,724  
23 Residues and waste from the food industries; prepared animal fodder  15,314,924  
Total  278,264,062  
 
B. Asuransi Ekspor Indonesia, Ltd (ASEI)  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government  credit agreements or any 
other form of governmental ex port credit support) and relevant legislation  
 
Risk Cover: Export Insurance ( Export Credit Insurance , Export Bill Insurance, Domestic Credit 
Insurance, Domestic Credit Insurance Financing), Credit Insurance and Guarantee, Suretyship, 
Property Insurance, Engineering Insurance, Marine Cargo Insurance, Hull and Machinery Insurance, 
Liability Insurance, Miscellaneous Insurance . 
Legislation: Government Regulation No. 20 of 1983  
 
2. Description of Export Financing Entity  
 
Asuransi Asei  Indonesia, Ltd (previously registered as Asuransi Ekspor Indonesia, Ltd - ASEI) is a 
company that provides Export Credit Insurance (ECI) services which offer an insurance for the risks 
of unpaid, either part or in total of the export bills between Indones ian exporters and foreign 
importers (buyers).  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
N/A. 
 
4. Annual average premium rates/fees per programme  
 
 2015  2016 2017  
Export Insurance  26,645  22,490  22,419  
Credit Insurance and Guarantee  65,712  41,657  93,691  
Suretyship  22,857  34,363  37,807  
General Insurance  531,204  338,862  194,690  
Note: for all products (in million IDR) . 
 
5. Maximum repayment terms per programme  
 
N/A. 
 
6. Annual average repayment periods per programme  
 
N/A. 
 
7. Export destination or group of destinations per programme   
 
N/A. 
 
8. Programme use by product or product group  
 
N/A. 
 G/AG/W/125/Rev.10/Add.2  
 
- 45 - 
 
  Jamaica  
Role and Function of the National Export Import Bank of Jamaica (EXIM Bank)  
 
The National Export Import Bank of Jamaica (EXIM Bank) is the first EXIM Bank established in the 
Caribbean.  It plays a fundamental role in national development by providing a wide range of 
financing instruments at competitive interest rates to the  productive sector, including exporters, 
potential exporters and direct suppliers of goods and services to the exporting industry.  
 
Specific focus is placed on SMEs involved in non -traditional exports  such as Tourism, Manufacturing, 
Agro Proce ssing, Mining, the Service Industry, Communication and Technology and the  Creative 
Industry.  
 
EXIM's suite of trade financing facilities include  Lines of Credit , short and medium term loans, 
denominated in both US and Jamaica dollars, Discounting Faciliti es and Trade Credit Insurance.   
 
1. Description of the programmes (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and  relevant legislation  
 
Direct Financing Support : The EXIM Bank offers trade financing through its Insurance Policy 
Discounting Facility (IPDF). Policyholders under the Trade Credit Insurance scheme can access 80% 
financing on goods insured, by assigning th e insurance policy as collateral support. Funds are 
available for a period of 120 days at an interest rate of 12% per annum.  
 
Risk Cover : Risks covered under the TCI due to non -payment by the overseas buyers, include 
protracted default or insolvency/bankru ptcy of the buyer.  
 
2. Description of Export Financing Entity:  
 
The National Export Import Bank of Jamaica offers both trade financing and trade credit insurance 
to local agricultural producers.  
 
3. Total value of export of agricultural products covered in the past 12 months:  
• Insurance JMD  36.0 million.  
• Financing JMD  16.0 million.  
 
4. Maximum Average premium rate is JMD  0.60 per JMD  100.00 worth of produce sold.  
 
5. Maximum  Repayment  Terms:  Maximum  repayment period for trade financing is 120 days.  
 
6. Annual Average Repayment Period  is 120 days.  
 
7. Export Destination:  Goods are shipped to the United States of America (USA).  
 
8. Programme use by Product:  The products utilized are the Trade Credit Insurance which acts 
as collateral for the financing provided under the Insurance Policy Discounting Facility.  
 G/AG/W/125/Rev.10/Add.2  
 
- 46 - 
 
  Japan  
1. Description of the programme (classification within the following categori es: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
Export Bill Insurance  http://nexi.go.jp/en/products/typ es/bill.html  
Export Credit Insurance for SMEs  http://nexi.go.jp/en/products/types/smes.html   
Export C redit Insurance  http://nexi.go.jp/en/products/types/export.html  
 
These programmes are all categorized as risk cover.  
 
Relevant legislation: Trade Insurance and Investment Act.  
 
2. Description of Export Financing Entity  
 
Nippon Export and Investment Insurance (NEXI) . 
 
 
 
 
 
 
 
  
  G/AG/W/125/Rev.10/Add.2  
 
- 47 - 3. Total value of export of agricultural products covered by export credits, export credit guarantees or insurance programmes an d use 
per progra mme  
Underwritten amount by export of agricultu ral products (FY1995 - Jan. 201 9) (in ¥) 
Type of Insurance  Fiscal Year (April -March)  1995  1996  1997  1998  1999  2000  2001  
Export Bill Insurance  Number of underwritten  321 308 362 443 448 446 506 
Value of export of agricultural products  1,085,881,367  1,042,748,562  1,142,927,061  1,450,225,958  1,566,587,196  1,696,053,307  1,794,343,201  
Export Credit Insurance for SMEs  Number of underwritten  - - - - - - - 
Value of expor t of agricultural products  - - - - - - - 
Export Credit Insurance  Number of underwritten  212 232 228 227 240 262 278 
Value of export of agricultural products   506,520,804  509,688,831  1,272,800,330  705,536,977  686,490,394  608,012,858  856,076,236  
Total / Number of underwritten  533 540 590 670 688 708 784 
Total/Value of export of agricultural products   1,592,402,171  1,552,437,393  2,415,727,391  2,155,762,935  2,253,077,590  2,304,066,165  2,650,419,437  
 
Type of Insurance  Fiscal Year (April -March)  2002  2003  2004  2005  2006  2007  2008  
Export Bill Insurance  Number of underwritten  512 269 275 305 303 316 286 
Value of export of agricultural products   2,040,406,324  1,100,720,060  1,086,485,744  1,278,993,110  1,304,361,795  1,440,843,995  1,386,365,204  
Export Credit Insurance for SMEs  Number of underwritten  - - - 3 11 19 25 
Value of export of agricultural products   - - - 1,544,438  23,104,267  33,981,051  40,105,262  
Export Credit Insurance  Number of underwritten  399 859 894 979 1,390  1,679  1,796  
Value of export of agricultural products   1,159,091,855  2,777,147,521  3,015,634,350  3,566,864,514  5,631,100,931  7,724,731,451  8,650,973,770  
Total / Number of underwritten  911 1,128  1,169  1,287  1,704  2,014  2,107  
Total/Value of e xport of agricultural products  3,199,498,179  3,877,867,581  4,102,120,094  4,847,402,062  6,958,566,993  9,199,556,497  10,077,444,236  
 
Type of Insurance  Fiscal Year (April -March)  2009  2010  2011  2012  2013  2014  2015  
Export Bill Insurance  Number of underwritten  289 285 258 245 238 232 225 
Value of expor t of agricultural products  1,494,431,569  1,533,160,563  1,371,128,078  1,249,134,341  1,318,254,661  1,255,783,299  1,278,846,217  
Export Credit Insurance for SMEs  Number of underwritten  29 30 34 28 85 132 183 
Value of expor t of agricultural products  46,571,107  69,908,572  84,273,412  81,453,513  412,271,273  608,710,785  971,445,893  
Export Credit Insurance  Number of underwritten  1,628  1,658  2,147  1,841  1,877  1,200  1,338  
Value of expor t of agricultural products  7,204,222,570  7,567,224,087  11,779,552,689  9,815,051,676  7,391,450,279  4,925,123,109  5,968,641,523  
Total / Number of underwritten  1,946  1,973  2,439  2,114  2,200  1,564  1,746  
Total/Value of expor t of agricultural products  8,745,225,246  9,170,293,222  13,234,954,179  11,145,639,530  9,121,976,213  6,789,617,193  8,218,933,633  
Note:  The total export value of agricultural products subject to the programmes is not available.   
  G/AG/W/125/Rev.10/Add.2  
 
- 48 - Type of Insurance  Fiscal Year (April -March)  2016  2017  2018  
(Apr. -Jan. 2019)  Total  Average  
（1995 -2017） 
Export Bill Insurance  Number of underwritten  274 255 171 7,572    
Value of export of agricultural products  1,578,407,381  1,597,238,475  1,074,842,880  33,168,170,348  1,395,362,064  
Export Credit Insurance for SMEs  Number of underwritten  252 309 278 1,418    
Value of export of agricultural products  1,077,496,761  1,224,213,780  1,363,255,375  6,038,335,489  359,621,547  
Export Credit Insurance  Number of underwritten  1,406  1,425  1,206  25,401    
Value of export of agricultural products  6,281,829,038  6,554,707,595  5,605,205,897  110,763,679,285  4,572,107,539  
Total / Number of underwritten  1,932  1,989 1,655  34,391   
Total/Value of export of agricultural products  8,937,733,180  9,376,159,850  8,043,304,152  149,970,185,122  6,170,733,955  
Note: The total export value of agricultural products subject to the programmes is not available.  
 
4. Annual average premium rates/fees per programme  
 
Annual average premium fees in FY1995 to FY201 7 are: 
 
10,662 thousand  yen (Export Bill Insurance)  
2,643 thousand yen (Export Credit Insurance for SMEs and AFF Sector)  
8,614 thousand  yen (Export Credit Insurance)  
 
Annual Average Premium fees by export of agricultural pr oducts (FY1995 -Jan. 2019) (in ¥) 
Type of Insurance  Fiscal Year  (April -March)  1995  1996  1997  1998  1999  2000  2001  
Export Bill Insurance  Number of underwritten  321 308 362 443 448 446 506 
Premium fees  15,489,053  12,176,622  11,199,676  8,811,676  12,594,458  13,092,872  13,375,315  
Export Credit Insurance for SMEs  Number of underwritten  － － － － － － － 
Premium fees  － － － － － － － 
Export Credit Insurance  Number of underwritten  212 232 228 227 240 262 278 
Premium fees  563,411  510,038  1,156,755  1,078,629  863,158  785,567  1,069,613  
Total/ Number of underwritten  533 540 590 670 688 708 784 
Total/Premium fees  16,052,464  12,686,660  12,356,431  9,890,305  13,457,616  13,878,439  14,444,928  
 
Type of Insurance  Fiscal Year  (April -March)  2002  2003  2004  2005  2006  2007  2008  
Export Bill Insurance  Number of underwritten  512 269 275 305 303 316 286 
Premium fees  14,523,671  8,066,932  7,757,395  9,649,569  9,741,880  10,537,726  10,166,721  
Export Credit Insurance for SMEs  Number of underwritten  － － － 3 11 19 25 
Premium fees  － － － 20,512  228,403  314,271  427,644  
Export Credit Insurance  Number of underwritten  399 859 894 979 1,390  1,679  1,796  
Premium fees  1,180,647  3,239,402  4,650,414  5,359,218  8,633,804  11,992,148  13,186,454  
Total/ Number of underwritten  911 1,128  1,169  1,287  1,704  2,014  2,107  
Total/Premium fees  15,704,318  11,306,334  12,407,809  15,029,299  18,604,087  22,844,145  23,780,819  
  
  G/AG/W/125/Rev.10/Add.2  
 
- 49 - Type of Insurance  Fiscal Year (April -March)  2009  2010  2011  2012  2013  2014  2015  
Export Bill Insurance  Number of underwritten  289 285 258 245 238 232 225 
Premium fees  10,085,091  11,068,910  10,020,948  9,365,344  10,013,730  8,462,076  8,787,566  
Export Credit Insurance for SMEs  Number of underwritten  29 30 34 28 85 132 183 
Premium fees  524,201  830,562  1,038,505  617,856  2,633,245  4,076,187  7,176,241  
Export Credit Insurance  Number of underwritten  1,628  1,658  2,147  1,841  1,877  1,200  1,044  
Premium fees  11,576,324  15,826,636  30,554,307  20,057,492  14,068,656  11,139,435  9,523,615  
Total/Number of underwritten  1,946  1,973  2,439  2,114  2,200  1,564  1,452  
Total/Premium fees   22,185,616  27,726,108  41,613,760  30,040,692  26,715,631  23,677,698  25,487,422  
 
Type of Insurance  Fiscal Year (April -March)  2016  2017  2018  
(Apr. -Jan. 2019)  Total  Average  
（1995 -2017) 
Export Bill Insurance  Number of underwritten  274 255 171 7,572   
Premium fees  9,948,378  10,293,679  7,309,555  252,538,843  10,662,143  
Export Credit Insurance for SMEs  Number of underwritten  252 309 278 1,418   
Premium fees  7,717,971  8,749,411  9,219,807  43,574,816  2,642 ,693 
Export Credit Insurance  Number of underwritten  1,406  1,425  1,206  25,401   
Premium fees  13,506,069  17,602,930  15,127,890  213,252,612  8,614,118  
Total/Number of underwritten  1,932  1,989  1,655  34,391   
Total/Premium fees   31,172,418  36,646,020  31,657,252  509,366,271  20,769,957  
 
Average premium rates are not available.  
 
5. Maximum repayment terms per programme  
Regarding targeted transactions, the relevant policy had been amended at the end of 2017 to follow the Nairobi Ministerial De cision. (The maximum payment 
terms shall be no more than 18 months.)  
 
6. Annual average repayment periods per programme  
Not available.  
 
 
 
 G/AG/W/125/Rev.10/Add.2  
 
- 50 - 
 
  7. Export destination or group of destinations per programme  
 
Type of Insurance  Export destination or group of destinations (FY 1995 - Dec. 2019)  
Export Bill Insurance  Australia; Belgium; Brazil; Canada; Chile; China; Colombia; 
Commonwealth of the Northern Mariana Islands (U.S.A.); Croatia; 
Denmark; Egypt; Finland; France; Germany; Greece; Guam  (USA); 
Hong Kong, China; India; Indonesia; Ireland; Israel; Italy; Korea, 
Republic  of; Malaysia; Marshall Islands; Mexico; Monaco; Netherlands; 
New Zealand; Pakistan; Palau, Republic of; Philippines; Poland; 
Saudi  Arabia, Kingdom of; Singapore; South Africa; Spai n; Sweden; 
Switzerland; Chinese Taipei; Thailand; United Kingdom; 
United  States  of America  
Export Credit Insurance for SMEs  Australia; Brazil; Canada; Chile; China; French Polynesia; Guam (USA); 
Hong Kong, China; India; Indonesia; Israel; Italy; Korea, R epublic of; 
Latvia; Lebanon; Macao, China; Malaysia; Netherlands; 
Russian  Federation; Singapore; Sri  Lanka; Switzerland; Chinese  Taipei; 
Thailand; United Arab Emirates; United States of America; New  Zealand; 
France; Viet Nam  
Export Credit Insurance  Argentine; Australia; Azerbaijan; Bahrain, Kingdom of; Belgium; Brazil; 
Cambodia; Canada; Ceuta (Spain); China; Czech Republic; Denmark; 
Ecuador; Egypt; Finland; France; Germany; Hong Kong, China; Hungary; 
India; Indonesia; Iran; Ireland; Israel; Italy; Jordan; Korea, Republic of; 
Kuwait; Latvia; Lebanon; Macao, China; Malaysia; Mauritius; Mexico; 
Mongolia; Morocco; Nepal; Netherlands; New  Caledonia (French); 
New Zealand; Nigeria; Norway; Pakistan; Philippines; Poland; Portugal; 
Qatar; Roma nia; Russian  Federation; Saudi Arabia; Singapore; Slovenia; 
South Africa; Spain; Sri Lanka; Sweden; Switzerland; Syria; 
Chinese  Taipei; Thailand; Turkey; United Arab Emirates; 
United  Kingdom; United States of America; Viet Nam  
 
8. Programme use by product  or product group  
 
Type of Insurance  HS codes of Products or Product groups (FY1995 -Jan. 2019)  
Export Bill Insurance  0408, 0506, 0509, 0510, 0602, 0709, 0710, 0711, 0712, 0811, 0902, 
0910, 1006, 1008, 1101, 1103, 1104, 1108, 1201, 1207, 1211, 1212, 
1301, 1302, 1504, 1505, 1514, 1515, 1516, 1517, 1518, 1519, 1521, 
1604, 1605, 1701, 1702, 1703, 1704, 1806, 1901, 1902, 1904, 1905, 
2001, 2003, 2005, 2006, 2008, 2101, 2102, 2103, 2104, 2105, 2106, 
2202, 2203, 2205, 2206, 2207, 2208, 2209, 2308, 2309, 2402 , 2905, 
3301, 3502, 3504, 3505, 5202  
Export Credit Insurance for SMEs  0101, 0201, 0203, 0401, 0602, 0603, 0704, 0714, 0804, 0806, 0807, 
0808, 0809, 0810, 0902, 1006, 1008, 1212, 1209, 1302, 1515, 1601, 
1602, 1604, 1605,  1701, 1702, 1806, 1901, 1902, 1904 , 1905, 2001, 
2007, 2008, 2101, 2103, 2105, 2106, 2202,  2203, 2206, 2208, 2209, 
2309 
Export Credit Insurance  0201, 0202, 0203, 0207, 0400, 0401, 0402, 0403, 0404, 0405, 0406, 
0407, 0408, 0409, 0505, 0508, 0706, 0708, 0709, 0710, 0712, 0714, 
0805, 0806, 08 07, 0808, 0809, 0810, 0811, 0813, 0901, 0902, 0904, 
0909, 0910, 1001, 1006, 1008, 1101, 1102, 1104, 1106, 1108, 1109, 
1201, 1202, 1207, 1208, 1209, 1212, 1213, 1214, 1301, 1302, 1404, 
1502, 1503, 1504, 1505, 1506, 1507, 1509, 1515, 1516, 1517, 1518, 
1519, 1520, 1521, 1603, 1604, 1605, 1702,  1704, 1806, 1901, 1902, 
1904, 1905, 2001, 2004, 2005, 2006, 2007, 2008, 2009, 2101, 2102, 
2103, 2104, 2105, 2106, 2201, 2202, 2203, 2204, 2206, 2207, 2208, 
2209, 2301, 2302, 2304, 2309, 2905, 3301, 3501, 3502, 3503, 3504 , 
3505, 3809, 5001, 5002, 5203, 5301  
 
 
 
 
 
 G/AG/W/125/Rev.10/Add.2  
 
- 51 - 
 
  Malaysia  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
Facilities offered by EXIM Malaysia for Agriculture:  
a.   Direct Financial Loans:  
i. Cross Border Financing  (The facility provides financial loans to Malaysian 
investors/contractors undertaking project overseas). The bank provides financing 
based on commercial basis (e.g. lending terms based on market rate).  
ii. Trade Finance  (The facility offers Pre -and Post -Shipm ent Financing at commercial 
basis).  
b.   Risk Cover/Credit Insurance. (Export credit insurance is offered as a product to industries. 
The bank provides risk cover/credit insurance based on commercial basis).  
 
2. Description of Export Financing Entity  
 
Export -Import Bank of Malaysia Berhad is a development financial institution wholly owned by 
Government (through Minister of Finance Inc. and under the Central Bank supervision (Development 
Financial Institution Act).  
 
3. Total value of export of agricultural prod ucts covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
For 2017, EXIM Bank has an exposure of RM  732 million in direct financing of export from agriculture 
related industries. Data is on aggregated basis rat her than by programme.  
 
4. Annual average premium rates/fees per programme  
 
Credit insurance is risk priced based and according to commercial rate.  
 
5. Maximum repayment terms per programme  
 
Not applicable as there is no subsidy provided by EXIM bank. Facilities offered by EXIM Malaysia are 
based on commercial basis (e.g. lending terms based on market rate).  
 
6. Annual average repayment periods per programme  
 
Monthly repayment applies for Export credit, Export credit guarantee and credit insurance.  
 
7. Export destination or group of destinations per programme  
 
No specification in relation to destinations per programme.  
 
8. Programme use by product or product group  
 
No programme by product or product group.  
 
 G/AG/W/125/Rev.10/Add.2  
 
- 52 - 
 
  New Zealand  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
Pursuant to N ew Zealand 's Public Finance Act 1989, the New Zealand Export Credit office  (NZEC) 
was established to provide trade credit insurance and financial guarantee products to New  Zealand 
exporting firms or banks.  NZEC is New Zealand 's export credit agency. It does not provide direct 
financing.  
 
Short Term Trade Credit Insurance  covers the risk of a foreign buyer defaulting on their short -term 
repayments due to specific commercial or political events. NZEC can only provide this product for 
non-marketable risks a nd/or where private insurers lack the capacity.  It also provides co -insurance 
(top-up cover) policies to support the private insurers ' capacity.  
 
A Loan Guarantee can be provided to an exporter 's bank to enable it to provide additional short -term 
or seaso nal funding to support an SME exporter 's working capital needs.  
 
The Export Credit Guarantee covers credits or loans greater than one year, provided to an exporter 's 
foreign buyer. NZEC covers the risk of a buyer or a foreign bank failing to make its repa yments as 
they fall due as a result of specific commercial or political events.  
 
The vast majority of NZEC 's export credit insurance policies in the last seven years were for 90% 
commercial and political risk coverage.  The maximum was 100% coverage (for le tters of credit 
cover) and the lowest was 50% coverage.  
 
2. Description of Export Financing Entity  
 
NZEC is New Zealand 's export credit agency, and is a commercial unit operating within the 
New Zealand Treasury. Its obligations to third parties are guaranteed by the New  Zealand 
government through a Minister of Finance delegation.  The provision of NZEC 's programmes is 
intended to extend and develop the capacity and risk appetite of private providers (insurers and 
banks).  NZEC is required to cover all operating costs (including claims) and break -even over the 
long-term.  To meet this requirement, it charges assessment fees and risk -weighted premiums.   
 
See https://exportcredit.treasury.govt.nz  for more information.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
 2011  2012  2013  2014  2015  2016  2017  2018  
Total annual value of Agricultural 
Exports supported by NZECO (in NZD 
million)  150.5  169.9  76.4 115.2  30.7 44.5 95 69 
Average Policy Exposure (in NZD million)  1.36 1.19 1.40 1.35 3.24 4.3 4.2 2.8 
Average Percentage of cover  80% 80% 80% 85% 90% 92% 96% 95% 
 
4. Annual average premium rates/fees per programme  
 
NZEC charges risk -weighted premiums sufficient to cover all operating costs (including expected 
losses) only. It does not report on average premium rates given that premium rates can vary 
significantly as they are set using several variables including the buyer 's country risk classifications 
(as set between the Participants to the Arrangement on Officially Supported Export Credits), the 
credit rating of the debtor, the tenor of the credit term, the terms of the repa yment and any risk 
mitigations (i.e. using a letter of credit guarantee).   
 
However,  NZEC does monitor and measure the adequacy of its premium rates through Loss ratio 
calculations (Total Claims Paid /Total Gross Written Premium).  Since 2009, NZEC 's loss r atio on its 
policies issued in support of agricultural products is 3.69%.  This means that for every $1 received 
in premium, less than four cents has been paid in claims.  NZEC has also been monitoring the overall 
cost-recovery performance of all of its shor t-term trade credit policies (agricultural and non -G/AG/W/125/Rev.10/Add.2  
 
- 53 - 
 
  agricultural related) since its implementation in 2009.  This has included applying an administrative 
cost in operating this policy (including a proportion of general overheads).  Since  2009, NZEC has 
operat ed its short -term trade credit product with net returns (e.g. Revenue > operating costs – 
Claims & Provisions).  
 
5. Maximum repayment terms per programme  
 
These vary depending on the program. The maximum repayment term allowable under the 
Short -Term Trade Credit insurance is less than one year, however the average term is 100 days.   
 
The maximum credit term for the Export Credit Guarantee product is 15 years, but as a general 
principle, the term should not exceed the useful life of the exported goods and se rvices. There are 
international rules which export credit agencies, like NZEC, apply in respect to export credit 
arrangements with payment terms greater than two years, to provide a framework for the orderly 
use of export credit.  These include maximum cred it terms, minimum deposits, and frequency of 
repayments.  There were no Export Credit guarantee policies issued in support of Agricultural exports 
during 2018.  
 
The maximum repayment term that has been provided under the Loan Guarantee product for 
agricultu ral products was seven  months, to support the working capital cycle of a wine exporter.  
However, during 2018, there were no loan guarantees issued in support of agricultural exports.  
 
6. Annual average repayment periods per programme  
 
 2011 2012 2013 2014 2015 2016 2017 2018 
Annual average  
repayment 
periods  2 
months  2 
months  3 
months  3 
months  3 
months  2.5 
months  3 
months  3.4 months  
 
7. Export destination or group of destinations per programme  
 
The export destinations of the agricultural products listed below was not exclusive to a geographical 
area and spanned Europe, Asia, North America, Pacific, Middle East and North Africa.  
 
8. Programme use by product or product group  
 
The agricultural produ cts NZECO supported during the period 2010 –2018 included: frozen fruit, 
wine, butter, fruit paste, fruit juice, pea seeds, milk powder, pelts, hides, wool, potatoes, dairy cattle 
for breeding purposes, and olive extract capsules.  
 
 G/AG/W/125/Rev.10/Add.2  
 
- 54 - 
 
  Paragua y 
Export Credit, Export Credit Guarantees or Insurance Programmes (Export Financing)  
 
Loan products offered by Government financing institutions to incentivize agricultural and livestock 
production (infrastructure, working capital, inputs, etc.) are set out below. The loans are intended, 
in their entirety, for medium -sized producers and corporate agriculture firms whose products or 
by-products may be destined for export.  
 
I. National Development Bank  
Mission: "To promote the country's economic and social development through banking and financial 
services, with priority given to strategic and inclusive development projects".  
 
Vision: "To be a safe, modern, efficient and innovative bank for national development, which has an 
international reach and is presen t in the minds and hearts of the Paraguayan people, thereby 
cementing its contribution to financial inclusion in the country" . 
 
1. Productive Sector Investment Loans  
 
ELIGIBLE RECIPIENTS  
 
Natural or legal persons who are involved in production in the agric ultural, industrial, trade and 
services sectors; persons residing in the national territory who propose viable projects and can 
demonstrate their ability to repay the debt with future cash flows derived from the project itself 
and/or supplemented through a dditional activities.  
 
Use 
 
Credit Line loans are intended for the financing of:  
 
Use  Term  
(year)  Grace period  Interest payments  
Purchase of feeder livestock  3 Up to 1 year  Semi-annual  or 
annual  
Retention of breeding females  7  Up to 2 years   
Purchase of production animals  
(breeding cows and bulls)  10  Up to 2 years  Semi-annual or 
annual  
Investments in genetic improvement  10  Up to 2 years  Semi-annual or 
annual  
Physical infrastructure and improvements to 
structures and facilities related to productive sectors  10  Up to 2 years  Semi-annual or 
annual  
Purchase of machinery, equipment and accessories  10  Up to 2 years  Semi-annual or 
annual  
 Pasture establishment for livestock production 
systems  
(intensive, semi -intensive, extensive and 
silvopastoral)  10  Up to 2 years  Semi-annual or 
annual  
General investments for the development of 
productive sector activities  10  Up to 2 years  Semi-annual or 
annual   
 
Under this project, funds may not be used for the following:  
 
- Activities that may affect the environment  
- Working capital  
 
INTEREST RATE  
 
11% annually on balances  
 G/AG/W/125/Rev.10/Add.2  
 
- 55 - 
 
  2. Investment Loans for Commercial Reforestation (National Development Bank – 
Development Finance Agency)  
 
ELIGIBLE RECIPIENTS  
 
Natural and/or legal persons who own forestry -related establishments, reside in the national 
territory, propose viable forestry projects and demonstrate knowledge of and skill in the 
management of afforestation.  
 
MAXIMUM LOAN AMOUNT  
 
Up to 80% (eighty per cent) of the total cost of the Investment Project, with the following ceilings:  
 
For start -up forestry projects, up to the equivalent in guaraníes of USD  500,000.  
For ongoing forestry projects, up to the equivalent in guaraníes of USD  1,000,000.  
 
USE 
 
Exclusively for the financing of commercial forestry projects involving the exotic species 
Eucalyptus  grandis  or Eucalyptus camaldulensis . 
 
INTEREST RATE  
 
11.00% annua lly on balances, for forestry enterprises in operation.  
13.00% annually on balances, for applicants starting out in forestry.  
 
REPAYMENT PERIOD AND STRUCTURE  
 
For forestry projects for producing timber: up to 12 (twelve) years  
 
REPAYMENT STRUCTURE  
 
years 1  to 4  Interest  
years 5 to 7   5% of capital + interest  
years 8 to 12  17% of capital + interest  
 
For forestry projects for producing biomass: up to 7 (seven) years  
 
REPAYMENT STRUCTURE  
 
years 1 to 4   Interest  
year 5    20% of capital + interest  
year 6    30% of capital + interest  
year 7    50% of capital + interest  
 
II. LIVESTOCK FUND  
Mission: To cement the sustainable development of the livestock value chain by financing activities 
that have an impact on the chain, observing best financial practices and prioritizing small and 
medium -sized producers.  
 
Vision: To be the leading financial institution for sustainable development in the livestock value 
chain, with an emphasis on small and medium -sized producers.  G/AG/W/125/Rev.10/Add.2  
 
- 56 - 
 
  FINANCI NG PROGRAMME TO INCREASE HIGH -QUALITY LIVESTOCK PRODUCTION  
Order  No. 1 2 3 4 5 6 7 
Financial 
products  Retention of breeding 
females  Finishing and 
fattening  Breeding  Production inputs and 
working capital  Facilities, materials 
and improvements to 
fixed assets  Water and irrigation 
systems  Machinery and utility 
vehicles  
Customers  Livestock Producers  
Use Cows and heifers for 
breeding  All categories  Purchase of male and 
female bovine 
animals, sheep, 
goats, horses and 
pigs for breeding  
 
Embryo transfer and 
in vitro fertilization  Technical instruments  
 
Medicinal products 
and vaccines  
 
Salts, concentrates, 
balanced feeds and 
other inputs with an 
impact on innovation 
and technology  
 
Semen and 
insemination, flasks 
and other inputs  Cattle chut es, cattle 
crushes, pens, scales  
 
Wire fencing 
materials and 
construction  
 
Sheds, sheeting and 
other improvements 
to fixed assets with 
an impact on 
agricultural and 
livestock production  Artesian wells  
 
Dams, tanks, running 
water and water 
collection system s 
 
Irrigation equipment, 
pumps, water 
generators, waterers 
and water 
distribution systems  Tractors  
 
Trailers  
 
Agricultural tools  
 
Utility trucks and 
vans 
 
Other machinery with 
an impact on 
innovation and 
technology  
Amount  Up to PYG  500 million  Up to PYG 500 
million  Up to PYG  500 million 
for breeding animals  
 
Up to PYG  300 million 
for embryo transfer 
and in vitro 
fertilization  Up to PYG  500 million  Up to PYG  500 million  Up to PYG  500 million  Up to PYG  500 million  
Term Up to 3 years  Up to 3 years  Up to 6 years for 
breeding animals, 
with a grace period of 
up to 1 year  
 
Up to 3 years for 
embryo transfer and 
in vitro fertilization  Up to 1 year  Up to 6  years, with a 
grace period of up to 
1 year  Up to 6  years, with a 
grace period of up to 
1 year  Up to 4  years, if  new 
 
Up to 3 years for 
used machinery  
Repayment  Semi-annual or 
annual  Semi-annual or 
annual  Semi-annual or 
annual  Semi-annual or 
annual  Semi-annual or 
annual  Semi-annual or 
annual  Monthly to annual  
Security  Mortgage, pledge 
and/or guaranty  Mortgage, pledge 
and/or guaranty  Mortgage, pledge 
and/or guaranty  Mortgage  
 
Signature only, in 
accordance with 
Livestock Fund 
standards  
 
Guaranty  Mortgage, pledge 
and/or guaranty  Mortgage, pledge 
and/or guaranty  Mortgage or pledge 
with against -all-risks 
insurance endorsed in 
favour of the 
Livestock Fund  G/AG/W/125/Rev.10/Add.2  
 
- 57 - 
 
  PROGRAMME FOR THE DEVELOPMENT OF THE MEAT VALUE CHAIN  
Order No.  1 2 3 4 
Financial products  Working capital  Rehabilitation 
and/or construction 
of commercial and 
industrial premises  Industrial and 
commercial 
equipment and 
facilities  Machinery and 
utility vehicles  
Customers  Butchers' shops, 
slaughterhouses 
and agribusinesses  Butchers' shops, 
slaughterhouses 
and agribusinesses  Butchers' shops, 
slaughterhouses 
and ag ribusinesses  Butchers' shops, 
slaughterhouses 
and agribusinesses  
Use Financing for 
customers in the 
livestock industry 
who market 
livestock to 
enterprises  
 
Working capital  Materials, labour 
and technical 
services  Slaughtering, 
storage, 
refrigeration and 
packing facilities  
 
Cooling units  
 
Weighing 
equipment  
 
Laboratories and 
other equipment 
and facilities with 
an impact on 
agricultural and 
livestock 
operations, 
innovation and 
technology  Industrial machines  
 
Skip hoists and 
internal transp ort 
 
Trucks  
 
Vans 
Amount  Up to 500  million  Up to 500  million  Up to 500  million  Up to 500  million  
Term Up to 1 year  Up to 5 years  Up to 5 years  Up to 4 years  
Repayment  Monthly to annual  Monthly to annual  Monthly to annual  Monthly to annual  
Security  Mortgage or pledge  
 
Signature only, in 
accordance with 
Livestock Fund 
standards  Mortgage or pledge  Mortgage or pledge  Mortgage or pledge 
with 
against -all-risks 
insurance endorsed 
in favour of the 
Livestock Fund  
 
III. AGRICULTURAL EQUIPMENT BANK (CAH)  
Mission: We are an autonomous public development institution that offers financial services primarily 
to the rural productive sector. We promote technical and organizational assistance through 
public - and private -sector partnerships, a nd seek to increase revenues, capitalization of production 
units and market access.  
 
Our view of development takes the form of a vibrant, promising and specific description of the 
organization's future; as such, it is the "image" of what we hope to achieve  in a certain time -frame 
given not only our hopes, ideals, values and beliefs, but also what can feasibly be achieved. We 
must define this as "north" in terms of the destination we want to reach.  
 
1. Productive Investment PG - p14 
 
Scope: National . 
Amount for investment and working capital: Up to a maximum amount of PYG  30,000,000 for 
working capital and PYG 50,000,000 for investment capital.  
Term for working capital: up to one year. 
Term for investment capital: up to seven  years . 
Current interest rate: 18% annually on balances. Interest rate on arrears: an additional 
4.5%  annually on balances.  
Use of the loan:  
Working capital: purchase of improved seeds, fertilizers, hired labour, other inputs.  
Investment capital: preparation of land, structures, f acilities, tools, machinery, other investments 
for production.  
 G/AG/W/125/Rev.10/Add.2  
 
- 58 - 
 
  2. Proagro CAH  
 
Scope: National . 
Amount for investment and working capital: Up to a maximum amount of PYG  50,000,000.  
Term for working capital: up to one year. 
Term for investment capital: up to three  years . 
Current interest rate: 18% annually on balances. Interest rate on arrears: an additional 4.5% 
annually on balances.  
Use of the loan: To finance working capital, hired labour and certain investments required on farms.  
 
 G/AG/W/125/Rev.10/Add.2  
 
- 59 - 
 
  Russian  Federation  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
The Russian Export Center Group [REC Group] (JSC Russian export center, JSC EXIAR and JSC 
Eximbank of Russia) provides both financial and non -financial export support:  
 
- JSC Russian Agency for Export Credit and Investment Insurance [EXIAR] provides official 
support for export credits in the form of pure insurance cover. EXIAR operates under 
Government Decree No. 964 of 22 November 2011 (with new edition dated 21.03.2016).  
 
- JSC Eximbank of Russia [REB] provides lending support towards exports. REB was founded 
by the Government Decree No. 633 "On the Establishment of the Import -Export Bank of 
Russia" of 7 July 1993, and Government Decree № 16 "On the Import -Export Bank of 
Russia" of 11 January  1994.  
 
- JSC Russian Export Center [REC] provides non -financial support, including foreign market 
analysis, promotion in the foreign markets, international patenting and certification, 
customs administration of exports. REC was officially  established by Federal Law 185 -FZ 
of 29 June 2015 ( "On amendments to Federal Law 'On the bank for development ' and part 
two of article 970 of the Civil Code of the Russian Federation "). 
 
2. Description of Export Financing Entity  
 
EXIAR provides insurance cover against commercial and political risks for export credits and 
insurance cover for investments abroad.  
 
REB provides export credit guarantees and related financial support.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
The total value of exports of agricultural products supported within EXIAR programs in year  2018 
amounted to approximately USD  265.59 million.  
 
The total value of exports of a gricultural products supported within REB programs in year  2018 
amounted to approximately USD  19.81 million.  
 
4. Annual average premium rates/fees per programme  
 
Weighted average of annualized premium rates for EXIAR products regarding support of agricultu re 
products in 2018 amounted to approximately 2 .01%.  
 
As per REB, annual average fee amounted to 9 .27%.  
 
5. Maximum repayment terms per programme  
 
Maximum repayment terms depend on programme and for transactions within EXIAR and 
REB programmes  in 2018 did not exceed 12 months for agriculture products.  
 
Maximum repayment term within REB programs was nine months.  
 
6. Annual average repayment periods per programme  
 
Average repayment period for agriculture products under REB programmes  was approximately five 
months in year 2018. 
 G/AG/W/125/Rev.10/Add.2  
 
- 60 - 
 
  7. Export destination or group of destinations per programme  
 
Armenia, Belarus, Belgium, Bulgaria, China, Cyprus, Finland, Germany, Georgia, Denmark, Iran, 
Israel, Japan, Kazakhstan, Kirgizstan, Lithuania, Mold avia, Mongolia, Qatar, Republic  of Maldives, 
Republic of Seychelles, Saudi Arabia, Singapore, Switzerland, Turkey, United  Arab Emirates, 
United  Kingdom.  
 
8. Programme use by product or product group  
Export Development Russian Federation Data , USD million  
EXIAR  2018 
Cereals and leguminous  107.22  
Meat and edible meat offal  66.61  
Animal and vegetable fats and oils  24.71 
Confectionery  23.52  
Beverages and spirits  20.51  
Processed grain products and alimentary products  8.37 
Oilseeds  6.11 
Other agricultural products  4.00 
Processed oilseeds  1.58 
Fruits and nuts  1.26 
Foodstuffs  1.25 
Starch products  0.43 
Total  265.59  
 
REB 2018 
Beverages and spirits  19.45  
Cotton fibres  0.235  
Other foodstuffs  0.126  
Total  19.81  
 
 
 
 G/AG/W/125/Rev.10/Add.2  
 
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  Switzerland  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
The Swiss Export Risk Insurance (SERV) agency does not grant export credits. It serves only to 
provide cover within the above -mentioned risk cover category. The relevant legislation for SERV is 
the Federal Law on Swiss Insurance against Export  Risks of 16  December  2005.3 
 
2. Description of Export Financing Entity  
 
SERV covers political and commercial risks in connection with the exportation of goods and services. 
The insurance and guarantees of SERV provide cover against non -payment, facilitate  the financing 
of export transactions, and help companies to maintain their liquidity. As a public law institution of 
the Swiss Confederation, SERV offers its services in addition to those of private credit insurers 
(subsidiarity). The vast majority of goo ds for which SERV had active policies up to the end of 2017 
were non -agricultural goods. No instruments specific to agricultural goods are available. The services 
provided by SERV are driven entirely by demand and are also open to exporters of agricultural  
products.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
Negligible owing to very low demand. See also the reply to question 2 above.  
 
4. Annual average premium rates/fees per programme  
 
5. Maximum repayment terms per programme  
 
To date, the maximum repayment term has not exceeded 180 days.  
 
6. Annual average repayment periods per programme  
 
7. Export destination or group of destinations per programme  
 
8. Programme use by product or product group  
 
Practically only non -agricultural goods. The demand for insurance in the agricultural sector has been 
negligible.  
Thailand  
For Export Credit and Export Credit Guarantees, conditions and interest rate are determined by 
market mechanism.  
Trinidad and Tobago  
1.  Description of the program me, classification: direct financing support, risk cover, 
government to government credit agreements or any other form of government export 
credit support) and relevant legislation  
 
The Export Import Bank of Trinidad and Tobago Limited (EXIMBANK) is the only official Export Credit 
Agency in the country.  The four (4) products offe red by EXIMBANK are  as follows:  
 
Direct Financing Support  
 
1) Revolving Pre-shipment Facility : This facility is similar to a Working Capital credit line or 
Bank Overdraft. It is used to pay foreign and local suppliers of goods and services along with 
                                                
3 Federal Law on Swiss Insurance against Export Risks (RS 946.10):  
http://www.admin.ch/opc/fr/classified -compilation/20041349/index.html . G/AG/W/125/Rev.10/Add.2  
 
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  most operating expenses which may be needed in the everyday operations of a b usiness. 
Repayment terms are flexible between 0 -180 days.  
 
2) Demand Loan:  This facility is used to facilitate the purchase or upgrade of any machinery, 
equipment or any other related capital investments that may be needed by a business.  
Repayments terms rang e from one to five  years.  
 
3) Revolving Post Shipment Discounting Facility : This facility is used for acquiring cash 
up-front for local and foreign sales on credit.  Repayment t erms are flexible 
between  0-180 days.  
 
Risk Cover  
 
4) Export Credit Insurance : This fa cility is used to protect a company 's exports if a client 
defaults on payment.  
 
These facilities offer the client quick and easy access to US D funds without the hassle of queuing. 
Some of the facilities are revolving and only require the necessary instruction to be sent in order for 
the transaction to be facilitated.   
 
2.  Description of the Export Financing Entity  
 
The EXIMBANK pursues its mission to facilitate the growth and expansion of the non-energy export 
and manufacturing sectors  in order to enhance the foreign exchange earnings of Trinidad and 
Tobago, and to create and sustain employment through the provision of short term pre and post 
shipme nt financing, term loans, guarantees and export credit insurance coverage to the exporting 
community.  
 
The EXIMBANK provides financing for companies involved in the downstream agriculture industries.  
These are defined as outputs, both intermediate product s to which further value is added and final 
goods, which can be sold through wholesale and retail chains.  
 
The bank emerged out of what was formerly the Trinidad and Tobago Export Credit Insurance 
Company Limited (EXCICO), which was established in 1973 by the Government to promote the 
export of goods and services. EXCICO was converted to EXIMBANK following an Order by the Minister 
of Finance on 4 November 1997, cited as "Financial Institution (Amendment to the Third Schedu le) 
Order 1997 ". This Amendment to the Financial Institutions Act,  allows EXIMBANK to conduct "the 
business of a Confirming House, Acceptance House, Finance House or Finance Company ... (and) 
...Financial Services" . 
 
3.  Total Value of Export of Agricultural Products covered by export credits, export credit 
guarantees or insurance programmes and use per program me 
 
The bank has provided funding for companies involved in Agro processing in the following areas:  
 
Agro Processing Sector  Facility Totals (TTD)  
Seasonings  9,000,000  
Non Alcoholic Beverages  2,000,000  
Chocolates  2,500,000  
Meats  2,100,000  
Rice and Grain  78,000,000  
 
4.  Annual Average premium rates/fees per program me 
 
• Revolving Pre -shipment Facility : Rates range from 6.5% to 9% annually and is dependent 
of a range of factors that determine the risk of the credit.  
• Demand Loan : Rates range from 6.5% to 9% annually and is dependent of a range of factors 
that determine the risk of the credit.  
• Revolving Post Shipment Discounting Facility : Rates range from 6.5% to 9% annually 
and is dependent of a range of factors that determine the risk of the credit.  G/AG/W/125/Rev.10/Add.2  
 
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  • Export Credit Insurance : Insurance premium rate ranges between1.5% to 2.5% per 
shipment insured.  
5.  Maximum Repayment terms per program me 
 
• Revolving Pre -shipment Facility : Repayment terms are flexible between 0 -180 days.   
• Demand Loan : Repayments terms range from one to five  years.  
• Revolving Post Shipment Discounting Facility : Repayment terms are flexible between 0 -
180 days.   
• Export Credit Insurance : The terms of this product is determined by the credit terms offered 
by the exporter . 
6.  Annual Average repayment periods per program me 
 
• Revolving Pre -shipment Facility : Repayment term s are flexible between 0 -180 days.  
• Demand Loan : Repayments terms range from one to five  years.  
• Revolving Post Shipment Discounting Facility : Repay ment terms are flexible between  0-
180 days.   
• Export Credit Insurance: The terms of this product is determined by the credit terms offered 
by the exporter . 
All facilities are reviewed annually to determine usage and if the bank will continue the relationship 
with the client going forward.  
 
7.  Export destination or group of desti nations per program me 
 
The exporters that have facilities with the EXIMBANK, export their products to a wide range of 
countries, however a major part of the exports are done with the United States and CARICOM States.  
 
8.  Program me use by product or product g roup  
 
The following product groups  make use of the major program mes offered by the EXIMBANK  
 
Agro Processing Sector  
Seasonings  
Non Alcoholic Beverages  
Chocolates  
Meats  
Rice and Grain  
 
Other Information  
 
In addition to these services, the EXIMBANK recently launched a trade website http://made -in-
tnt.com/ . This site offers free registration and acts as a hub for local exporters . 
 G/AG/W/125/Rev.10/Add.2  
 
- 64 - 
 
  Turkey  
Consistent with the Bali Ministerial Declaration on Export Competition. Members shall 
continue to provide information on Export Credit, Export Credit Guarantees or Insurance 
Programs within the context of an annual examination process, based on the following 
structure:  
 
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, governmental export credit support) and relevant 
legislation  
 
As Turk Eximbank do es not have a sector specific financing facility, exporters in agricultural and food 
sectors can benefit from the export credit, export credit insurance and international loans 
programmes with same conditions as exporters in other sectors.  
 
In this contex t, description and general information about related domestic and international loans 
as well as insurance programmes is provided below.  
 
A. Export Credits  
 
Turk Eximbank provides export credits with short, medium and long terms with interest rates 
determ ined according to money market rates, loan repayment periods and cost of funding.  
 
a. Short -term Export Credits  
 
Short term export credits are extended to Turkish manufacturers, export -oriented manufacturers 
and other businesses who intend to export thei r products and foreign currency earning services 
either directly or via intermediary banks.  
 
In general terms, credits programmes aim to provide finance for the purchase of raw materials and 
machinery or to meet other manufacturing and working capital nee ds. 
 
Pre-shipment Export Credit Program is an indirect lending facility extended to companies via 
intermediary Turkish commercial banks and participation banks which are allocated credit lines 
following an evaluation process and these banks are responsible for the default risk of the borrowers.  
 
Pre-export Credit Program is a direct lending programme aiming to provide working capital finance 
at the pre -shipment stage. Manufacturers, manufacturer -exporters and exporters can benefit from 
the programme.  
 
Pre-export Credit Program for SMEs  is extended to only small and medium scale enterprises directly 
by Turk Eximbank . The interest rate is lower than other short -term credits.   
 
Foreign Trade Companies Short -term Export Credits are extended solely to companies having 
"Foreign Trade Companie s" (FTC)4 and "Sectoral Foreign Trade Companies" (SFTC)5 status given by 
the Turkish Ministry of Trade.   
 
Rediscount Credit Program this pre -shipment financing facility is being executed within the 
framework of an additional limit to the post -shipment disc ount limit extended to Turk Eximbank by 
the Central Bank of Turkey . The programme which requires an export commitment aims at providing 
support to Turkish manufacturers, exporters and manufacturer -exporte rs with maturity up to 360 
days during the pre -shipment stage. Promissory notes issued by exporters on behalf of Turk 
Eximbank, which have the guarantee of banks possessing a short -term letter of guarantee limit with 
Turk Eximbank are discounted under this  limit.  
                                                
4 In order to be classified as an FTC by the Ministry of Trade, the company (a) must have exported in 
the prior year more than USD  100 million worth of goods, and (b) must have a minim um of TL two million of 
paid capital.  
5 SFTC is formed when ten or more small or medium -size companies in the same industry sector form a 
single co -operative entity for exporting purposes. To qualify as an SFTC, depending on the region in which it is 
estab lished, no single member of the co -operative entity may control more than a certain percentage of voting 
power, and the entity’s total yearly exports and aggregate capital must meet minimum thresholds.  G/AG/W/125/Rev.10/Add.2  
 
- 65 - 
 
  Post-Shipment Rediscount Credit Program  Deferred export receivables of Turkish exporters, 
manufacturer -exporters and manufacturers subject to bankers ' acceptances provided by domestic 
commercial banks or irrevocable letters of credit which is adde d a payment confirmation by a 
domestic commercial bank; deferred export receivables arisen out of cash against goods, cash 
against documents, irrevocable letter or credit which were insured by Turk Eximbank Short –Term 
Export Credit Insurance policy are dis counted by Turk Eximbank. Export receivables with a maturity 
of up to 360 days are discounted on LIBOR/EURIBOR+spread, where spread is determined by Turk 
Eximbank.  
 
b. Medium -Long Term Export Credits  
 
Medium and long term programmes  are extended at pre -shipment stage with the aim to provide 
finance for the working capital and investment expenditures of exporter companies. Loans have a 
maturity up to seven  years and interest rates are determined according to money market rates, loan 
repayment periods and cost of funding.  
 
The Export Oriented Working Capital Credit Program : manufacturers, manufacturer -exporter, 
exporters and firms producing export oriented Turkish products are eligible to apply for this credit 
programme in which purcha sing of raw materials and intermediate goods are financed based on the 
related expense bills within 180 days before the application date, at latest.  
 
The Export Oriented Investment Credit Program aims to provide finance to the manufacturers and 
manufacture r-exporter firms. The capital goods such as machinery, equipment and other investment 
materials are financed in return for the related expense bills within the 180 days prior to the 
application date, at latest.  
 
Specific Export Credit Program  aims to provi de finance to exporters having financial needs which 
cannot be met by other credit programmes of Turk Eximbank.  
 
B. Export Credit Insurance Program  
 
a. Short -term Credit Insurance  
 
Short -term Export Credit Insurance Program : all Turkish exporters, manufacturer -exporters, 
FTCs and SFTCs are eligible for this programme. Cover is available up to 90 % of losses incurred as 
a result of commercial and political risks. Premium is charged according to the risk classification of 
the bu yer's country, credit length, payment term and the type of buyer (public or private).  
 
Short -term Domestic Credit Insurance Program : the policyholders of Short -term Export Credit 
Insurance or the companies who are in the same group with these policyholder s are eligible for this 
programme. Cover is available up to 90 % of losses incurred as a result of commercial risks. Premium 
is charged according to the risk classification of the buyer and credit length.  
 
b. Medium and Long -Term Export Credit Insurance  
 
Specific Export Credit Insurance Post -Shipment Risk Program : this programme provides extended 
cover against commercial and political risks in post -shipment period for the export receivables 
emerging from the sales on credit terms. Goods and services of Turk ish origin are eligible and goods 
and services originated from third countries are off cover. 15% of the contract value is expected to 
be paid in advance, and maximum liability will be up to 90% of the sum insured.  
 
C. International Loans Programs (Buyer/Supplier Credits and Guarantees Program)  
 
International Loans Programs aims to increase the competitiveness of Turkish exporters and 
contractors on international markets and to provide them with a risk -free environment for their 
activities in market s that have high political and commercial risks. It also provides support for 
transactions that have strategic importance for foreign countries and are likely to contribute to the 
political and economic relations of the Republic of Turkey. Terms and condit ions of the support are 
determined in accordance with the OECD Arrangement on Officially Supported Export Credits (OECD 
Arrangement). Thus, all applications are evaluated in accordance with the  OECD Arrangement and 
Turk Eximbank  appraisal criteria. Exports from third countries cannot be subject to the financing 
support of Turk Eximbank. Nonetheless, Turk Eximbank can provide medium/long term financial G/AG/W/125/Rev.10/Add.2  
 
- 66 - 
 
  support for the cost of goods and services to be supplied from Turkey in the am ount not exceeding 
85% of the export contract value.  The objective of the International Loans Programs is to provide 
financing to the foreign buyers/employers of Turkish exporters/contractors/shipbuilders.   
 
Buyer's Credits Through Foreign Banks or Soverei gn Guarantee aims to meet the needs of the foreign 
buyers aiming to finance their import of:  
 
• Turkish goods and services with respect to the projects undertaken by Turkish contractors 
overseas ; 
• ships built by Turkish shipbuilders ; 
• durable and non -durable c onsumer goods and/or capital goods of Turkish origin . 
The borrowers are sovereigns or those foreign banks that meet the eligibility criteria. The support 
type is in the form of a direct loan; however, providing a guarantee may also be an option.  
 
Buyer 's Credits Through Domestic Banks  aims t o meet financing needs of Turkish exporters and their 
foreign buyers. Within the scope of the product, Domestic Banks in Turkey will be the borrower of 
Turk Eximbank  loan. Domestic Banks, which are allocated a credit limit by Turk Eximbank, shall 
utilize Turk Eximbank loans to the Buyers who import Turkish goods from Turkey, through their 
branches, subsidiaries and correspondent banks operating overseas.  
 
2. Descripti on of Export Financing Entity  
 
a. Turk Eximbank in Brief  
 
Turk Eximbank was chartered by the Cabinet on August 1987 by Decree no.87/11914, following the 
order of Law No. 3332 by converting the juridical and legal personality of State Investment Bank.  
 
Legislation of Turk Eximbank was changed with Decree 2013/4286 in line with the new Turkish 
Commercial Code and the General Assembly of the Bank was established in 2013. Thereon, the 
Ministry of Treasury and Finance represents the General Assembly.  
 
Establishe d in 1987, Turk Eximbank is the sole official export credit agency in Turkey. Acting as the 
government's major export incentive instrument in Turkey's sustainable export strategy, the Bank 
maintains close co -operation with the related entities of the gover nment as a wholly state -owned 
bank. Turk Eximbank's policies and operations have been formulated to work within the framework 
of the export -led growth strategies since 1980. The Bank operates in the framework of the Banking 
Law and the regulations of the B anking Regulation and Supervision Agency of Turkey.  
 
Turk Eximbank is affiliated by The Ministry of Trade.  
 
Turk Eximbank  has 15 branches and 14 liaison offices in addition to its headquarters with a total 
staff of 709 as of end -2018.  
 
b. The Bank's Financial Structure and Support to the Export Sector  
 
The Bank's main sources of funds are direct funding from the Treasury thr ough capital injections as 
well as through borrowings from international and national capital and money markets.  
 
The Turkish Treasury makes capital contributions to Turk Eximbank as the sole shareholder of the 
Bank. These contributions are used to support  Turk Eximbank's activities and to maintain the Bank's 
capital adequacy. In addition, losses incurred by Turk Eximbank in its credit, insurance and 
guarantee transactions as a result of political risks are covered by Turkish Treasury.  
 
The nominal capital  of Turk Eximbank is TL 6.4 billion as of December 2018.  If requested, the Turkish 
Treasury supports Turk Eximbank  in its funding efforts by guaranteeing the Bank's borrowings 
abroad. Turk Eximbank funds its activities mainly from domestic and international sources rather 
than capital injections. Hence, the Bank always reflects the cost of funding to the rates it char ges in 
order to secure a sound financial structure.  
 
In this context, Turk Eximbank gives importance:  
 G/AG/W/125/Rev.10/Add.2  
 
- 67 - 
 
  1. To be financially sustainable ; 
2. To help increase Turkish goods and project exports ; 
3. To independently assume a broader range of risk ; 
4. To be a c atalyst for other financial institutions to support Turkish exports.  
 
Financial sustainability is one of the primary objectives of Turk Eximbank which is also driven by its 
obligations to the OECD, WTO and the EU. Additionally, as Turk Eximbank borrows fro m international 
financial markets regularly and its financial soundness affects its borrowing costs, a sound financial 
structure has utmost importance. Besides, Turk Eximbank seeks to receive credit ratings from 
Standard & Poor's, Moody's and Fitch each ye ar in order to tap the international money and capital 
markets regularly without the guarantee of the Treasury.  
 
Turk Eximbank provided a total export financing support of USD 44.1 billion in terms of financing 
support and insurance/guarantee, which accoun ted for 26% of Turkey's exports in 2018. 
 
c. Turk Eximbank's International Obligations  
 
While implementing its programmes and forming strategies, Turk Eximbank is committed to follow 
the internationally accepted rules and regulations set by WTO, OECD, EU a nd Berne Union, also 
making regular reporting and notifications to these institutions.  
 
In 1994, Turk Eximbank became a full member of the Berne Union, which is an international 
association of export credit and investment  insurers.  As a full member, it has adopted the Union 's 
guiding principles  and reports periodically on its insurance and lending activities, non -payments, 
terms of cover and current commitments.  
 
Turk Eximbank has been representing Turkey in the Export Credits and Credit Guarantees 
Group  (ECG) of the OECD Trade Committee since Turkey became a full member in 1998. Turkey 
also became a Participant to the OECD Arrangement on Officially Supported Export Credits 
(OECD  Arrangement) in 2018. Turk Eximbank has been represen ting Turkey in Participant 
Group  (PG) Meetings since she gained observer status to PG in 2006.  
 
Turk Eximbank  complies with the OECD Arrangement as Turkey is a full member of ECG and a 
Participant to PG. The Bank attends all meetings of the ECG and PG and closely monitors the 
developments in both Groups. It complies with the reporting requirements of ECG and PG s uch as 
payment experience reporting, XCR1 reporting, cash flow reporting and questionnaires including 
topics like environment and bribery.   
 
3. Total value of export of agricultural products covered6 by export credits, export credit 
guarantees or insurance  programmes and use per programme  
 
2018: USD 1,312,722,619 (by export credit insurance programme) . 
2018: USD 1,469,457,783 (by export credit programme) . 
2018: N.A. [For International Loans Programs (Buyer/Supplier Credit and Guarantee Program)] . 
 
4. Annual average premium rates/fees per programme  
 
2018: 0.31% (for export credit insurance programme) . 
2018: N.A. (for export credit programme) . 
2018: N.A. [For Inte rnational Loans dedicated to the consumer goods (including agricultural 
products)] . 
 
5. Maximum repayment terms per programme  
 
2018: 360 (for export credit insurance program mes). 
2018: Credit programmes: maximum seven  years . 
2018: Currently, maturity of t he any export facility provided for the export of non -durable consumer 
goods (including agricultural products) under International Loans Programs cannot be longer than 
12 months.  
 
                                                
6 Agricultural products and processed foods.  G/AG/W/125/Rev.10/Add.2  
 
- 68 - 
 
  6. Annual average repayment periods per programme  
 
2018: 31 – 120 days (for export credit insurance programme) . 
2018: 416 days (Credit program mes). 
2018: N.A. (For International Loans dedicated to the agricultural products in 2018) .  
 
7. Export destination or group of destinations per programme  
 
Export destination does not change according to the export financing facility provided by Türk 
Eximbank.  
 
8. Programme use by product or product group.  
 
Türk Eximbank does not keep "product -country of destination " data. However, same conditions 
(premium rates, repayment terms, and average annual repayment periods) apply for all sectors as 
well as products/product groups under the export credit programmes and export credit insurance 
programmes.  
  
 G/AG/W/125/Rev.10/Add.2  
 
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  United States  of America  
1. Description of the programme s 
 
a.   USDA: Export Credit Guarantee Program (GSM -102) 
The U.S. Department of Agriculture's (USDA) GSM -102 programme  provides credit guarantees to 
assist in the financing of commercial exports of U.S. agricultural products. The GSM -102 programme  
guarantees credit extended by the private banking sector in the United States (or, less commonly, 
by the U.S. exporter) to app roved foreign banks using dollar -denominated, irrevocable letters of 
credit for purchases of U.S. food and agricultural products by foreign buyers. The terms of the 
commercial financing extended must be consistent with the credit guarantee but are not othe rwise 
dictated under the programme . The Commodity Credit Corporation  (CCC) is a government -owned 
and operated entity within the USDA, which issues the credit guarantees. GSM -102 covers credit 
terms of up to 18 months, but maximum terms may be lower based o n risk. CCC  guarantees 
payments due from approved foreign banks to exporters or financial institutions in the United States. 
However, the financing must be obtained through normal commercial sources. Typically, 98% of 
principal and a portion of interest ar e covered by a guarantee.  
Classification: The GSM -102 programme  is a "risk cover" programme . 
Relevant legislation: The Agricultural Trade Act of  1978, as amended (7  U.S.C.  5622 and 
7 U.S.C.  5641).  
b.   Export -Import Bank: Export Credit Insurance Program  
The Exp ort-Import Bank (ExIm) of the United States export credit insurance programme  allows 
applicants to increase their export sales by limiting international risk, offering credit to international 
buyers, and enabling access to working capital funds. The Export  Credit Insurance Program offers 
four types of insurance policies that may be used to cover export of agricultural products: Short -
Term Single Buyer Export Credit Insurance Policies for Exporters; Bank Letter of Credit policies; 
Financial Institution Buyer  Credits; and Multi -Buyer Policies. No ExIm programme  is designed to 
support agricultural products specifically, rather agricultural products are treated as general exports 
and receive no special preference or treatment. Like other products, agricultural p roducts may 
qualify for ExIm insurance on terms up to 360  days and qualify for 98 % coverage for any commercial 
or political losses. The export items must meet ExIm's U.S. content requirements as outlined at 
http://exim.gov/generalbankpolicies/content/short -term-content -policy.cfm . 
 
Classification: The Export Credit Insurance programme  is a "risk cover" programme . 
 
Relevant legislation: Export -Import Bank Act of 1945, as amended (P.L.  114-94 codified 
at 12 U.S.C.  §635 et seq.).  
 
More information regarding ExIm's Export Credit Insurance programme  is available at: 
https://www.exim.gov/what -we-do/export -credit -insurance  
2. Description of Export Financing Entity  
 
a.   USDA: The Commodity Credit Corporation (CCC) is a government -owned and operated entity 
within the USDA. CCC was created to stabilize, support, and protect farm income and  prices.  
b.   ExIm: The Export -Import Bank of the United States is the official export credit agency  (ECA) of 
the United States. ExIm is an independent, self -sustaining federal agency that provides export 
credit su pport for U.S. exports. ExIm provides export credit support on a non -discriminatory 
basis. The Bank requires a reasonable assurance of repayment and provides a variety of 
financing mechanisms, including working -capital guarantees, export -credit insurance a nd 
financing to help foreign buyers purchase U.S. goods and services.  G/AG/W/125/Rev.10/Add.2  
 
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  3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
a.   USDA: Total value of exports of agric ultural products covered by the GSM -102 programme  for 
U.S. Fiscal Year7 2018 was US D 2,040,249,833 . 
b.   ExIm: In U.S. Fiscal Year 2018, the U.S. Export -Import Bank insured shipments of agricultural 
products with an estimated export value of US D 569,630,661.  
4. Annual average premium rates/fees per programme  
 
a.   USDA: For U.S. Fiscal Year 2018, the average fee for the GSM -102 programme  was USD  0.50 
per USD 100 of guarantee  coverage.  
b.   ExIm: For U.S. Fiscal Year 2018, weighted average premium (by shipment value insured) 
charged on short term insurance of agricultural products was USD 1.093 per USD 100 of 
coverage.  
5. Maximum repayment terms per programme  
 
a.   USDA: For U.S. Fiscal Year 2018, the maximum repayment term for the GSM -102 programme  
was 18  months.  
b.   ExIm: For U.S. Fiscal Year 2018, on a case -by-case basis, bulk agricultural commodities under 
the Export Credit Insurance Program may be insured on terms u p to, but not exceeding,  
360 days.  
6. Annual average repayment periods per programme  
 
a.   USDA: For U.S. Fiscal Year 2018, the average repayment period for the GSM -102 programme  
was 12.3  months.  
b.   ExIm: For U.S. Fiscal Year 2018, the typical repayment period for  the agricultural products under 
the Export Credit Insurance Program is 180 days.  
7. Export destination or group of destinations per programme  
a. USDA: GSM -102 programme  for US  Fiscal Year 201 8 
Export Destinations  
Africa and Middle East  
Asia 
Caribbean  
Central America  
Mexico  
South America  
South Korea  
Southeast Asia  
Turkey  
b. ExIm: Export Credit Insurance programme  for US  Fiscal Year  2018 
Export Destinations  
Africa and Middle East  
Asia 
Caribbean  
Central America  
Europe  
North America  
Eurasia  
Southeast Asia and Oceania  
South America  
 
                                                
7 The U.S . Fiscal Year runs from 1 October – 30 September.  G/AG/W/125/Rev.10/Add.2  
 
- 71 - 
 
  8. Programme use by product or product group  
a. USDA: The GSM -102 programme  usage by com modity for US  Fiscal Year 201 8 
Commodities  Value of Exports for  
  FY 2018 (in USD)  
Corn Gluten Feed  2,709,500  
Corn Gluten Meal  10,860,524  
Cotton  9,189,051  
Distiller Dry Grains  48,358,701  
Rice 40,086,694  
Soybean Hull Pellets  5,034,651  
Soybean Meal  302,948,979  
Soybean Oil  69,099,994  
Soybeans  609,623,077  
Wheat  214,721,617  
Corn 727,617,046  
b. ExIm: Export Credit Insurance programme  shipments of agricultural commodities for 
US Fiscal Year 201 8 
Product Description  Shipment Amount for FY 2018  
(in USD)  
Alcoholic Beverages  9,735,058.65  
Animal feed and supplements  28,373,106.38  
Apiculture  19,830.33  
Coffee, Tea, and Spices  6,908,600.38  
Confectionery  43,947,259.38  
Cotton  46,528,509.78  
Dairy and dairy products  28,789,721.87  
Eggs  10,518,790.33  
Flour  1,570,864.49  
Fruits, Vegetables, and Nuts  75,451,787.60  
Grains and Beans  96,816,702.17  
Leather and hides  3,158,516.60  
Meat (except poultry)  27,880,268.09  
Miscellaneous food product  36,020,881.55  
Non-Alcoholic Beverages  8,904,667.68  
Oilseeds and vegetable oil  43,272,779.92  
Other farm product raw material  7,794,259.10  
Poultry  194,598.89  
Processed foods including canned and frozen  93,744,457.74   
 
 
 
 G/AG/W/125/Rev.10/Add.2  
 
- 72 - 
 
  Viet Nam  
1. Description of the program me (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any  other 
form of governmental export credit support) and relevant legislation  
2. Description of Export Financing  Entity  
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
4. Annual average premium rates/fees per programme  
5. Maximum repayment terms per programme  
6. Annua l average repayment periods per programme  
7. Export destination or group of destinations per programme  
8. Programme use by product or product group  
 
1. Investment credit and export credit of the State: Following the Decree 75/2011/ND -CP and 
Decree 54/2013/ ND-CP dated 30/8/2011 of investment credit and export credit of the State:  
The exporters have export contracts and foreign importers importing goods contracts under the list 
of commodities for export credit loans are the loans for the contract (Ministry of  Finance, the State 
Bank) . 
 
Scope and adjusting object  
 
Scope of the Decree, including:  
c.   Investment credit, including: investment loans and investment support later.  
d.   Export credits include export loans (for exporters and importers of foreign loans).  
Regulation objects, including:  
a.   The enterprises, economic organizations, business units with revenues on the list of 
projects investment credit loans (hereinafter referred to as the investor);  
b.   The enterprises, economic organizations in countries with export  contracts or foreign 
organizations to import goods from Viet  Nam on the list of export credit loans;  
c.   The Vietnam Development Bank and other organizations and individuals involved in the 
process of implementing the investment credit and export credit.  
Principles of investment credits, export credit  
 
1. Loans investment projects, export contracts, contracts for import of goods produced by Viet  Nam, 
has withdrawn funds directly, effectively and repayment ability.  
2. Investment projects, export contracts, contract loans to import the Development Bank of 
Viet Nam evaluating financial plans, debt repayment plans.  
3. Investors, exporters, importers of foreign loans to loans used for the right purpose; repayment 
of principal and interest in full and on time acc ording to the signed credit agreement; 
full implementation of the commitments in the contract and the provisions of this Decree.  
4. The list of projects eligible for investment credit and catalog ue items of export credit loans by 
government regulations.  
 
Loan Conditions:   
 
The business must  have the following conditions:  
- There are plans for aquaculture for export is effectively the Viet Nam Development Bank 
appraisal and loan approval; Have the legal capacity and capacity for civil;  G/AG/W/125/Rev.10/Add.2  
 
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  - Enterprises must fully i mplement the provisions of the loan guarantee under the provisions 
of existing laws, to purchase property insurance in an insurance business lawfully operating 
in Viet  Nam for the property formed from loans subject to compulsory insurance during the 
term o f the loan;  
 
- Enterprises have to perform accounting, financial reporting in accordance with law; annual 
financial statements must be audited by an agency, an independent audit.  
 
Loan rates:  
 
Maximum lending rates by 85% of the total demand for aquatic animal feed for export under the  plan 
was the Vietnam Development Bank appraisal and loan approval, and to ensure the loan level 
maximum for each object is borrowed does not exceed 15% of actual charter capital of 
Vietnam  Development Bank.  
 
Loan te rm: 
 
The loan term is determined by the ability to withdraw funds in accordance with the characteristics 
of each loan plan to buy feed seafood export has been serving the Vietnam Development Bank 
appraisal and approval loans, but the lending period for eac h loan not exceeding 12 months.  
 
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