G/AG/W/125/Rev.4/Add.2  
 
11 May 2016 
(16-2610) Page: 1/59 
Committee on Agricultu re   
 
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 Pr ogrammes  
Addendum  
This addendum refers to and must be read in conjunction with document G/AG/W/125 /Rev.4 . 
It provides information on the use of export credits, export credit guarantees and insurance 
programmes (hereinafter referred to as "export financing support") provided by Members for the 
export of agricultural products , as described in part B  of document G/AG/W/125 /Rev.4 . 
 
_______________  
 
 
                                                
1 This document has been prepared under th e 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 interpret ation 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.4/Add.2  
 
- 2 - 
 
  TABLE OF CONTENT S 
Australia  ................................ ................................ ................................ ............................  3 
Brazil  ................................ ................................ ................................ ................................ . 6 
Canada  ................................ ................................ ................................ ..............................  8 
Colombia  ................................ ................................ ................................ .......................... 16 
European Union  ................................ ................................ ................................ ................. 18 
Jamaica  ................................ ................................ ................................ ............................ 34 
Japan  ................................ ................................ ................................ ............................... 35 
Malaysia  ................................ ................................ ................................ ........................... 40 
New Zealand  ................................ ................................ ................................ ..................... 41 
Peru ................................ ................................ ................................ ................................ .43 
Russian Federation  ................................ ................................ ................................ ............. 46 
Switzerland  ................................ ................................ ................................ ....................... 47 
Turkey  ................................ ................................ ................................ .............................. 48 
United States of America  ................................ ................................ ................................ ....53 
Viet Nam  ................................ ................................ ................................ .......................... 58 
 
  
  G/AG/W/125/Rev.4/Add.2  
 
- 3 - Australia  
The Export Finance and Insurance Corporation (EFIC) is the only government entity that provides export finance in Australia.  This is a self -funded organ ization 
that operates in accordance with commercial principles.  EFIC was established in its current form on 1 November 1991 under the Export Finance and Insurance 
Corporation Act 1991 as a statutory corporation wholly -owned by the Commonwealth of Australia . EFIC has no agriculture specific export financing 
programme s. The EFIC website is located at http://www.efic.gov.au . 
Export Credit, Export Credit Guarantees or Insurance Programme s (Export financing)  
Program  
Title Category 
of Support  Description of Program  Annual average 
premium rates/fees 
per program  Maximum 
repayment 
terms 
per program  Annual 
average 
repayment 
periods 
per program  Export destination or group 
of destinations per  program 
(2015)  Program use 
by product or 
product 
group  
(2015)  
Export 
Contract Loan  Direct Financing 
Support  EFIC provides a loan to an Australian 
exporter or company in an export -related 
supply chain. The loan allows the Australian 
company to deliver on a contract with an 
overseas buyer. Lo ans may be AUD  100,000 
or more with a 12 -month draw down period.  3% to 5% p.a.  30 to 360 days  280 days  Canada;  Japan;  Republic of 
Korea;  United Kingdom;  and the 
United States  Grain & flour, 
meat & meat 
products, 
vegetable & 
olive oils, wine  
Export 
Working 
Capital 
Guarantee  Risk cover  A guarantee to an exporter's bank for the 
exporter's payment obligations under a 
working capital loan facility. The Export 
Working Capital Guarantee can support a 
single export contract or multiple contracts 
with different buyer s. 4.5% p.a.  Under 180 days  90 days  Bahrain;  China; European 
Union; Hong Kong, China; 
India; Kuwait; Japan; Mauritius;  
New Zealand;  Qatar; Republic of 
Korea;  Kingdom of 
Saudi  Arabia; Singapore;  
Chinese  Taipe i; United Arab 
Emirates;  United  Kingdom ; and 
the United  States  Macadamia 
nuts, me at 
including 
organic beef, 
wool 
Bond  Risk cover  A guarantee on bond(s) issued by banks and 
other financial institutions to overseas 
buyers of Austra lian 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 and financial 
strength of the exporter 
to deliver on the 
contract.  Under 180 days  45 days  Nil in 2015  Nil in 2015  
Risk 
Participation 
Agreements  Risk cover  Risk-sharing arrange ment with the Asian 
Development Bank (ADB) under ADB's Trade 
Facilitation Program (TFP) where E FIC 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. Under 180 days  48 days  Sri Lanka, Pakistan,  Banglade sh Carbonised 
wool, cotton & 
milk powder, 
peas, red 
lentils   
  G/AG/W/125/Rev.4/Add.2  
 
- 4 - Program  
Title Category 
of Support  Description of Program  Annual average 
premium rates/fees 
per program  Maximum 
repayment 
terms 
per program  Annual 
average 
repayment 
periods 
per program  Export destination or group 
of destinations per  program 
(2015)  Program use 
by product or 
product 
group  
(2015)  
Export Finance 
Guarantee  Risk cover/ 
government to 
government 
credit 
agreement  Guarantee issued  by EFIC  in favour of 
banks/financial institutions on loans provided 
to assist overseas buyers to purchase capital 
goods and/or services. The guarantee is 
generally limited to 85% of the contract 
value.  2.5% p.a.*  8 to 10 years  9.25 years  Nil in 2015  Nil in 2015**  
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 Austr alian 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 is calculated 
based on the assessed 
credit  worthiness of the 
issuing bank, the tenor 
and frequency of 
repayments.  Under 180 days  60 days  Nil in 2015  Nil in 2015  
Foreign 
Exchange 
Facility 
Guarantee 
(FXG)  Other form of 
governmental 
export credit 
support  EFIC's guarantee extended to participat ing 
foreign exchange specialists to increase the 
trading limit on the foreign exchange facility 
they offer to their exporting clients without 
the need for the exporter to provide 
additional security. Participating foreign 
exchange providers can increa se the trading 
limit of up to AUD 2.5million they offer to 
Australian exporters and allows for foreign 
exchange forward contracts duration of up to 
a maximum tenor of 12 months.***  EFIC receives a 
pre-agreed proportion of 
the gross fee received 
by the participa ting 
commerc ial foreign 
exchange provider. This 
facility has since been 
terminated. ****  Under 180 days  90 days  Various  Grains, pulses 
& lentils  
* The indicated rate is the OECD Arrangement minimum premium rate for an unconditional guarantee.  In addition to risk premium, E FIC also charges Estab lishment and Commitment Fees.  
** Australia notifies dairy cattle support under the EFG as an existing contract for the purposes of the Ministerial Decision on  Export Competition (Paragraph 15 (Australia notifi es dair y cattle support to 
Sri Lanka under the EFG as an existing contract for the purposes of the Ministerial Decision on Export Competition (Paragraph 15  (a)). The cover for this project  to Sri Lanka started in 2011. There  are three 
tranche s of export credit gu arantee. The repayment term for each tra nche is longer than 18 months. The first two tranches of the finance for this project were disclosed in previous responses to the Export 
Competition Q uestionnaire in 2011 and 2014. The last tra nche will be notified i n 2016. The finance for this project is an existing contract pursuant to Paragraph 15  (a) of the Ministerial Decision on Export 
Competition.  
*** While the maximum term for which an FXG facility is in place for an exporter is 12 months, the actual repayment  term for a contract on the export of an agriculture product subject to an FXG does not 
typically exceed 180 days.  
**** Not possible to give an average price rate as it is based on a profit sharing formula with the commercial foreign exchange pr ovider.   
  G/AG/W/125/Rev.4/Add.2  
 
- 5 - Total value of export of agricultural products covered by export credits, export credit guarantees or insurance programmes  and use 
per programme (Million  AUD)  
EFIC Programme  2009  2010  2011  2012  2013  2014  2015  
Export Contract Loans        5.73 
Export Working Capital Guarantee (EWCG)  17.38  27.6 47.7 100.82  24.7 16.49  16.27 
Bond 
  24.2 17.26  
   
Risk Participation Agreements  
  0.72 4.71 5.38 7.72 11.24  
Export Finance Guarantee (EFG)  
  54 56.2 16.14  21.44   
Documentary Credit Guarantee (DCG)  
 22.4 
     
Foreign  Exchange Facility Guarantee (FXG)  
 44.3 131.4  13.8 1.15 1.43 1.33 
Totals  17.38  94.3 258.02  192.79  47.37  47.08  34.57  
Export values by programme and destination for 2015 (Million AUD)  
EFIC Programme  Destination  Value  
Export Contract Loan  United States  2.2 
 United Kingdom  1.83 
 Republic of Korea  1.1 
 Japan  0.5 
 Canada  0.1 
 Total  5.73 
Export Working Capital Guarantee  Bahrain; Hong Kong, China; Kuwait; Republic of Korea; Kingdom of Saudi  Arabia ; Singapore; Qatar; 
United  Arab Emirates; United  States  10.8 
 China  3.07 
 China, European Union, India, Japan, Mauritius, New Zealand, Republic of Korea, Chinese Taipei, United Kingdom  2.0 
 Republic of Korea  0.4 
 Total  16.27  
Risk Participation Agreements  Sri Lanka  9.73 
 Bangladesh  0.82 
 Pakistan  0.69 
 Total 11.24  
Foreign Exchange Facility Guarantees  Various  1.33 
 Total  1.33 
 Grand Total  34.57  G/AG/W/125/Rev.4/Add.2  
 
- 6 - 
 
  Brazil 
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government credit agre ements or any other 
form of governmental export credit support) and relevant legislation  
 
"Proex Financiamento", Brazil 's Export Financing Program, provides direct financing to exporters. 
Brazilian PROEX is divided into two categories:  
 
a) PROEX Direct Fi nancing  
 
Purpose of the program – Government provides direct financing for exporters (supplier 's credit) 
and buyers (buyer 's credit) of Brazilian services and goods. How official support is provided – 
PROEX covers several sectors, including machinery and e quipment. Repayment period is up to ten 
years. The program applies international market interest rates with respect to the funding currency 
and its maturity.  
 
b) PROEX Interest Rate Support  
 
Purpose of the program – The interest rate support aims to redu ce the export finance interest rate 
charged by financial institutions in order to support Brazilian exports of goods and services.  
 
How official support is provided – Export credit is granted by financ ial institutions and 
government  (PROEX) assumes part o f the financial burden, allowing interest rates to be 
compatible with those practiced in international markets.  
 
Both categories, PROEX Direct Financing and PROEX Interest Rate Support, are regulated by the 
Federal Law 10.184 of 12 February 2001, by the Re solutions o f the National Monetary 
Council  (CMN) N o. 2.575, 17 December 1998, and N o. 4.063, 12 April 2012. PROEX Interest Rate 
Support is also disciplined by the Federal Decree 7.710, 3 April 2012.   
 
2. Description of Export Financing Entity  
 
Brazilian Ex port Financing Program (PROEX) relies on National Treasury resources and has specific 
allocation in the federal budget, in order to provide official support to Brazilian exports in two 
modalities – direct financing and interest rate support. The operationa l 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 programs and use per program  
 
The total value of agricultural exports suppo rted by the PROEX  Direct Financing, in  2015, 
was USD 99,224,816.32.  
 
4. Annual average premium rates/fees per programme  
 
The PROEX Direct Financing applies international market interest rates with respect to the funding 
currency and its maturity.  
 
5. Maxim um 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 may be 
of 36 months.  
 
6. Annual average repayment periods per programme  
 
In 2015, the annual average repayment term for agricultural products in the PROEX Direct 
Financing, excluding exports to Cuba, was 4.7  months. For exports to Cuba, the average 
repayment period was 32 months.  
 G/AG/W/125/Rev.4/Add.2  
 
- 7 - 
 
  7. Export dest ination or group of destinations per programme  
 
Please see the list below, which shows the d estinations of Brazil 's exports of agricultural products 
supported by the PROEX Direct Financing program in 2015:  
 
Country  2015  
(USD ) 
Cuba 90,491,315.28  
Italy 3,679,011.62  
China  1,560,554.23  
Japan  1,038,674.00  
Panama  879,717.44  
Egypt  633,040.08  
France  639,906.87  
Mexico  189,540.98  
Ecuador  113,055.83  
Total  99,224,816.32  
 
8. Programme use by product or product group  
 
Please see the data below, which c ontains the t otal value of Brazil 's exports of agricultural 
products supported by the PROEX Direct Financing in 2015:  
 
Product Group – Food/Agricultural Goods HS Chapters Included – 02, 09, 10, 12, 15, 16, 23 : 
USD 99,224,816.32 . 
  G/AG/W/125/Rev.4/Add.2  
 
- 8 - Canada  
1. Description of P rogramme and Export Financing Entity  
 
Data submitted without prejudice to any future data on export credit and credit insurance program mes that Canada might submit.  
 
Description of export financing entity: Export Development Canada (EDC)  
The EDC is Canada' s official Export Credit agency. Its mandate is to support and develop Canada 's export trade by helping Canadian companies respond to international business opportunities. The EDC is 
self-financing and a Crown corporation that operates at arm 's length from  the government. For further information: http://www.edc.ca  
Program me 
Category  Program me 
Name  Category of 
Support  Description of Program me Maximum 
Repayment 
Term  
2015  Annual Average 
Repayment  
Term  
2014 -2015  Annua l Averag e 
Premium 
Rates/Fees  
2014 -2015  
Short Term 
Insurance 
(STI) Accounts 
Receivable 
Insurance (ARI)  (b) Risk Cover  Credit insurance product that protect policyholders against commercial credit 
risks such as non -payment by their buyers driven by the following in sured risks:  
- insolvency  
- default  
- repudiation of goods  
- termination of contracts  
- political risks such as difficulty in converting or transferring currency, 
cancellation of export or import permits  
- war-related risks of losses  
 
Other notable featur es include:  
- 90% co -insurance ratio  
- ability to provide coverage for Canadian companies, including their foreign 
affiliates (subject to legal opinion)  
- Coverage options vary and can include global coverage (whole book) or 
coverage of select payment term s or markets.  ≤ 180 days 
(payment 
terms)  N/A 2014: 0.24%  
2015: 0.26%  
Short Term 
Insurance 
(STI) Single Buyer 
Insurance (SBP)  (b) Risk Cover  Single Buyer Insurance is a credit insurance product that can cover export sales 
to a specific customer for a 180 d ay period on shipments or services. The policy 
carries a co -insurance ratio of up to 90% of losses if a customer does not pay 
after accepting the goods for reasons that may include:  
- bankruptcy or insolvency;  
- currency conversion and transfer; and  
- war, revolution, or insurrection.  ≤ 180 days  
(payment 
terms)  N/A 2014: 1.30%  
2015: 1.40%  
Short Term 
Insurance 
(STI) Trade Protect 
(TP) (b) Risk Cover  Trade Protect insures up to 90% against non -payment for goods and services 
that have been shipped and accepted by the foreign buyer; it cov ers for losses 
associated with default of payment and insolvency. This is credit insurance for 
Canadian exporters that have a small number of customers outside of Canada.  
 
Other features include:  
- the goods or services that are directly exported from Canada ; 
- insurable volume up to USD 500,000  per buyer.  ≤ 180 days  
(payment 
terms)  N/A 2014: 1.11%  
2015: 0.66%   
  G/AG/W/125/Rev.4/Add.2  
 
- 9 - Description of export financing entity: Export Development Canada (EDC)  
The EDC is Canada' s official Export Credit agency. Its mandate is to support and develop Canada 's export trade by helping Canadian companies respond to international business opportunities. The EDC is 
self-financing and a Crown corporation that operates at arm 's length from  the government. For further information: http://www.edc.ca  
Program me 
Category  Program me 
Name  Category of 
Support  Description of Program me Maximum 
Repayment 
Term  
2015  Annual Average 
Repayment  
Term  
2014 -2015  Annua l Averag e 
Premium 
Rates/Fees  
2014 -2015  
Insurance  Contract 
Frustration 
Insurance (CFI)  (b) Risk Cover  Insurance covering Canadian companies for up to 90% of costs incurred or 
receivables lost in association with a specific export contract f or services, capital 
goods, or projects. It protects the exporter against a range of commercial and 
political risks, including:  
 Buyer insolvency  
 Cancellation of export or import licenses and permits  
 Host government 's moratorium on debt  
 Non-conversion of currency or inability to transfer funds  
 Non-payment or default by your customer  
 Termination or cancellation of the contract by your customer  
 War, revolution, insurrection or other political disturbances.  
 
Tenors can be up to 2 years, however for agri -foods it is normally up to 180 
days.  
 
The CFI was not used in support of agriculture exports in 2015, however was 
used as recent as 2014.  ≤ 180 days  
(maximum 
tenor)  N/A 2014: 0.36%  
2015: N/A  
Insurance  Political Risk 
Insurance (PRI)  (b) Risk Cover  Insurance product that protects Canadian companies with investments in foreign 
countries and/or lenders financing investments by Canadian companies abroad. 
The policy protects overseas assets, such as equipment and manufacturing 
facilities, for up to 9 0% of losses a gainst political risks such as:  
 Breach of contract risk by a foreign government or state -owned entity  
 Non-payment by a sovereign obligor  
 Expropriation risk (including gradual or creeping expropriation)  
 Political violence risk  
 Conversion risk  
 Repossession r isk 
 
Coverage can be offered on a number of assets and investments including 
equity, debt, mobile assets & equipment among others.  This product provides 
peace of mind to companies and their financial intermediaries that, when faced 
with such risks, their a ssets will be protected overseas, enabling them to take 
advantage of export and investment opportunities in emerging markets.  
 
Tenors typically greater than 2 years.  ˃ 2 years  
(minimum 
tenor)  N/A 2014: 1.35%  
2015: 0.81%  
Bonding & 
Guarantees  (Account) 
Performance 
Security 
Guarantee (PSG)  (d) other form of 
governmental 
export credit 
support  A performance security guarantee frees up an exporter 's working capital by 
havin g their bank forego the collateral required when they post a contractual 
guarantee on the exporter 's behalf.  EDC provides a 100% guarantee to the 
exporter 's bank in exchange for providing working capital relief to the exporter.  
 
Tenors can be up to 3 years , however for agri -foods it is normally up to 1 year.  ≤ 365 days  
(maximum 
tenor)  N/A 2014: 0.36%  
2015: 1.36%  
Bonding & 
Guarantees  Surety Bonding 
Insurance (SBI)  (d) other form of 
governmental 
export credit 
support  A Surety Bond Insurance compensates the Canadian exporter 's surety company 
in the event of a ca ll, encouraging them to provide the exporter with the bonding 
capacity needed to sell internationally.  N/A N/A 2014: 2.00%  
2015: 2.00%   
  G/AG/W/125/Rev.4/Add.2  
 
- 10 - Description of export financing entity: Export Development Canada (EDC)  
The EDC is Canada' s official Export Credit agency. Its mandate is to support and develop Canada 's export trade by helping Canadian companies respond to international business opportunities. The EDC is 
self-financing and a Crown corporation that operates at arm 's length from  the government. For further information: http://www.edc.ca  
Program me 
Category  Program me 
Name  Category of 
Support  Description of Program me Maximum 
Repayment 
Term  
2015  Annual Average 
Repayment  
Term  
2014 -2015  Annua l Averag e 
Premium 
Rates/Fees  
2014 -2015  
Bonding & 
Guarantees  Financial Security 
Guarantee (FSG)  (d) other form of 
governmental 
export credit 
support  The Financi al Security Guarantee is an indemnity -based financial instrument 
used to support an obligation undertaken by a Canadian exporter. Exporters gain 
additional financial capacity in their bank facilities and ultimately balance sheet. 
The risk covered will be e ssentially exporter default risk. The FSG supports 
financial guarantees, non -contractual (payment) guarantees. It indemnifies the 
Bank for 100% of letter of credit issued in support of security requirements.  
The FSG was not used in support of agriculture e xports in 2015, howe ver was 
used as recent as 2014.  N/A N/A 2014: 3.92%  
2015: N/A  
Bonding & 
Guarantees  Foreign Exchange 
Guarantee (FXG)  (d) other form of 
governmental 
export credit 
support  A foreign exchange guarantee is a guarantee provided to a financia l institution 
(FI), on behalf of a Canadian exporter, for 100% of the collateral required by the 
FI relating to the exporter 's forward contracts facility, in the event the exporter 
does not close the forward contract on the "settlement date ". 
 
Tenors can b e up to 3 years, however for agri -foods it is normally up to 1 year.  ≤ 365 days  
(maximum 
tenor)  N/A 2014: 1.05%  
2015: 1.38%  
Financing  Guarantee  (d) other form of 
governmental 
export credit 
support  Includes Export Guarantee Program and Commercial Guarantee Program.  
The Export Guarantee Program is a risk sharing program me wherein EDC can 
look at providing guarantees of up to 75% to Canadian financial institutions in 
support of credit facilities the FI makes available to support Canadian exporter's 
working capital requirements.  Potential structures include but are not limited  to: 
 Operating facilities  
 Export contract specific facilities  
 Purchase of equipment  
 Federal & Provincial Tax Credits  
 Investments outside of Canada and working capital support for foreign 
subsidiaries  
 Foreign -domiciled inventory of finished goods  
 Export A/R  margined operating facilities  
 
Tenors vary depending on the purpose of the EGP.  It is it working capital related, 
typically 1 year is the maximum; whereas for contract specific, equipment, or 
CAPEX purposes, the tenors will be based on the underlying cont ract/equipment 
to be purchased and therefore could extend beyond 1  year. 
 
The Commercial Guarantee Program (CGP) is very similar to EDC 's Exporter 
Guarantee Program (EGP) and is focused on larger sized commercial clients 
where a guarantee above the EGP 's USD 10 mil lion program me limit is required.  
 
The Commercial Guarantee Program was not used in support o f agriculture 
exports for 2015.  1 year or more  2014: 1.38 years  
2015: 1.08  years  2014: 2.62%  
2015: 2.63%  
Financing  Loan (a) direct financing 
support  Provide financing either for an export, for a future export, or for an 
exporter/investor or for domestic support.  
This category includes domestic capacity, new domestic - export trade, export 
capacity, export support - export contracts, Canadian direct investment abroad 
and export capacity.  Various  2014: 3.33 years  
2015: 3.13 years  2014: 3.32%  
2015: 4.09%   
  G/AG/W/125/Rev.4/Add.2  
 
- 11 -  
Description of export financing entity: Canadian Wheat Board (CWB)  
On July 30, 2015, pursuant to the Marketing Freedom for Grain Farmers Act , the CWB was commer cialized. At that time, it became  G3 Canada Limited under the Canada Business Corporations Act. The 
Canadian Wheat Board (Interim Operations) Act was repealed. G3 Canada Limited operates in the competitive Canadian grain marketplace, with no ties to the Go vernment of Canada.  
Program me Name and Description of Program me Category of 
support  Entities  Term  
Credit Grain Sales Program me (CGSP)  
The CGSP is no longer in use.  
 
Description:  The Government of Canada guaranteed the repayment of the principal and inte rest of all receivables resulting from sales made 
under the CGSP to sovereign buyers. The CWB and the government arranged with the debtor countries for the recovery of outstanding debts.  
There has been no n ew CGSP activity since 2001 -02. (a) Direct 
financi ng 
support  (a) Government 
departments and  
(c) agricultural export 
state trading enterprises  >180 
days 
Agri-Food Credit Facility (ACF)  
The ACF is no longer in use.  
 
Description:  Under the ACF, the government of Canada guaranteed a declining percentage, ba sed on repayment terms of the credit, of all 
receivables resulting from sales to non -sovereign buyers. The terms vary depending on the customer and are usually between 90 and 360 days. 
The CWB was responsible for the remaining balance. ACF was established in 1995 and first used in 1997 -98. (a) Direct 
financing 
support  (a) Government 
departments and  
(c) agricultural export 
state trading enterprises  >90 days 
<360days  
  
  G/AG/W/125/Rev.4/Add.2  
 
- 12 - 2. Total value of export of agricultural products covered by export credits, export credit  guarantees or insurance programmes and use per 
programme  
Canadian Wheat Board (CWB): Credit Grain Sales Program (CGSP)  and Agri -Food Credit Facility (ACF) sales  
Crop Year  Credit Facility  Canadian Dollar  
August 1/94 - July 31/95  Exports under CGSP Credit  266,171,628  
August 1/95 - July 31/96  Exports under CGSP Credit  220,524,480  
August 1/96 - July 31/97  Exports under CGSP Credit  179,422,717  
August 1/97 - July 31/98  Exports under ACF Credit  21,763,895  
 Exports under CGSP Credit  384,780,723  
Total   406,54 4,618  
August 1/98 - July 31/99  Exports under ACF Credit  91,989,915  
 Exports under CGSP Credit  95,073,657  
Total   187,063,572  
August 1/99 - July 31/00  Exports under ACF Credit  145,868,005  
 Exports under CGSP Credit  371,670,601  
Total   517,538,606  
Augus t 1/00 - July 31/01  Exports under ACF Credit  159,431,130  
 Exports under CGSP Credit  222,462,540  
Total   381,893,670  
August 1/01 - July 31/02  Exports under ACF Credit  115,781,065  
 Exports under CGSP Credit  133,539,957  
Total   249,321,023  
August 1/02 - July 31/03  Exports under ACF Credit  87,865,865  
August 1/03 - July 31/04  Exports under ACF Credit  151,358,678  
August 1/04 - July 31/05  Exports under ACF Credit  113,627,275  
August 1/05 - July 31/06  Exports under ACF Credit  152,641,251  
August 1/06 - July 3 1/07 Exports under ACF Credit  170,602,882  
August 1/07 - July 31/08  Exports under ACF Credit  151,781,835  
August 1/08 - July 31/09  Exports under ACF Credit  95,687,668  
August 1/09 - July 31/10  Exports under ACF Credit  91,171,090  
August 1/10 - July 31/11  Exports under ACF Credit  144,792,791  
August 1/11 - July 31/12  Exports under ACF Credit  133,691,715  
August 1/12 - July 31/13  Exports under ACF Credit  52,642,620  
August 1/13 - July 31/14  Exports under ACF Credit  12,395,821  
Note: The CGSP and ACF are no lo nger in use.   
  G/AG/W/125/Rev.4/Add.2  
 
- 13 -  
Export Development Canada Data  
Agricul tural Product Exports 
Canadian Dollar  1995  1996  1997  1998  1999  2000  2001  2002  2003  2004  2005  
Contract Insurance and 
Bonding (CIB)  266,422  17,085,695          10,137,308  6,938,246  17,844,580  11,802,094  68,602,685  
Financing (FIN)    177,266    1,132,762          712,500  608,092  1,697,441  
Political Risk Insurance (PRI)    2,166,000  2,166,000  2,166,000                
Short term insurance  131,803,875  259,103,895  432,897,985  545,429,640  653,830,146  729,068,503  864,418,676  854,903,434  608,467,878  498,931,919  559,710,602  
 
Agricul tural Product Exports 
Canadian Dollar  2006  2007  2008  2009  2010  2011  2012  2013  2014  2015  
Contract Insurance and 
Bonding (CIB)  127,002,052  172,176,845  298,552,212  360,745,072  96,421,153  128,389,260  85,865,222  99,600,460  99,604,086  91,325,466  
Financing (FIN)  2,334,400  18,177,881  29,357,308  46,356,397  102,871,375  153,279,700  133,965,817  161,210,452  466,855,563  267,272,703  
Political Risk Insurance (PRI)          407,520      308,265  327,075  10,557,465  
Short term insurance  543,583,221  574,795,682  1,043,615,677  1,122,905,347  1,297,749,164  1,894,007,360  2,148,453,156  2,477,837,958  3,730,989,079  3,730,989,079  
 
Program use by product or product group, and export destination or group of destinations per programme  
 
EDC Sub -Sector Description  Product/Group of Products  
Commodities - Grain, Specialty Crops  Wheat and wheat flour  
Coarse grains  
Processor, Elevator -Grain, Specialty Crops  Oilseeds  
Vegetable oils  
Oilcakes  
Commodities - Meat Bovine me at 
Pigmeat  
Poultry meat  
Sheep meat  
Breeding/Genetics/Animal Health & Nutrition  Live animals (beef, dairy, swine)  
Commodities - Horticulture, Organic Horticulture  Fruit 
Vegetables  
  
  G/AG/W/125/Rev.4/Add.2  
 
- 14 - Programme  Category  Destination by region  
Agricultural Product Exp orts Canadian Dollar  2014  2015  
Short Term Insurance  Africa, Europe & Middle -East 1,299,035,519.32  1,030,438,189  
Asia 977,978,699.53  1,127,173,346  
Mexico, Central America & Caribbean  303,322,761.44  237,288,915  
North America  788,288,422.09  1,046,943,6 88 
South America  164,041,432.28  289,144,941  
Political Risk Insurance (PRI)  Mexico, Central America & Caribbean  327,075  10,165,200  
South America   392,265  
Contract Insurance and Bonding (CIB)  Various countries  1,885,226  5,068,040  
Africa, Europe & M iddle-East 5,667,166  800,772  
Asia 19,116,821  8,364,833  
North America  68,932,213  72,898,625  
South America  4,002,661  4,193,196  
Financing (FIN)  Africa, Europe & Middle -East 5,825,000  375,000  
Asia 4,286,575  13,830,000  
Mexico, Central America  & Caribbean   1,500,000  
North America  456,743,988  250,907,703  
South America   660,000  
  
  G/AG/W/125/Rev.4/Add.2  
 
- 15 - Programme  Category  EDC Subsector Description  
Export s Canadian Dollar  2014  2015  
Short Term Insurance  Breeding/Genetics/Animal Health& Nutrition  192,741,545  225,431 ,273 
Commodities -Grain, Specialty Crops  670,492,758  1,862,456,601  
Commodities -Meat 915,189,482  940,196,316  
Commodities -Horticulture, Organic  132,996,195  233,543,359  
Processor/Elevator -Grain, Specialty Crops  1,614,477,568  469,361,530  
Political Risk  Insurance (PRI)  Commodities - Horticulture   10,165,200  
Commodities - Meat 327,075  392,265  
Contract Insurance and Bonding (CIB)  Animal Breeding, Genetics & Production  300,000 1,674,910  
Animal Health, Nutrition & Related Services   576,000  
Commodities  - Grain  28,827,618  45,985,506  
Commodities - Horticulture  850,000 1,850,000  
Commodities - Meat 45,331,015  21,424,796  
Commodities - Specialty Crops  12,768,938  1,600,000  
Processor / Elevator - Grain  8,376,515  8,064,254  
Processor / Elevator - Specia lty Crops  3,150,000  10,150,000  
Financing (FIN)  Breeding/Genetics/Animal Health& Nutrition  205,875,750  45,966,500  
Commodities -Grain, Specialty Crops  122,836,575  120,368,913  
Commodities - Meat 92,946,979  49,944,393  
Commodities -Horticulture, Organic  5,718,520  15,660,500  
Processor/Elevator -Grain, Specialty Crops  39,477,739  35,332,397  
 
 G/AG/W/125/Rev.4/Add.2  
 
- 16 - 
 
  Colombia  
1. Description of the programme: risk cover  
 
The Exchange Coverage Programme for the Agricultural Sector was implemented in 2010 by the 
Ministry of Agricultur e and Rural Development through Resolution No.  000393, the idea being 
to encourage export -oriented producers to acquire exchange rate coverage in order to reduce 
uncertainty and mitigate the impact of the volatility of the dollar. The Government is essenti ally 
seeking to protect the formal employment generated by this activity as well as the stability of that 
employment by enhancing the sector's productivity and competitiveness.  
 
The beneficiaries of the Programme are the agricultural, livestock and aquacul ture export 
subsectors as defined by the World Trade Organization (WTO) plus fisheries, excluding the coffee 
subsector. Also included are the agro -industrial sectors that use products from the agricultural, 
livestock or aquaculture sectors as raw materials . 
 
For 2014, the participants in the Exchange Coverage Programme were classified according to the 
following criteria:  
 
Type of producer  Value of assets at 31  December  2013  
(COP ) 
Small producers Less than or equal to 89,320,000  
Medium producers – type 1  More than 89,320 ,000 and less than or equal to 376,400,000  
Medium producers – type 2  More t han 376,400,000 and less than 3,300,000,000  
Large producers  More than or equal to 3,300,000,000  
 
Relevant legislation  
 
The Exchange Coverage Programme is based on Article  7 of Law  101 of 1993 – General Law on 
Agricultural and Fishery Development, and on Ministry  of Agriculture  and Rural Development 
Resolution  393 of 11  November  2010 establishing the programme and introducing other 
provisions.  
 
2. Description of expo rt financing entity  
 
The Exchange Coverage Programme was developed by the Ministry  of Agriculture and Rural 
Development, and is managed by the Fund for the Financing of the Agricultural and Livestock 
Sector  (FINAGRO), a semi -public national company set up as a credit establishment and linked to 
the Ministry of Agriculture and Rural Development.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
In 2014, the Ex change Coverage Programme covered total export sales worth  
approximately  USD 297,681,638.  
 G/AG/W/125/Rev.4/Add.2  
 
- 17 - 
 
  4. Annual average premium rates/fees per programme  
 
Producers participating in the Programme are provided direct financial support covering 
between  90% and 50% of th e acquisition value of the coverage premium, depending on the type  
of producer and the date of expiry of the coverage. The table below sets out the 
Ministry  of Agriculture and Rural Development's financial support scheme for the exchange 
coverage premium i n 2014.  
 
Type of 
producer  Percen tage 
support  Ceilings  
Expiry ≤ 
6 months  Expiry > 
6 months  Minimum 
sales to 
be 
covered  
(USD) Maximum sales to be covered 
(USD) 
Daily  Monthly  Annual  
Small 
producers  90% Up to 
80 COP 
per dollar  Up to 
90 COP 
per dollar  1,000  2,000,000  
Medium 
producers 
– type 1  
Medium 
producers 
– type 2  50% Up to 
50 COP 
per dollar  Up to 
60 COP 
per dollar  500,000  2,000,000  10,000,000  
Large 
producers  
 
5. Maximum repayment terms per programme  
 
Not applicable to the Exchange  Coverage Programme.  
 
6. Annual average repayment periods per programme  
 
Not applicable to the Exchange Coverage Programme.  
 
7. Export destination or group of destinations per programme  
 
The Export Coverage Programme does not take account of the destinatio n of exports.  
 
8. Programme use by product or product group  
 
The table below sets out the distribution by subsector of the sales covered by the Exchange 
Coverage Programme for 2014.  
 
Product  Ministry of Agriculture and 
Rural Development Support  
in COP Sales covered in US dollar  
Flowers  11,834,732,223  231,757,500  
Sugars and sugar confectionary  1,509,431,762  30,285,000  
Fruit trees  445,976,800  8,500,000  
Live animals  373,919,720  7,500,000  
Bananas  313,178,744  5,997,305  
Meat and edible meat offal  179,484,82 9 3,587,395  
Hides and skins  177,078,968  3,532,638  
Fish and crustaceans, molluscs  90,245,996  2,010,000  
Shrimp  82,111,515  2,000,000  
Vegetables  39,499,719  1,000,000  
Cocoa  78,535,485  998,250  
Tilapia  20,080,000  400,000  
Aromatic herbs  9,120,336  113,550  
Grand total  15,153,396,097  297,681,638  
Source:  FINAGRO.  G/AG/W/125/Rev.4/Add.2  
 
- 18 - 
 
  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 membe r 
states is  given below . 
 
The following export credi t schemes are operated by the European  member states:  
 
Austria  
 
1. Name/description of the programme  
 
General programme s (non -agriculture specific) for export credit insurance. An extremely limited 
volume  of agricultural products is covered under the general programme . 
 
2. Legal basis  
 
http://www.oekb.at/en/export -services/framework/legal -framework/pages/defaul t.aspx.  
 
3. Name/description of Export Financing Entity  
 
Oesterreichische Kontrollbank AG (OeKB ). 
 
4. Total value of export of agricultural products covered by the programme : 
 
This information is not held . 
 
5. Annual average premium rate/fee per programme  
 
This information is not held . 
 
6. Maximum repayment term per programme  
 
This information is not held . 
 
7. Annual average repayment period per programme  
 
This information is not held . 
 
8. Export destination or group of destinations per programme  
 
This inf ormation is not held . 
 
9. Programme  use by product or product group  
 
This information is not held . 
 G/AG/W/125/Rev.4/Add.2  
 
- 19 - 
 
  Bulgaria  
 
1. Name/description of the programme  
 
Risk cover programme  against non -marketable short - and medium -term commercial and 
non-commercial risks.  
 
2. Legal basis  
 
Bulgarian Export Insurance Act, Order No.  101 of the Council of Ministers of the 
Republic  of Bulgaria dated 18 December 1997 . 
 
3. Name/description of Export Financing Entity  
 
"Bulgarian Export Insurance Agency " (BAEZ) : http:// www.baez.bg . 
 
4. Total value of export of agricultural products covered by the programme  
 
Total value of exports covered by non -marketable short -term commercial risk (in million  EUR):  
 
2013: 2.054  
2014: 2.296  
2015: 2.930  
 
5. Annual avera ge premium rate/fee per programme  
 
Annual average premium rated for non -marketable short -term commercial risk (%) : 
 
2013: 0.93 
2014: 0.85 
2015: 0.81  
 
6. Maximum repayment term per programme  
 
24 months for short -term commercial and political risk and 60 mon ths for medium -term 
commercial and political risk.  
 
7. Annual average repayment period per programme  
 
Annual average repayment period of cover against non -marketable short -term commercial 
risk (days):  
 
2013: 71  
2014: 79  
2015: 76  
 
8. Export destination or g roup of destinations per programme  
 
Azerbaijan, China, Greece , Israel, Kenya, Kosovo, Lebanon , FYROM, Nigeria, Russian Federation , 
Serbia, Syria, Tunisia , Turkey . 
 
9. Programme  use by product or product group  
 
Crops, fruits, nuts, vegetables, coffee, tea, spices , animals, beverages, dairy, chocolate, 
confectioner y, alcoholic and other  beverages, tobacco.  
 G/AG/W/125/Rev.4/Add.2  
 
- 20 - 
 
  Croatia  
 
1. Name/description of the programme  
 
General programme s (non -agriculture specific) for supplier credit, buyer credit and export 
guarantees.  
 
2. Legal basis  
 
Act on the Croatian Bank for Reconstruction and Development (NN  138/06,  NN 25/13).  
 
Regulation on Export Credit Insurance (NN 61/07, NN 92/08, NN 79/10).  
 
3. Name/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.  
 
4. Total value of export of agricultural products covered by the programme  
 
Amount of  export guarantees issued:  
 
2013: EUR 0 
2014: EUR 50,000  
2015: EUR 189,000  
 
5. Annual average premium rate/fee per programme  
 
This information is not held.  
 
6. Maximum repayment term per programme  
 
This information is not held.  
 
7. Annual average repayment  period per programme  
 
This information is not held.  
 
8. Export destination or group of destinations per programme  
 
Switzerland, Slovenia and Poland . 
 
9. Programme  use by product or product group  
 
Wine, freshwater fish, vegetables . 
 
 G/AG/W/125/Rev.4/Add.2  
 
- 21 - 
 
  Czech Republic  
 
1. Name/description of the programme  
 
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)  
 
2. Legal basis  
 
EGAP operates in accordance with the r egulations 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.  
 
3. Name/description  of Export Financing Entity  
 
EGAP (Exportn í 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 (4 shareholding ministries: Ministry of Finance, Ministry of Industry  and Trade, 
Ministry of Foreign Affairs and Ministry of Agriculture).  
 
http://www.egap.cz/index -en.php  
 
4. Total value of export of agricultural products covered by the programme  
 
2013: CZK 111.7 mil lion 
2014:  CZK 33.2 mil lion 
2015: CZK 291.3 mil lion 
 
5. Annual average premium rate/fee per programme  
 
2013: 4.3%  
2014: 4.0%  
2015: 3.4%  
 
6. Maximum repayment term per programme  
 
14 months is the maximum repayment term from the realized transactions. Maximum availabl e 
repayment term of this program is two years.  
 
7. Annual average repayment period per programme  
 
2013: 6.8 months  
2014: 3.5 months  
2015: 9.3 months  
 
8. Export destination or group of destinations per programme  
 
Armenia, Belarus, Cuba, Kazakhstan Mexico, R ussian Federation.  
 
9. Programme use by product or product group  
 
Foodstuff and animal products, among others powdered milk, food supplements, beer, malt, etc.  
 G/AG/W/125/Rev.4/Add.2  
 
- 22 - 
 
  Denmark  
 
1. Name/description of the programme  
 
General export credit programme for Danish expo rters.  
 
Reinsurance 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 of 
agricultural products are not permitted within these marke ts. 
 
2. Legal basis  
 
LBK 913 of 9/12/1999 . 
 
3. Name/description of Export Financing Entity  
 
"The Danish Export Credit Agency " (EKF) is an official export credit agency, 100% owned by the 
Danish Government . 
 
4. Total value of export of agricultural products  covered by the programme  
 
Danish general export credit programme covers breeding animals. During 2011 -2015, EKF has 
issued export credit guarantees covering export of breeding animals worth approximately 
DKK 86 million.  
 
EKF is reinsuring exports of all t ype of products insured by the private agencies. Separate value of 
agricultural products is not available.  
 
5. Annual average premium rate/fee per programme  
 
Depend ing on  the credit rating of the individual destination countries . 
 
6. Maximum repayment term  per programme  
 
General export credit program covering breeding animals: Three years.  
Reinsurance program: 180 days  
 
7. Annual average repayment period per programme  
 
As above . 
 
8. Export destination or group of destinations per programme  
 
Countries outsid e EU/OECD . 
 
9. Programme  use by product or product group  
 
General export credit program: Primarily capital goods, breeding animals.  
 
Reinsurance program: a ll types of goods, but typically consumer goods . 
 G/AG/W/125/Rev.4/Add.2  
 
- 23 - 
 
  Estonia  
 
1. Name/description of the programme  
 
Non-agriculture specific short -term credit insurance, long -term buyer's credit insurance and 
supplier's credit insurance (used for capital goods exports)  
 
2. Legal basis  
 
Estonian Law - State Export Guarantees Act:  
https://www.riigiteataja.ee/en/eli/506012014002/consolide  
 
3. Name/description of Export Financing Entity  
 
KredEx Krediidikindlustus AS is a state -owned insurance company.  
http://www.kredex.ee/credit -insurance  
 
4. Total value of export of agricultural products covered by the programme  
 
At end of 2015, approx. EUR 4.2 million was covered by short -term credit insurance with state 
support for food industry exports.  
 
5. Annual a verage premium rate/fee per programme  
 
Agreed short -term credit insurance premiums are provided in the insurance contracts and are 
negotiated with each exporter according to insurance cover provided. Premium rates range 
between 0.3%  and 2% of insured credi t turnover  across all industries . 
 
For buyer 's credit and supplier 's credit insurance, prem ium rates are regulated by 
OECD  Arrangement.  
 
6. Maximum repayment term per programme  
 
Short -term credit insurance : up to 24 months . 
Buyer's credit insurance : up to 120 months . 
Supplier's credit insurance : up to 120 months . 
 
7. Annual average repayment period per programme  
 
Short -term credit insurance : 2 months . 
Other programme s: 5 years . 
 
8. Export destination or group of destinations per programme  
 
Global coverage f or short -term credit insurance (only non -OECD countries with State support).  
Global coverage for buyer's credit insurance and supplier's credit insurance.  
 
9. Programme  use by product or product group  
 
All industries, including food processing industry (wi thout specification), fisheries, milk processing 
industry, wholesale food products (without specification).  
 
 G/AG/W/125/Rev.4/Add.2  
 
- 24 - 
 
  Finland  
 
1. Name/description of the programme  
 
General programme  (non-agriculture specific) for risk cover and credit insurance.  
 
2. Legal basis  
 
No. 422/2001 Act on State 's Export Credit Guarantees . 
 
3. Name/description of Export Financing Entity  
 
Finnvera plc, state -specialised financing company . 
 
4. Total value of export of agricultural products covered by the programme  
 
Total covered exports fo r agricultural products were EUR  13 million in 2014 . 
 
5. Annual avera ge premium rate/fee per programme  
 
2.0 p.a. on the volume of covered exports . 
 
6. Maximum repayment term per programme  
 
180 days  
 
7. Annual average repayment period per programme  
 
Typical  credit terms are 30 -90 days . 
 
8. Export destination or group of destinations per programme  
 
Barley malt:  destination Venezuela  
All others:  major destination Russian Federation.  
 
9. Programme  use by product or product group  
 
Frozen berries and concentrates , soft drinks, beer, cider, spring water, spices, barley malt, feed for 
fish/poultry/cows/pigs, food supplemen ts. 
 G/AG/W/125/Rev.4/Add.2  
 
- 25 - 
 
  France  
 
1. Name/description of the programme  
 
Short -term export credit guarantees for the financing of exports of certain food products to C uba 
and temporary short -term credit insurance scheme  for exports to Greece.  
 
2. Legal basis  
 
A private company operating since 1946 on behalf of and with the guarantee of the French State 
on the basis of exclusive rights from the State to manage these guar antees.  
 
3. Name/description of Export Financing Entity  
 
Coface . 
 
4. Total value of export of agricultural products covered by the programme  
 
As of 31/03/2016, less than EUR  50 million of which around EUR  5 million was export  to Greece . 
 
5. Annual average premium rate/fee per programme  
 
Ad-hoc based on the OECD Arrangements for exports to Cuba.  
 
6.5% for exports to Greece.  
 
6. Maximum repayment term per programme  
 
One year for exports to Cuba.  
 
Two years for exports to Greece (non -agriculture specific).  
 
7. Annual average repayment period per programme  
 
One year for exports to Cuba.  
 
180 days for exports to Greece.  
 
8. Export destination or group of destinations per programme  
 
Cuba, Greece.  
 
9. Programme  use by product or product group  
 
This information is n ot held.   
 
 G/AG/W/125/Rev.4/Add.2  
 
- 26 - 
 
  Germany  
 
1. Name/description of the programme  
 
Pure cover only.  
 
2. Legal basis  
 
Annual Budget law 2015: http://www.gesetze -im-internet.de/hg_2015/__3.html  
Guidelines on the gra nt of Export Guarantees, as last amended on 4 June 2014 (only German 
version):  http://www.agaportal.de/pdf/formulare/richtlinien_ekg.pdf  
 
3. Name/description of Export Financing Entit y 
 
The Federal Government of Germany has entrusted the management of the Official Export Credit 
Scheme to a consortium of two private companies. This mandatory consortium which consists of 
Euler Hermes Aktiengesellschaft, the leading partner in the consort ium, and 
PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft is authorised to 
provide and manage the scheme in the name and for account of the state. 
 
4. Total value of export of agricultural products covered by the programme  
 
(EUR)  
2005 11,804.0 
2006 852,074.0 
2007 1,685,000.0 
2008 59,791.0 
2009 0.0 
2010 3,429,662.0 
2011 0.0 
2012 0.0 
2013 0.0 
2014 0.0 
2015 0.0 
 
Valid data only available for single transaction cover.  
 
5. Annual average premium rate/fee per programme  
 
Not app licable.  
 
6. Maximum repayment term per programme  
 
Not applicable.  Prior to 2011: general ly 180 days; in few cases max. three  years (e. g. breeding 
cattle).  
 
7. Annual average repayment period per programme  
 
Not applicable.  Prior to 2011: less than 180 day s. 
 
8. Export destination or group of destinations per programme  
 
Not applicable.  Prior to 2011: worldwide. Cover for marketable risks (short -term credits to EU and 
core OECD  countries) is not available.  
 
9. Programme  use by product or product group  
 
Not a pplicable.  Prior to 2011: food products, breeding animal/cows, seeds . 
 G/AG/W/125/Rev.4/Add.2  
 
- 27 - 
 
  Hungary  
 
1. Name/description of the programme  
 
Hungarian Export Credit Insurance Ltd. provides export credit insurance for non -payment of the 
buyer or the credit debtor.  
 
Hungarian Exp ort-Import Bank provides official support in the form of guarantees to exporters and 
direct lending directly or via refinanced financial institutions. Hungarian Export -Import Bank 
conducts the tied aid facilities to developing countries.  
 
2. Legal basis  
 
Acts: 
 Act XLII of 1994 on the Hungarian Export -Import Bank Private Limited Company and the 
Hungarian Export Credit Insurance Private Limited Company ; 
 Act CCXXXVII of 2013  on Credit Institutions and Financial Enterprises . 
Decrees : 
 Decree No. 312/2001 (XII. 2 8.) 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 . 
3. Name/description of Export Financing Entity  
 
Hungarian Export Credit Insurance Ltd. and  Hungarian Export -Import Bank were established 
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.  
 
4. Total value of export of agricultural products covered by the programme2 
 
 Export credit insurance covered EUR 0.141  million in  2013, EUR 0.4 million in year 2 014 and 
EUR 5.395 million in 2015 . 
 Official guarantees were issued for export value of EUR 4.98 million in 2013,  EUR 3.7 million 
in year 2014 and EUR 20.3 million in  2015. 
 The value of outstanding officially -supported export credits was EUR 105.04 million in 2013 , 
EUR 392.2 million in year 2014  and EUR 495.9 million in 2015 . 
5. Annual average premium rate/fee per programme  
 
 For short term export credit insurance the annual av erage premium rate was  1.78% 
in 2013, 1.3% in 2014  and 1.68% in 2015 . For medi um a nd long term insurance:  Not 
applicable . 
 The annual average weighed guarantee fee was 2.675%  in 2013 , 2.77% in  2014 and 0.60% 
in 2015 . 
 The annual average interest rate for the credits was 2.445% in 201 3, 2.133% in 2014  and 
2.56% in 2015 . 
6. Maximum repaymen t term per programme  
 
The maximum repayment term of export credits and export  credit insurance is 102 or 120  months, 
depending on the destination country category.  
 
7. Annual average repayment period per programme  
 
                                                
2 The figure s include exports to EU and non -EU countries as well . G/AG/W/125/Rev.4/Add.2  
 
- 28 - 
 
   The average repayment period under ST cre dit insurance was approx. 8 months for 2015 . For 
MLT insurance: Not applicable . 
 The average repayment term of the credits was:  
 10 months with lump sum, 20 months with monthly,  42 months with 3 -months and 
18 months with semi -annual repayment frequency as o f 31.12.2013.  
 18 months with lump sum, 22 months with monthly,  48 months with 3 -months and 
49 months with semi -annual repayment frequency as of 31.12.2014.  
 42 months with lump sum, 105 months with monthly,  83 months with 3 -months and 
54 months with semi -annual repayment frequency as of 31.12.2015 . 
8. Export destination or group of destinations per programme  
 
As far as non -EU countries are concerned, the following destinations prevailed in 2013 -2015:  
 
 Insurance cover: Azerbaijan , Morocco, Russian Federation , Serbia, Turkey  and the 
United Arab Emirates.  
 Guarantees and credits:  Bosnia and Herzegovina , Hong Kong, China, Japan, Lebanon, 
Russian Federation, Switzerland , Ukraine and the United States of America . 
9. Programme  use by product or product group  
 
Grain,  seeds, tobacco, processed fruits and vegetables, processed meat.  
 G/AG/W/125/Rev.4/Add.2  
 
- 29 - 
 
  Latvia  
 
1. Name/description of the programme  
 
Short -term export credit guarantees – risk cover for export transactions with deferred payment up 
to two  years.  
 
2. Legal basis  
 
Regulation by  the Cabinet of Ministers of Republic of Latvia.  
 
http://likumi.lv/doc.php?id=192668  
 
3. Name/description of Export Financing Entity  
 
Guarantees are provided by Development finance institution Altum.  
 
4. Total value of export of agricultural products covered by the programme  
 
EUR 8.1 million . 
 
5. Annual average premium rate/fee per programme  
 
1.02% . 
 
6. Maximum repayment term per programme  
 
24 months . 
 
7. Annual average repayment period per programme  
 
2.5 months.  
 
8. Export destination or group of destinations per programme  
 
Belarus, Russian Federation, Ukraine, Kazakhstan etc. (non -marketable risk countries) . 
 
9. Programme  use by product or product group  
 
Latvian export credit guarantee programme is not li mited to specific products or sectors. Latvian 
export credit guarantee programme is intended for undertakings that carry out an export of goods 
of origin of Latvia. 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 molluscs;  
10.3 Processing and pre serving of fruit and vegetables;  
10.5 Manufacture of dairy products;  
10.6 Manufacture of grain mill product s, starches and starch products;  
10.7 Manufactu re of bakery and farinaceous products;  
10.8 Manufacture of other food products.  
 
 G/AG/W/125/Rev.4/Add.2  
 
- 30 - 
 
  The Netherlands  
 
1. Name/description of the programme  
 
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 done 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 t o the Export Credit Insurance scheme aimed at export 
transaction with developing countries targetting SME 's both in the Netherlands a s well as 
developing countries.  
 
Both export credit insurance as well as export financing schemes.  
2. Legal Basis  
 
Private Company serving as the executing agency for the Netherlands Ministry of Finance.  
 
3. Name/description of Export Financing Entity  
 
Atradius Dutch State Business, integral part of the Atradius Group (private) . 
 
4. Total value of export of agricultural produc ts covered by the programme  
 
No transactions of agricultural products during the last few years (including last year 2015).  
 
5. Annual average premium rate/fee per programme  
 
Not applicable . 
 
6. Maximum repayment term per programme  
 
Not applicable . 
 
7. Annual average repayment period per programme  
 
Not applicable . 
 
8. Export destination or group of destinations per programme  
 
Not applicable . 
 
9. Programme  use by product or product group  
 
Not applicable . 
 G/AG/W/125/Rev.4/Add.2  
 
- 31 - 
 
  Poland  
 
1. Name/description of the programme  
 
Risk C over-Insurance of short -term export receivables against non -marketable risk backed by the 
State Treasury.  
 
2. Legal basis  
 
 The Act of 7 July 1994 on Export Insurance Guaranteed by the State Treasury . 
 Regulation of the Minister of Economy of 19 December 201 4 – 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 . 
3. Name/description of E xport Financing Entity  
 
KUKE S.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 rece ivables on market conditions as well as 
contract guarantees.  
 
http://www.kuke.com.pl  
 
4. Total value of export of agricultural products covered by the programme  
 
Value of turnover covered : 2015 – USD 58,614,201.33 . 
 
5. Annual avera ge premium rate/fee per programme  
 
Annual average premium rates:  2015 – 0.86. 
 
6. Maximum repayment term per programme  
 
KUKE  S.A. under the above -mentioned programme  provides insurance of export contracts wit h 
repayment terms shorter than tw o years . 
 
7. Annual average repayment period per programme  
 
This information is not held  
 
8. Export destination or group of destinations per programme  
 
Geographic distribution of supported by KUKE export is dominated by Azerbaijan, Belarus, 
Mongolia, the Russian Federation , Serbia , and Ukraine .  
 
9. Programme  use by product or product group  
 
Agricultural products, dairy products, soft drinks, fruits and vegetables, cereals, meat and other 
food products . G/AG/W/125/Rev.4/Add.2  
 
- 32 - 
 
  Sweden  
 
1. Name/description of the programme  
 
Risk Co ver (Guarantee for Trade Receivables and Letter of Credit Guarantee) . 
 
2. Legal basis  
 
The Swedish Export Credits Guarantee Board (EKN) operates in accordance with the regulations in 
force and special instructions from the government which are specified in  an annual letter of 
appropriation.  
 
3. Name/description of Export Financing Entity  
 
EKN is a state agency operating under The Ministry for Foreign Affairs.  http:// www.ekn.se  
 
4. Total value of export of agricultural pro ducts covered by the programme  
 
2013: SEK 129.8 million . 
2014: SEK 87.8 million . 
2015: SEK 66.4 million . 
 
5. Annual average premium rate/fee per programme  
 
2.99% . 
 
6. Maximum repayment term per programme  
 
360 days . 
 
7. Annual average repayment period per programme  
 
65 days . 
 
8. Export destination or group of destinations per programme  
 
Brazil, China, Kazakhstan , Macedonia,  Nigeria, Pakistan, Russian Federation, Serbia, Singapore, 
Tanzania,  Thailand, Trinidad & Tobago , Ukraine and the Bolivian Republic of Ve nezuela.  
 
9. Programme  use by product or product group  
 
Vegetable fats, flavouring, frozen herring, lingonberry jam, soft drinks, mineral water, coffee, tea, 
beer, wine, malt, frozen bilberry, potato starch and yolk powder.  
 G/AG/W/125/Rev.4/Add.2  
 
- 33 - 
 
  United Kingdom  
 
1. Name/descri ption of the programme  
 
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 events which 
prevent it s performance or lead to its termination.  
 
2. Legal basis  
 
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.gov.uk/government/organisations/uk -export -finance  
 
3. Name/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 Business, Innovation and Skills. The Minister of State for Trade 
and Investment has day to day responsibility for the operation of UKEF.  
 
4. Total value of export of agricultural products covered by the programme  
 
EXIP:  
 
2013: GBP 481 k. 
2014: GBP  1.38 million . 
2015: GBP  624 k. 
 
5. Annual average premium rate/fee per programme  
 
This information is not held . 
 
6. Maximum repayment term per programme  
 
18 months . 
 
7. Annual average repayment period per programme  
 
This information is not h eld. 
 
8. Export destination or group of destinations per programme  
 
Greece, Russian Federation, Ukraine, the United Arab Emirates . 
 
9. Programme  use by product or product group  
 
Cheese, frozen fish, scotch/whisky, food seasoning, animal feed . 
 G/AG/W/125/Rev.4/Add.2  
 
- 34 - 
 
  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 ra nge 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 -tradition al exports  such as Tourism, 
Manufacturing, Agro Processing, 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 Facilities and Trade Credit Insurance.   
 
1. Description of the programme s (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 a ccess 
80% financing on goods insured, by assigning the 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 bu yers, include 
protracted default or insolvency/bankruptcy 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 J MD 100.00 worth of produce sold.  
 
5. Maximum  Repayment  Terms : Maximum repaym ent 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.4/Add.2  
 
- 35 - 
 
  Japan  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government cr edit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
Export Bill Insurance  http://nexi.go.jp/en/products/types/bill/  
Export Credit Insurance for SMEs  http://nexi.go.jp/en/products/types/smes/  
Export Credit Insurance  http://nexi.go.jp/en/products/types/export/  
 
These programmes are all categ orized as risk cover.  
 
Relevant legislation: Trade Insurance and Investment Act.  
 
2. Description of Export Financing Entity  
 
Incorporated Administrative Agency, Nippon Export and Investment Insurance (NEXI) . 
  
  G/AG/W/125/Rev.4/Add.2  
 
- 36 - 3. Total value of export of agricultural produ cts covered by export credits, export credit guarantees or insurance programmes and use 
per programme  
Underwritten amount by export of agricultu ral products (FY1995 - Dec. 2015 ) (in Japanese Yen)  
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  (yen)  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 I nsurance for 
SMEs  Number of underwritten  - - - - - - - 
Value of export of agricultural products (yen)  - - - - - - - 
Export Credit Insurance  Number of underwritten  212 232 228 227 240 262 278 
Value of export of agricultural products  (yen)  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  (yen)  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  (yen)  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  (yen)  - - - 1,544,438  23,104,267  33,981,051  40,105,262  
Export C redit Insurance  Number of underwritten  399 859 894 979 1,390  1,679  1,796  
Value of export of agricultural products  (yen)  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 export of agricultural products (yen)  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  
(Apr. -Dec.） 
Export Bill Insurance  Number of underwritten  289 285 258 245 238 232 166 
Value of export of agricultural products (yen)  1,494,431,569  1,533,160,563  1,371,128,078  1,249,134,341  1,318,254,661  1,255,783,299  971,065,043  
Export Cre dit Insurance for 
SMEs  Number of underwritten  29 30 34 28 85 132 135 
Value of export of agricultural products (yen)  46,571,107  69,908,572  84,273,412  81,453,513  412,271,273  608,710,785  697,293,872  
Export Credit Insurance  Number of underwritten  1,628  1,658 2,147  1,841  1,877  1,200  999 
Value of export of agricultural products (yen)  7,204,222,570  7,567,224,087  11,779,552,689  9,815,051,676  7,391,450,279  4,925,123,109  4,462,501,348  
Total / Number of underwritten  1,946  1,973  2,439  2,114  2,200  1,564  1,300  
Total/Value of export of agricultural products ( yen) 8,745,225,246  9,170,293,222  13,234,954,179  11,145,639,530  9,121,976,213  6,789,617,193  6,130,860,263  
  
  G/AG/W/125/Rev.4/Add.2  
 
- 37 - Type of Insurance  Fiscal Year (April -March)  Total  Average  
（1995 -2014） 
Export Bill Insurance  Number of u nderwritten  6,813    
Value of export of agricultural products (yen)  28,609,900,438  1,381,941,770  
Export Credit Insurance for 
SMEs  Number of underwritten  531   
Value of export of agricultural products (yen)  2,099,217,552  70,096,184  
Export Credit Insura nce Number of underwritten  21,025    
Value of export of agricultural products (yen)  90,815,796,580  4,317,664,762  
Total / Number of underwritten  28,369   
Total/Value of export of agricultural products ( yen) 121,524,914,570  5,769,702,715  
Note: The total e xport value of agricultural products subject to the programs is not available.  
 
4. Annual average premium rates/fees per programme  
 
Annual average premium fees in FY1995 to FY2014 are:  
10,810 thousand yen ( Export Bill Insurance ) 
536 thousand  yen (Export Cr edit Insurance for SMEs ) 
7,875  thousand  yen (Export Credit Insurance ) 
 
Average premium rates are not available.  
Annual Average Premium fees by export of agricultural pr oducts (FY1995 -Dec.2015 ) (in Japanese Yen)  
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 
Premi um 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 u nderwritten  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.4/Add.2  
 
- 38 - Type of Insurance  Fiscal Year (April -March)  2009  2010  2011  2012  2013  2014  2015  
(Apr. -Dec.） 
Export Bill I nsurance  Number of underwritten  289 285 258 245 238 232 166 
Premium fees  10,085,091  11,068,910  10,020,948  9,365,344  10,013,730  8,462,076  6,730,733  
Export Credit Insurance for SMEs  Number of underwritten  29 30 34 28 85 132 135 
Premium fees  524,201  830,562 1,038,505  617,856  2,633,245  4,076,187  4,957,529  
Export Credit Insurance  Number of underwritten  1,628  1,658  2,147  1,841  1,877  1,200  999 
Premium fees  11,576,324  15,826,636  30,554,307  20,057,492  14,068,656  11,139,435  8,799,557  
Total/Number of underwri tten 1,946  1,973  2,439  2,114  2,200  1,564  1,300  
Total/Premium fees   22,185,616  27,726,108  41,613,760  30,040,692  26,715,631  23,677,698  20,487,819  
 
Type of Insurance  Fiscal Year (April -March)  Total  Average  
（1995 -2014） 
Export Bill Insurance  Number of underw ritten  6,813    
Premium fees  222,930,398  10,809,983  
Export Credit Insurance for SMEs  Number of underwritten  531   
Premium fees  15,668,915  535,569  
Export Credit Insurance  Number of underwritten  21,025    
Premium fees  166,291,665  7,874,605  
Total/Numbe r of underwritten  28,369   
Total/Premium fees   404,890,978  19,220,158  
 
 G/AG/W/125/Rev.4/Add.2  
 
- 39 - 
 
  5. Maximum repayment terms per programme  
 
Maximum repayment term of the programmes is two years each.  
 
6. Annual average repayment periods per programme  
 
Not available . 
 
7. Export de stination or group of destinations per programme  
 
Type of Insurance  Export destination or group of destinations (FY1995 - Dec. 2015 ) 
Export Bill Insurance  Australia; Belgium; Brazil; Canada; Chile; China; Colombia; 
Commonwealth of the Northern Mariana Isl ands (USA); 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; Philipp ines; Poland; Saudi Arabia, Kingdom of; Singapore; 
South  Africa; Spain; Sweden; Switzerland; Chinese Taipei ; Thailand; 
United  Kingdom; United State of America.  
Export Credit Insurance for SMEs  Australia; Brazil; Canada; China; French Polynesia ; Hong Kon g, China; 
India; Israel; Italy; Korea, Republic of ; Latvia;  Lebanon ; Macao, China; 
Malaysia; Netherlands; Russian Federation; Singapore;  Sri Lanka ; 
Switzerland; Chinese Taipei ; Thailand ; United Arab Emirates;  
United  States  of America.  
Export Credit Insura nce Argentin a; 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,  the State of;  Latvia ; Lebanon ; Macao, China;  Malaysia ; Mauritius ; 
Mexico ; Morocco ; Nepal ; Netherlands ; New Caledonia (French) ; 
New Zealand ; Nigeria ; Norway ; Pakistan ; Philippines ; Poland ; Portugal ; 
Qatar ; Romania ; Russi an Federation;  Saudi Arabia,  Kingdom of;  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 prod uct or product group  
 
Type of Insurance  HS codes of Products or Pr oduct groups  
(FY1995 - Dec. 2015 ) 
Export Bill Insurance  0408, 0506, 0509, 0510, 0602, 0709, 0710, 0711, 0712, 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, 
3504, 3505, 5202  
Export Credit Insurance for SMEs  0401, 0602, 0704, 0714, 0808, 0810, 1006, 1209, 1604, 1605, 1702, 
1806, 1902, 2001, 2007, 2101, 2103, 2106, 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, 0807, 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, 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, 22 03, 2204, 2206, 2207, 2208, 2209, 2301, 
2302, 2304, 2309, 2905, 3301, 3501, 3502, 3503, 3504, 3505, 3809, 
5001, 5203, 5301  
 
 G/AG/W/125/Rev.4/Add.2  
 
- 40 - 
 
  Malaysia  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, g overnment 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 Financing:  
i. Cross Border Financing (The facility provides financial supp ort 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 -Shipment Financing at commercial 
basis).  
b.   Risk cover/Credit Insurance. (We offer export credit insurance as a product applicable to 
industries. However, the bank provides risk cover/credit Insura nce based on commercial 
basis.)  
2. Description of Export Financing Entity  
 
Export -Import Bank of Malay sia 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 products covered by exp ort credits, export credit 
guarantees or insurance programmes and use per programme  
 
For 2014 , EXIM Bank has an exposure of MYR 470 million in direct financing of export from 
agriculture related industries. Data is on aggregated basis rather than by progra mme.  
 
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 program me. 
 
8. Programme use by product or product group  
 
No details of program me use by product or product group.  G/AG/W/125/Rev.4/Add.2  
 
- 41 - 
 
  New Zealand  
1. Description of the programme (classific ation 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 New Zealand 's Public Finance Act 1989, th e New Zealand Export Credit Office (NZECO) 
was established to provide trade credit insurance and financial guarantee products to New Zealand 
exporting firms or banks. NZECO is New Zealand 's export credit agency. It does not provide direct 
financing.  
 
NZECO 's 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. NZECO can only provide this 
product for non -marketable risks and/or where private insurers lac k the capacity. NZECO also 
provides co -insurance (top -up cover) policies to support the private insurers ' capacity.  
 
NZECO 's Loan Guarantee is provided to an exporter 's bank to enable  it to provide additional 
short-term or seasonal funding to support an S ME exporter 's working capital needs.  
 
The vast majority of NZECO 's export credit insurance policies in the last 7 years were for 80% 
commercial and political risk coverage. The maximum was 95% coverage, and the lowest was 
50% coverage.  
 
2. Description of E xport Financing Entity  
 
NZECO is New Zealand 's export credit agency. It is currently located in the New Zealand Treasury 
and obligations to third parties are guaranteed by the New Zealand government t hrough the 
Minister of Finance.  The provision of NZECO 's program mes is intended to extend and develop the 
capacity and risk appetite of private providers (insurers and banks).  NZECO is required to cover all 
operating costs (including claims) and break -even over the long -term. To meet this requirement, 
NZEC O charges assessment fees and risk -weighted premiums.  
 
See http://www.nzeco.govt.nz/  for more information on NZECO.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees  or insurance programmes and use per programme  
 
 2009  2010  2011  2012  2013  2014  2015  
Total annual value  of Agricult ural 
Exports supported by NZECO  
(in NZD million)  126.8  209.3  150.5  169.9  76.4 115.2  30.7 
Average Policy Exposure 
(in NZD million)  1.2 1.25 1.36 1.19 1.40 1.35 3.24 
Average Percentage of cover  80% 80% 80% 80% 80% 85% 90% 
 
4. Annual average premium rates/fees per programme  
 
NZECO charges risk -weighted premiums sufficient to cover all operating costs (in cluding expected 
losses) only. NZECO doe s 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 Exp ort Credits), the 
credit rating of the debtor, the tenor of the credit term, the terms of the repayment and any risk 
mitigations (i.e. using a letter of credit guarantee).  
 
However NZECO does monitor and measure the adequacy of its premium rates through lo ss ratio 
calculations (Total Claims Paid & Reserved/ Total Premium Earned).  Since 2009, NZECO 's loss ratio 
on its policies issued in support of a gricultural transactions is 5%.  This means that for every US D 1 
received in premium, 5  cents has been paid in cl aims.  NZECO has also been monitoring the overall 
cost-recovery performance of all of its short -term trade credit policies (agricultural and 
non-agricultural related) si nce its implementation in 2009.  This has included applying an 
administrative cost in ope rating this policy (including a pr oportion of general overheads).  G/AG/W/125/Rev.4/Add.2  
 
- 42 - 
 
  Since  2009, NZECO has operated its short -term trade credit  product with net returns 
(e.g. Revenue > operating costs – Claims & Provisions).  
5. Maximum repayment terms per programme  
 
These va ry 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 90  days. In 
accordance with the Ministerial Decision of 19 December 2015, these timeframes are within the 
maximum repayment term of 18 months.  
 
The maximum repayment term that has been provided under the Loan Guarantee product for 
agricultural products was 9 months, to support the working capital cycle of a wine exporter.  
 
6. Annual average repaymen t periods per programme  
 
 2009  2010  2011  2012  2013  2014  2015  
Annual average 
repayment periods  Two 
months  Two 
months  Two 
months  Two 
months  Three 
months  Three 
months  Three 
months  
 
7. Export destination or group of destinations per programme  
 
The export de stinations of the agricultural products listed below was not exclusive to a 
geographical area and spanned Europe, Asia, North America, Middle East and North Africa.  
 
8. Programme use by product or product group  
 
The agricultural products NZECO supported du ring the period 2009 –2015 included: frozen fruit, 
wine, butter, fruit paste, milk powder, pelts, hides, peas and wool.  
 
 
 G/AG/W/125/Rev.4/Add.2  
 
- 43 - 
 
  Peru 
Peru provides no export credits, export credit guarantees, insurance programmes or any other 
kind of specific financing support,  whether in law or in fact, for  agricultural exports.  
 
Without prejudice to the above and for reasons of transparency, Peru considers it useful to 
mention in this questionnaire that financing support measures for non -traditional exports are 
described under  point 3.2.5 of the Report drawn up by the WTO Secretariat for the fourth Trade 
Policy Review of Peru (WTO document WT/TPR/S/289/Rev.1 of 7  February  2014).  
 
These measures are fully consistent with Peru's trade com mitments in the WTO. Mention of these 
meas ures and their description below do not prejudge  their legal status, effects or nature under 
the GATT 1994, the Agreement on Agriculture or the Agreement on  Subsidies and Countervailing 
Measures. Lastly, Peru wishes to highlight the fact that the  premiums charged are sufficient to 
cover the measures' operating costs.  
 
A. Export Credit Insurance Scheme for Small and Medium Sized Enterprises (SEPYMEX)  
 
1. Description of the programme (classification within the following categories: direct 
financing support, r isk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
This scheme was created to promote the growth of exporting SMEs through credit facilitation 
mechanisms, in the form of programmes providing credit guarantee and insurance coverage as 
security for pre - and post -shipment loans extended to SMEs by  Peruvian financing companies.  
 
Relevant legislation:  
 
 Emergency Decree No.  050-2002 establishing the Support Fund for Small 
and Medium-Sized Enterprises (Support Fund for SMEs), dated 2  October  2002.  
 Ministerial Resolution No.  458-2002-EF/10 on the Operating Regulations of the Support 
Fund for Small and Medium -Sized Enterprises, of 10  November  2002.  
 Supreme Decree No.  171-2002-EF pro viding for export credit coverage under  the Support 
Fund established by Emergency Decree No.  050-2002, dated  10 November  2002.  
 Supreme Decree No.  100-2012-EF amending Supreme Decree No.  171-2002-EF 
on export credit coverage under the Support Fund establish ed by Emergency  Decree 
No. 050-2002, dated 23  June 2012.  
 Ministerial Resolution No.  258-2013-EF/10 amending Ministerial Resolution 
No. 458-2002-EF/10 adopting the Operating Regulations of the Support Fund for Small 
and Medium -Sized Enterprises referred to in Emergency Decree No.  050-2002, dated 
12 September  2013, which extends the SEPYMEX programme until 31  December  2016.  
 
2. Description of Export Financing Entity  
 
The scheme is administered by the Development Finance Corporation S.A. (COFIDE), a semi -public 
company with administrative, economic and financial autonomy. COFIDE  acts exclusively as a 
second -tier development bank, channelling resources that it  administers solely through institutions 
supervised by the Supervisory Authority for  Banks, Insurance an d Pension Funds (SBS).  
 
The scheme operates by means of an insurance contract termed SEPYMEX Policy, concluded 
between Peruvian financing companies wishing to take out insurance and  the Credit and 
Guarantees Insurance Company S.A. (Secrex), which operates the scheme. As regards the 
approval of operations, SECREX has full autonomy in  issuing insurance policies.  
 
3. Total value of exports of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
Not available . 
 
4. Annual average premium rates/fees per programme  
 
The premium is a flat rate of 0.35% for 90 days or a fraction thereof, plus the general sales tax.  G/AG/W/125/Rev.4/Add.2  
 
- 44 - 
 
  5. Maximum repayment terms per programme  
 
The scheme insures export operations for pres hipment loans granted for a ma ximum period 
of 180 days.  
 
6. Annual average repayment periods per programme  
 
Not available . 
 
7. Export destination or group of destinations per programme  
 
Not available . 
 
8. Programme use by product or product group  
 
Informat ion not available by product or product group.  
 
General information available at December  2014:  
 
 38,411 credit operations since the est ablishment of the scheme (2002).  
 Total amount of credit guarantees or total amount of financing: US D 2,556  million, which  
benefited 887 export companies.  
 At 31  December  2014, the Fund's assets amounted to USD 76.4 million.  
B. Business Guarantee Fund (FOGEM)  
 
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 Business Guarantee Fund was created to maintain the normal flow of credit in the Peruvian 
financial system for micro, small a nd medium -sized enterprises involved in export chains for 
non-traditional products. It guarantees credit granted by  financial system entities to micro and 
small enterprises engaged in production, services and trade, and to medium -sized production 
and/or se rvices enterprises in  non-traditional export chains. Specifically, it g uarantees the 
purchase of fixed assets, working capital, foreign trade (pre - and post -shipment) operations, and 
advance payments on invoices.  
 
Relevant legislation:  
 
 Emergency Decree No . 024-2009 creating the Business Guarantee Fund (FOGEM) and 
setting out supplementary provisions, dated 19  February  2009.  
 Ministerial Resolution No.  159-2009-EF/15 on the Operating Regulations of  the Business 
Guarantee Fund (FOGEM), dated 24  March  2009.  
 Ministerial Resolution No.  442-2012-EF/15 amending Articles of the Regulations governing 
the Business Guarantee Fund (FOGEM), date 22  June 2012.  
 Emergency Decree No.  058-2011 providing emergency and special economic and  financial 
measures to maintain and pro mote the dynamism of the domestic economy, dated 
25 October  2011.  
 Emergency Decree No.  016-2012 providing emergency and special economic and  financial 
measures to maintain and promote the dynamism of the domestic economy, dated 
25 June 2012.  
 Law No.  30114 on the Government Budget for fiscal year  2014, dated  30 November  2013.  
 
2. Description of Export Financing Entity  
 
The programme is administered on a trust basis by the Development Finance Corporation S.A. 
(COFIDE), a semi -public company with administrativ e, economic and  financial autonomy. COFIDE 
acts exclusively as a second -tier development bank, channelling resources that it administers 
solely through institutions supervised by  the Supervisory Authority for Banks, Insurance and 
Pension Funds (SBS).  
 G/AG/W/125/Rev.4/Add.2  
 
- 45 - 
 
  3. Total value of exports of agricultural products covered by export credits, export credit 
guarantees or insurance programmes, and use per programme  
 
Not available . 
 
4. Annual average premium rates/fees per programme  
 
A nominal guarantee fee of 0.25% per annu m, calculated on the outstanding balance of each 
guaranteed loan, is charged.  
 
5. Maximum repayment terms per programme  
 
The terms of the guarantees may not exceed those of the guaranteed loans.3 
 
To be eligible under the FOGEM, loans may not exceed the fo llowing terms:  
 
(a)  loans for fixed assets: sixty (60) months, which may include a grace period of up to 
twelve  (12) months;  
(b)  loans for working capital: twenty -four (24) months, which may includ e a grace period of 
up to six (6) months;  
(c)  pre- and/or post -shipm ent loans: up to twelve (12) months;  
(d)  advance payments on invoices payable from abroad : up to twelve (12)  months.  
 
6. Annual average repayment periods per programme  
 
Not available.  
 
7. Export destination or group of destinations per programme  
 
Not availabl e. 
 
8. Programme use by product or product group  
 
Information not available by product or product group.  
 
General information available at December  2014:  
 
 40,669 applications for registration of guarantees issued since the creation 
of the FOGEM  (2009).  
 Total amount of guaranteed loans or total amount of financing: USD 764.6  million.  
 By type of activity, loans for the financing of working capital accounted for 67.4% of the total 
amount of guaranteed loans, loans for foreign trade (pre - and post -shipment) pur poses 
for 25.8%, and those for the purchase of fixed assets for 6.8%.  
 By type of enterprise, loans extended to micro and small enterprises accounted for 67% of 
the total (of which 40.3% went to micro -enterprises and 27.1% to small enterprises), and 
loans t o medium -size enterprises for 32.6%.  
 By type of currency, loans granted in S/. (nuevos soles) accounted for 54% of the total, and 
loans in USD for 46%.  
                                                
3 Except for approved loans and loans pending disbursement within a period not exceeding 
thirty  (30) working days from the date of application for the guarantee, in which case the term of the 
guarantee may exceed the term of the guaranteed loan by another thirty (30) working days.  G/AG/W/125/Rev.4/Add.2  
 
- 46 - 
 
  Russian  Federation  
1. Description of the programme (classification within the following categories: dir ect 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
Export Insurance Agency of Russia (EXIAR) provides official support for export credits in form of 
pure in surance cover. EXIAR operates under Government Decree № 964 dated 22/11/2011 (with 
new edition dated 14/11/2014).  
 
2. Description of Export Financing Entity  
 
EXIAR provides insurance cover against commercial and political risks for export credits and 
insurance cover for investments abroad.  
 
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 export credits for export of agricultural products s upported by EXIAR in 
year 2015 amounted to circa USD 270 mln.  
 
4. Annual average premium rates/fees per programme  
 
Around 2.6% in year 2015.  
 
5. Maximum repayment terms per programme  
 
18 months in year 2015.  
 
6. Annual average repayment periods per program me 
 
Around 9 month s in year 2015.  
 
7. Export destination or group of destinations per programme  
 
Armenia, Belarus, Denmark, France, Jordan, Kazakhstan, Kyrgyz Republic, Luxembourg, Republic 
of Moldova, United Arab Emirates, Uzbekistan.  
 
8. Programme use by  product or product group  
Export Credit Insurance, US D thousands  
Export Credit Insurance, USD thousands  2015  
Animal and vegetable fats and oils and related products  79,527.0 
Milk products  215.0 
Soybean meal  3,745.0 
Starch products  315.0 
Processed grai n products  240.0 
Foodstuffs  20,000.0 
Other agricultural products  166,300.0 
Total 270,342.0 
 
 G/AG/W/125/Rev.4/Add.2  
 
- 47 - 
 
  Switzerland  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government cr edit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
The Swiss Export Risk Insurance (SERV) is a "pure guarantee" export credit agency within the 
above -mentioned risk cover category. The relevant legislation fo r SERV is the Federal Law 
on Swiss  Insurance against Export Risks of 16  December  2005.4 
 
2. Description of Export Financing Entity  
 
SERV covers political and economic risks in connection with the exportation of goods and services. 
The insurance and guarant ees of SERV provide protection against non -payment, facilitate the 
financing of exports, 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 goods for which SERV had active policies up to the end of  2015 
were non -agricultural goods. The quantity of agricultural exports covered by  SERV was negligible 
owing to very low demand. No  instruments specific  to agricultural goods are available.  
 
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  
 
The maximum repayment term has not currently exceeded 180 days.  
 
6. Annual average repayment periods per programme  
 
- 
 
7. Export destination or grou p of destinations per programme  
 
- 
 
8. Programme use by product or product group  
 
Practically only non -agricultural goods.  
 
                                                
4 See Swiss Confederation web pag e: 
http://www.admin.ch/opc/fr/classified -compilation/20041349/index.html . G/AG/W/125/Rev.4/Add.2  
 
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  Turkey  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, gover nment to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
Turk Eximbank does not have sector specific programs. Exporters of agricultural products can 
benefit from the export credit and export credit insurance programs explained below:  
 
a.   Short -term Export Credits  
Pre-shipment Export Credit Program ; extended to "Sectoral Foreign Trade Companies"  (SFTC), 
manufacturers, manufacturer -exporters and exporters for a maximum of 720 days with a company 
limit of US D 15 million. The credit is extended via intermediary Turkish commercial banks and 
participation banks which are allocated credit lines following an evaluation process. These banks 
are responsible for the default risk of the borrowers. Turk Eximba nk therefore assumes bank risk 
rather than that of the exporter or manufacturer. The interest/ dividend rate is determined by Turk 
Eximbank according to money market rates, loan repayment periods and cost of funding.  
Foreign Trade Companies Short -term Expo rt Credit Program ; extended to "Foreign Trade 
Corporate Companies" (FTCC) and "Sectoral Foreign Trade Companies" (SFTC) with a repayment 
period of up to 720 days. Applicants must be entitled to FTCC and SFTC status by the Ministry of 
Economy. The interest rate is determined by Turk Eximbank according to money market rates, 
loan repayment periods and cost of funding.  
Pre-export Credit Program ; extended to manufacturer -exporters, exporters and export oriented 
manufacturers except FTCC and SFTC for a maximum o f 720 days for both TL and FX credits . The 
interest rate for FX option is the same as that of PSEC FX and the rate for TL option is the same as 
that of PSEC TL.  
Pre-export Credit Program for SMEs ; extended to only small and medium scale enterprises directl y 
by Turk Eximbank 720 days for FX and 540 days for TL credits.  The interest rate is lower than 
other short -term credits.  
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 added 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 discounted by Turk Eximbank. Export receivables with a 
maturity of up to 360 days are discounted on LIBOR+spread, where spread is determined by  Turk 
Eximbank.  
Rediscount Credit Program; this pre -shipment financing facility is being executed within the 
framework of an additional limit to the post -shipment discount limit extended to Turk Eximbank by 
the Central Bank of Turkey . The program me which requires an export commitment aims at 
providing support to Turkish manufacturers, exporters and manufacturer -exporters with maturity 
up to 360  days in the pre -shipment base. Promissory notes issued by expo rters on behalf of Turk 
Eximbank, which have the aval of banks possessing a short -term letter of guarantee limit with 
Turk Eximbank are discounted under this limit. Since 2013, letter of guarantees issued by banks 
possessing short -term letter of guarantee limit with Turk Eximbank, including promissory notes 
without aval have also been accepted as guarantee under this program me. Export receivables with 
a maturity of up to 240 days discounted by the Central B ank of Turkey  and up to 360 days are 
discounted from Turk Eximbank 's own sources on LIBOR+spread, where spread is determined by 
Turk Eximbank.  
b.   Medium -Long Term Export Credits (Project Credits)  
The Export Oriented Working Capital Credit Program; manufactur ers and manufacturer -exporter 
firms which are established in Turkey and which produce export oriented Turkish products are 
eligible to apply for this credit program in which purchasing of raw materials and intermediate 
goods are financed based on the relat ed expense bills within 180 days before the application date, 
at latest. The maturity for this program me is five  years with one year grace period. The company 
limit is USD 50 million. The interest rates for foreign currency loans are based on LIBOR/EURIBOR  
plus a spread, while TL loans have a fixed interest rate or TRLIBOR plus a spread, that is G/AG/W/125/Rev.4/Add.2  
 
- 49 - 
 
  determined by Turk Eximbank according to money market rates, loan repayment periods and cost 
of funding.  
The Export Oriented Investment Credit Program; aims to prov ide finance to the manufacturers and 
manufacturer -exporter firms, producing export oriented goods. 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. The maximum company 
limit is USD 50 million. The loans have a maximum maturity of 7 years with a grace period of 1 or 
2 years. The interest rates for foreign currency loans are based on LIBOR/ EURIBOR plus a spread 
while TRL loans have either a fixed interest rate or TRLIBOR plus a spread, that is determined by 
Turk Eximbank according to money market rates, loan repayment periods and cost of funding.  
Overseas Chain Stores Investment Credit Program ; extended to Turkish ent repreneurs who invest 
abroad for the establishment of shopping malls and chain stores and to those who invest abroad 
for the establishment of stores to sell their own brand.  Entrepreneurs who benefit from this 
program may also benefit from the short -term e xport credit program mes for the export of Turkish 
goods to be sold in these stores. Credits under this program me are granted for up to seven years. 
The interest rate is determined by Turk Eximbank according to money market rates, loan 
repayment periods and  cost of funding.   
Specific Export Credit Program ; aims to provide finance to Turkish manufacturers, exporters and 
manufacturer -exporters having financial needs which cannot met by other credit program mes of 
Turk Eximbank. Terms and interest rates of the l oans provided under this program me are 
determined by Turk Eximbank according to money market rates, loan repayment periods and cost 
of funding on project basis.   
Trademark Credit Program; under this program me, the maturity of the loans are seven  years with  
a grace period of 2 years or 10 years with a grace period of 3 years which are granted on a project 
basis with a floating interest rate, based on LIBOR/ EURIBOR plus a spread that is determined by 
Turk Eximbank according to money market rates, loan repaym ent periods and cost of funding.  
c.   The European Investment Bank Credit Program  
The aim of this credit program is to finance the medium/long -term working and fixed capital 
investments of SMEs. The interest rate, maturity and terms of repayment (grace period and 
instalment plan) are determined by Turk Eximbank on project basis.   
d.   Buyers' Credit and Guarantee Program (International Credits Programs)  
The International Credits Program aims to increase the competitiveness of Turkish exporters and 
contractors on int ernational markets and to provide them with a risk -free environment for their 
activities in markets 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 Turkey.  
Goods and services exporter firms which are established in Turkey are eligible to apply for this 
credit program me. According to OECD Arrangement Turk Eximbank supports 85% of the Turkish 
goods and services to be exported from Turkey.  
International Trade Finance Programs ; are designed in the form of buyer and supplier 's credits.  
Foreign States or Banks Buyer 's Credit Programs; aims to meet the financing needs of the foreign 
buyers who are maki ng purchases of goods and services from Turkey. 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. Terms and condit ions of 
the support are determined in accordance with the OECD Arrangement on Officially Supported 
Export Credits (OECD Arrangement).  
Export Receivables Discounting Program; purposes t o provide financing at the post -shipment stage 
in the form of supplier 's credit.  Export Receivables arising from export transactions which have 
been covered by "Turk Eximbank Specific Export Credit Insurance Policies " are discounted.  Terms 
and conditions of the support are determined in accordance with the OECD Arrangement.  
Domestic Banks Buyer 's Credit Program; 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 cre dit 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.  G/AG/W/125/Rev.4/Add.2  
 
- 50 - 
 
  e.   Short -term Credit Insurance  
Short -term Export Credit Insuran ce Program ; all Turkish exporters, manufacturer -exporters, 
FTCCs and SFTCs are eligible for this program me. Cover is available up to 9 0% of losses incurred 
as a result of commercial and political risks. Premium is charged according to the risk classificati on 
of the buyer'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 p olicyholders are eligible for 
this program. Cover is available up to 9 0% of losses incurred as a result of commercial risks. 
Premium is charged according to the risk classification of the buyer and credit length.   
2. Description of Export Financing Entity  
 
a.   Turk Eximbank in Brief  
Turk Eximbank, which was established in 1987, is the sole official export credit agency in Turkey. 
As a wholly state -owned bank, acting as the government's major export incentive instrument in 
Turkey's sustainable export strategy, t he Bank maintains close co -operation with the related 
entities of the government. 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 o f the Banking Law  and the regulations of the Banking Regulation and Supervision 
Agency of Turkey.  
Turk Eximbank is affiliated by the Prime Ministry or such other Ministry which the Bank will be 
associated. Legislation of Turk Eximbank had been changed in l ine with the new Turkish 
Commercial Code and the General Assembly of the Bank was established. Thereon, the 
Undersecretariat of Treasury represents the General Assembly.  
Turk Eximbank was chartered by the Cabinet on August 1987 by Decree no.87/11914, follo wing 
the order of Law No. 3332 (March 1987) by maintaining the juridical and legal personality of State 
Investment Bank.  
Turk Eximbank has 2 regional directorates, 1 branch and 9 liaiso n offices with a total staff of  541 
as of end -2015.  
b.   The Bank's Financi al Structure and Support to the Export Sector  
The Bank's main sources of funds are direct funding from the Treasury through capital injections 
as well as through borrowings from international and national capital and money markets.  
The Turkish Treasury mak es 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, insu rance and 
guarantee transactions as a result of political risks are covered by Turkish Treasury, like in all the 
other officially supported Export Credit Agencies (ECAs).  
The nominal capital of Turk Eximbank increased to TL 2.5 billion and was fully paid as of 
April 2015.  If requested, the Turkish Treasury supports Turk Eximbank in its funding efforts by 
guaranteeing the Bank's borrowings abroad. As of end -2015, 11.5% of the Bank's assets are 
capital stock. This ratio indicates that Turk Eximbank, like all  other ECAs in the world, funds her 
activities mainly from domestic and international sources rather than capital injections. Hence the 
Bank always reflects the cost of funding to the rates she charged in order to secure a sound 
financial structure.  
In thi s context, Turk Eximbank gives importance:  
1.   To be financially sustainable;  
2.   To help increase Turkish merchandise and project exports;  
3.   To independently  assume a broader range of risk;  
4.   To be a catalyst for other financial institutions to support Turkish export s. 
 
Turk Eximbank's identification of financial sustainability as a primary objective is driven mostly by 
its current and future international obligations to the OECD, WTO and the EU, in which ECAs are 
expected to at least break -even over time and eliminat e all trade subsidy programs.  Management 
believes that it is critical to operate within sound commercial guidelines. Additionally, as Turk 
Eximbank borrows from international financial markets regularly and its financial soundness affects 
its borrowing cos ts, a sound financial structure gains more importance. In this context, it is very G/AG/W/125/Rev.4/Add.2  
 
- 51 - 
 
  important to implement effective strategies and procedures to control credit risk, liquidity risk, and 
asset/liability risk. Besides, Turk Eximbank requests credit ratings f rom Standard & Poor's, 
Moody's and Fitch regularly each year in order to tap the international money and capital markets 
regularly on its own, without the guarantee of the Treasury. The Bank's management believes that 
credit ratings provide wider access to  capital markets and as such reduce the cost of borrowing.  
Turk Eximbank provided a total  export financing support of USD 30.3 billion in terms of financing 
support and pure cover, which accounted for 21% of Turkey's exports in 2015. 
c.   Turk Eximbank's Inter national Obligations  
While implementing its programs and forming strategies, Turk Eximbank is committed to 
conforming to the internationally accepted rules and regul ations set by the WTO, the 
OECD  Consensus, the EU and the Berne Union. In 1994, Turk Eximba nk became a full member of 
the Berne Union, an international association of export credit and investment  insurers, and has 
been representing Turkey in the Export Credits and Credit Gua rantees Group (ECG) of the 
OECD  Trade Committee since 1998, when Turkey became a full member of the Group. Turkey also 
became an observer member of the Participants' Group (PG) of the OECD at the end of 2006; Turk 
Eximbank has been representing Turkey in this Group since then. The Bank makes regular 
reporting and notifications  to the Berne Union, the ECG, the PG and the WTO.   
As part of its obligations under the Customs Union Decision, Turkey has harmonized its legislation 
with that of the EU with respect to officially supported export credits. Within this framework, the 
OECD C onsensus principles on officially supported export credits with a repayment term of two or 
more years have been adopted on 23  January 1996; the Undersecretariat of Foreign Trade issued 
a Communiqué (Export 9 6/12) in the Official Gazette (N o: 22532) and Tur k Eximbank is in charge 
of the execution of this Communiqué whose guidelines are in paralle l to the principles of the 
OECD  Consensus. Additionally, since Turkey is a full member of the ECG and an observer member 
of the PG, she complies  with the Arrangement  on Officially Supported Export Credits. Turk 
Eximbank has been spending efforts to achieve a harmonization of conditions and thus a level 
playing field among ECAs at European and OECD level. Hence, the Bank joins regular meetings of 
the ECG and PG and clo sely monitors the developments in the Groups. Besides, she complies with 
the reporting requirements of the Creditor Reporting System (CRS) of the ECG; also provides the 
details of the level of officially supported export credits activity on a six monthly b asis. 
Additionally, the Bank completes the biannual cash flow questionnaire and  updates her chapter  in 
the Yellow Book of the OECD, which explains the Export C redit Financing Systems in 
OECD  Member and Non -member Countries. Various reporting are made and q uestionnaires are 
filled under such subjects as "environment" and "bribery in international transactions". After 
Turkey's observer membership to the PG, the Bank has also begun to carry out "payment 
experience reporting" and "premium feedback tools".  
Turk Eximbank has to act in conformity with international rules and regulations as well as sound 
underwriting principles. As a full member of Berne Union since 1994, she has already adopted 
guiding principles set by the Union and sends periodic reports, regardi ng insurance and lending 
activities, non -payment situations, the terms of cover offered and commitments/offers available, 
to the Union.  
Turk Eximbank is also bound by the Agreement on Subsidies and Countervailing Measures of the 
WTO. As is known, in this Agreement, export subsidies including those illustrated in Annex  I are 
prohibited subsidies. Item (k) of this Annex states that export credits at rates below government's 
cost of funds are prohibited subsidies. Item (j) of the Annex states that export cred it guarantee or 
insurance programs at premium rates inadequate to cover long -term operating costs and losses of 
program are prohibited subsidies.   
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insu rance programmes and use per programme  
 
2015 – 742,359, 673 USD (by export credit insurance program me). 
2015 – 1,056,589, 000 US D (by export credit program me). 
In 2015, Turk Eximbank has not provided any buyer or supplier credits for the export of 
agricultur al products under its International Trade Finance Programs.  
 
4. Annual average premium rates/fees per programme:  
 
2015 - 0.33% (for export credit insurance program me); G/AG/W/125/Rev.4/Add.2  
 
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  2015 – N.A. (for export credit program me); 
2015 – N.A. (for buyers' credit and guarante e program me). 
 
5. Maximum repayment terms per programme :  
 
2015 = 360 (for export credit insurance program mes) 
2015 =  Credit program mes: maximum 720 days.  
 Long term credit program mes: 10 years.  
 
2015 = Currently, maturity of the any export facility provid ed for the export of agricultural 
products under International Trade Finance Programs cannot be longer than two years. The 
maximum maturity of the export credits provided for the exportation of agricultural products under 
the International Trade Finance Pr ograms shall be limited in the forthcoming years in line with 
the WT/MIN(15)/DEC Ministerial Decision of World Trade Organization dated 19 December 2015. 
(for buyers' credit and guarantee program me) 
 
6. Annual average repayment periods per programme :  
 
2015 = 31 – 120 days (for export credit insurance program me) 
20155 = Short term credit program mes: 91 days.  
 Middle and long term credit program mes: 1035 days.  
2015 = N.A. (for buyers' credit and guarantee program me) 
 
7. Export destination or group of destina tions per programme  
 
 EU countries  ● Africa  
 North and Central America  ● Central and West Asia  
 Japan and Oceania  ● Middle East and North Africa  
 Europe other than  EU countries  ● Far East  
 South America  
 
8. Programme use by product or product group  
 
Turk Eximbank does not have sector specific program mes, therefore same conditions (premium 
rates, repayment terms, and average annual repayment periods) apply for all sectors under the 
export credit program mes and export credit insurance program mes. No "product -country of 
destination " data is kept.   
 
                                                
5 As of September 2015.  G/AG/W/125/Rev.4/Add.2  
 
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  United States of America  
1. Description of the programme  
 
a.   USDA: Export Credit Guarantee Program (GSM -102) 
The US Department of Agriculture's (USDA) GSM -102 program me provides credit guarantees to 
assist in the financing of commercial exports of US agric ultural products. The GSM -102 program me 
guarantees credit extended by the private banking sector in the United States (or, less commonly, 
by the US exporter) to approved foreign banks using dollar -denominated, irrevocable letters of 
credit for purchases of  US food and agricultural products by foreign buyers. The terms of the 
commercial financing extended must be consistent with the credit guarantee but are not otherwise 
dictated under the program me. 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 the maximum terms may vary by country. CCC  guarantees 
payments due from approved foreign banks to exporters or financial institu tions in the United 
States. However, the financing must be obtained through normal commercial sources. Typically, 
98% of principal and a portion of interest are covered by a guarantee.  
Classification: t he GSM -102 program me is a "risk cover" program me.  
Relevant legislation: t he 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 Export -Import Bank (ExIm) of the United States export credit insurance program me allows 
applicants to have confidence in the success of their export sales by limiting international risk of 
default, offering credit to international buyers, and enabling access to working capital funds. The 
Export Credit Insurance Program offers four types of insurance pol icies that may be used to cover 
export of agricultural commodities: 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 program me is designed to support agricultural products specifically, rather 
agricultural products are treated as general exports and receive no special preference or 
treatment. Bulk agricultural commodities may qualify for ExIm insurance on terms up to 360  days 
and qua lify for 98% coverage for any commercial or political losses. The export items must meet 
ExIm Bank's  US content  requirements  as outlined  at http://exim.gov/generalbankp olicies/content/
short-term-content -policy.cfm .  
Classification: t he Export Credit Insurance program me is a "risk cover" program me.  
Relevant legislation: Export -Import Bank Act of 1945, as amended. See also: 
http://www.exim.gov/about/whoweare/charterbylaws/ . 
More information regarding Ex -Im's Export Credit Insurance program me is available at 
http://exim.gov/products/exportcreditins urance/ . 
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 prot ect farm income and prices. 
CCC also helps maintain balanced and adequate supplies of agricultural commodities and aids in 
their orderly distribution.  
b.   Export -Import Bank: 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 support for exports generally. ExIm provides export credit support on a 
non-discriminatory basis. The Bank provides a variety of financing mechanisms, including 
working -capital guarantees, export -credit in surance and financing to help foreign buyers purchase 
U.S. goods and services.  G/AG/W/125/Rev.4/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 agricultural products covered by the GSM -102 program me for 
US Fiscal Year6 2015 was US D 1,826,433,581.  
b.   Export -Import Bank: Total value of exports of agricultural products covered by the Export 
Credit Insurance program me for US Fiscal years 2013 -2015:  
 
Fiscal Year  Value of Agricultural Shipments  
(in US D) 
2013 662,048,725  
2014 599,381,501  
2015 663,392,462  
 
4. Annual average premium rates/fees per programme  
 
a.   USDA: for US fiscal year 2015, the average fee for the GSM -102 program me is US D 0.66 per 
USD 100 of guarantee coverage.  
b.   Export -Import Bank: in US fiscal year 2015, the weighted average premium (by shipment 
value insured) charged on the portion of ExIm ST insurance which covered agricultural products 
was: 0.3835%. For fiscal years 2014 and 2013, the  weighted average premiums were 0.4099% 
and 0.4272%, respectively.  
For US ExIm short -term insurance program mes which may support bulk agriculture products, 
premium rates are paid on actual shipments, which are reported to the Bank on a monthly basis. 
Premi um rates vary depending on tenor, risk of foreign buyer's country, risk of the foreign buyer, 
and the indemnity level. (ExIm uses the OECD country risk rating as a proxy for country risk.)  
More information regarding ExIm's Export premium rates for Short -Term Insurance program me is 
available at http://exim.gov/tools/exposurefees/ .  
5. Maximum repayment terms per programme  
 
a.   USDA: for US fiscal year 2015, the maximum repayment term for the GSM -102 program me is 
18 months.  
b.   Export -Import Bank: under the Export Credit Insurance Program, on a case -by-case basis, 
bulk agricultural commodities may be insured on terms up t o, but not exceeding, 360 days.  
6. Annual average repayment periods per programme  
 
a.   USDA: for US fiscal year 2015, the avera ge repayment period for the GSM -102 program me is 
14 months.  
b.   Export -Import Bank: the typical repayment period for the agricultural products under the 
Export Credit Insurance Program is 180 days.  
                                                
6 The US Fiscal Year runs from 1 October – 30 September.  G/AG/W/125/Rev.4/Add.2  
 
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  7. Export destination or group of d estinations per programme  
a. USDA: GSM -102 program for US Fiscal Year 2015  
Export Destinations  
Africa Middle East Region  
Caribbean Region  
Central America Region  
China Region  
Korea, South  
Mexico  
South America Region  
South East Asia  
Turkey  
 
b. Expo rt-Import Bank: Export Credit Insurance program for US Fiscal Years 2013 -2015  
Export Destinations  
Africa and Middle East  
Asia 
Caribbean  
Central America  
Europe  
North America  
Eurasia  
Southeast Asia and Oceania  
South America  
 
8. Programme use by pro duct or product group  
a. USDA: The GSM -102 program usage by commodity for US Fiscal Year 2015  
US Fiscal Year 2015  
 Annual Value of Exports  
(in US D) 
Animal feed products  64,449  
Corn gluten feed 2,100,000  
Cotton  70,436,900  
Distiller's dried grains 29,521 ,098 
Grain sorghum  25,510,204  
Grapefruit, fresh 26,800  
Grocery items 172,120  
Lemons, fresh 94,610  
Lentils  95,634  
Pork meat 438,728  
Poultry meat 5,574,989  
Rice 139,889,639  
Soybean hull pellets 333,795  
Soybean meal 260,912,189  
Soybean oil 49,862,6 50 
Soybeans  488,003,197  
Tallow  737,400  
Wheat  296,416,102  
White corn 1,554,960  
Wine 1,008,784  
Yellow corn 453,679,333  
 G/AG/W/125/Rev.4/Add.2  
 
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  b.1 Export -Import Bank: Export Credit Insurance program shipments of agricultural 
comm odities for US Fiscal Year 2015  
US Fiscal Yea r 2015  Shipment Amount  
(in US D) 
Animal feed and supplements  34,759,268  
Beverages (including alcoholic)  31,141,957  
Chicken eggs 24,312,750  
Coffee tea and spices 7,727,179  
Confectionery, various  72,056,139  
Corn 361,283  
Dairy  products  79,816,629  
Flour 7,111,844  
Fruits, vegetables, and nuts, fresh, frozen, canned, or dried  32,080,479  
Grains and beans 7,846,536  
Live plants and cut flowers  5,195,594  
Meat (except poultry)  115,499,071  
Miscellaneous crops 32,853,983  
Miscellaneous non-processed foods fr esh or frozen  20,817,572  
Oilseeds and vegetable oil 427,278  
Other farm product raw material  7,134,871  
Poultry  4,157,038  
Processed foods including canned and frozen  36,780,453  
Tobacco and tobacco flavouring 1,195,780  
Miscellaneous agricultural product s 142,447,681  
b.2 Export -Import Bank: Export Credit Insurance program shipments of agricultural 
commod ities for US Fiscal Year 2014  
US Fiscal Year 2014  Shipment Amount  
(in US D) 
Animal Feed and Supplements  31,216,978  
Beverages including Alcoholic  34,243, 844 
Chicken Eggs  27,552,534  
Coffee, Tea, Spices  7,269,171  
Confectionery, Various  39,384,685  
Corn 1,433,001  
Dairy Products  88,417,263  
Flour 3,080,436  
Fruits, Vegetables and Nuts, fresh, frozen, canned or dried  32,336,343  
Grain and Beans  354,711  
Grains 12,744,656  
Live Trees, Plants, Cut Flowers  8,075,344  
Livestock  42,872  
Meat, Fish, Seafood  113,791,242  
Miscellaneous Crops  1,310,793  
Miscellaneous Edible Preparations  1,702,114  
Oilseeds and Vegetable Oil  340,121  
Other Farm Product Raw Material  7,119,693  
Processed Foods, including Canned and Frozen  188,567,465  
Tobacco and tobacco flavouing 398,237  
 G/AG/W/125/Rev.4/Add.2  
 
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  b.3 Export -Import Bank: Export Credit Insurance program shipments of agricultural 
comm odities for US Fiscal Year 2013  
US Fiscal Year 2013  Shipment A mount  
(in US D) 
Animal Feed and Supplements  31,292,407  
Chicken eggs  23,280,487  
Coffee, Tea, Powdered Drinks, and Beverages including Alcoholic  44,596,621  
Confectionery, various  30,336,736  
Corn 20,892,300  
Cotton  55,046,328  
Cut Flowers and Ornamental Foliage  4,539,368  
Dairy Products  64,018,069  
Beans  486,303  
Flour 3,129,657  
Fruits, Vegetables and Nuts, fresh, frozen, canned or dried  66,121,178  
Grains  26,976,103  
Grass seeds  2,997,268  
Meat 145,827,082  
Oilseeds and Vegeta ble oil  296,700  
Other (Honey, spices, and hides)  1,520,733  
Processed foods, including canned and frozen  139,849,618  
Tobacco and Tobacco Flavoring  841,767  
 
 
 G/AG/W/125/Rev.4/Add.2  
 
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  Viet Nam  
1. Description of the program me (classification within the following categories: dire ct 
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 cover ed 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. Annual 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:  
a.   Investment credit, including: investment loans and investment support later.  
b.   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 th e 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 projec ts, 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 financ ial 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 according to the signed credit agreement; 
full implementation of the commitmen ts 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 ar e 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.4/Add.2  
 
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  - Enterprises must fully implement 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 
of 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 appraisa l 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 term:  
 
The loan term is determined by the ability to withdraw funds in accordance with t he 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 each loan not exceeding 12 months.  
 
__________