G/AG/W/125/Rev.8/Add.2  
 
24 April  2018 
(18-2605) Page: 1/62 
Committee on Agriculture    
 
EXPORT SUBSIDIES, EX PORT CREDITS, EXPORT  CREDIT GUARANTEES  
OR INSURANCE PROGRAM MES, INTERNATIONAL F OOD AID  AND 
AGRICULTURAL EXPORTI NG STATE TRADING ENT ERPRISES  
BACKGROUND DOCUMENT BY THE SECRETARIAT1 
Export Credits, Export Credit Guarantees or Insurance Programmes  
Addendum  
This addendum refers to and must be read in conjunction with document G/AG/W/125 /Rev. 8. 
It provides information on the use of export credits, export credit guarantee s and insurance 
programmes (hereinafter referred to as "export financing support") provided by Members for the 
export of agricultural products , as described in P art B of document G/AG/W/125 /Rev. 8. 
 
_______________  
 
                                                
1 This document has been prepared under the Secretariat's own responsibility and is without prejudice 
to the positions of Members or t o their rights and obligations under the WTO. It has been prepared for 
information only and is not intended to provide any authoritative or official legal interpretation of the provisions 
of the WTO Agreements in general or in relation to any specific enti ty or measure listed in this document.  G/AG/W/125/Rev.8/Add.2  
 
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  TABLE OF CONTENTS  
Australia  ................................ ................................ ................................ ............................  4 
Brazil  ................................ ................................ ................................ ................................ . 7 
Canada  ................................ ................................ ................................ ..............................  9 
China  ................................ ................................ ................................ ............................... 11 
European Union  ................................ ................................ ................................ ................. 14 
Iceland  ................................ ................................ ................................ ............................. 37 
Jamaica  ................................ ................................ ................................ ............................ 38 
Japan  ................................ ................................ ................................ ............................... 39 
Malaysia  ................................ ................................ ................................ ........................... 44 
New Zealand  ................................ ................................ ................................ ..................... 45 
Russian Federation  ................................ ................................ ................................ ............. 47 
Switzerland  ................................ ................................ ................................ ....................... 49 
Thailand  ................................ ................................ ................................ ........................... 50 
Trinidad and Tobago  ................................ ................................ ................................ ........... 50 
Turkey  ................................ ................................ ................................ .............................. 53 
United States  ................................ ................................ ................................ .................... 58 
Viet Nam  ................................ ................................ ................................ .......................... 61 
 G/AG/W/125/Rev.8/Add.2  
 
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  TABLE ON SOURCE OF DATA  
Member  Source of data  
Australia   Reply  to Questionnaire circulated on 16 November 2017  
Brazil   Reply to Questionnaire circulated on 20 January  2016 
Canada   Reply to Questionnaire circulate d on 16 November 2017  
China   Reply to Questionnair e circulated on 31 October 2016  
European Union   Reply to Questionnair e circulated on 16 November 2017  
Iceland   Reply to Questionnair e circulated on 31 October 2016  
Jamaica   Reply to Questionnaire circulated on 20 January  2016 
Japan   Reply to Questionnair e circulated on 16 November 2017  
Malaysia   Reply to Questionnair e circulated on 31 October 2016  
New Zealand   Reply to Questionnair e circulated on 16  November 2017  
Russian Federation   Reply to Questionnair e circulated on 16 November 2017  
Switzerland   Reply to Questionnair e circulated on 16 November 2017  
Thailand   Reply to Questionnair e circulated on 31 October 2016  
Trinidad and Tobago   Reply to Questionnair e circulated on 31 October 2016  
Turkey   Reply to Questionnaire circulated on 16 November 2017  
United States of America   Reply to Questionnair e circulated on 16 November 2017  
Viet Nam   Reply to Questionnaire circulated on 20 January  2016 
 
 
  
  G/AG/W/125/Rev.8/Add.2  
 
- 4 - Australia  
The Export Finance and Insurance Corporation (Efic ) is the only government entity that provides export finance in Australia. This is a self -funded organisation 
that operates in accordance with commercial principles. Efic was established in its current form on 1 November 1991 under the  Export Finance and I nsurance 
Corporation Act 1991 as a statutory corporation wholly owned by the Commonwealth of Australia. Efic has no agriculture specif ic export financing programmes . 
The Efic website is located at https://www.efic.g ov.au/ . 
Export Credit, Export Credit Guarantees or Insurance Programme s (Export financing)  
Programme 
Title Category 
of 
Support  Description of Programme  Annual average premium 
rates/fees per 
programme  Maximum 
repayment 
terms per 
programme  Annual 
average 
repayment 
periods per 
programme  Export 
destination or 
group of 
destinations per 
programme 
(2017)  Program me 
use by 
product or 
product 
group  
(2017)  
Export 
Contract Loan  Direct 
Financing 
Support  A working capital loan to Australian exporters or Australian 
companies in an export -related supply chain. The loan 
allows Australian companies to deliver on a contract(s) 
with overseas buyer(s). Loans may be AUD  100,000 or 
more with a 12 month s draw down period.  4.5% p.a.  12 months  280 days  Japan  Beverages 
and food 
products  
Export Line of 
Credit  Direct 
Financing 
Support  A revolving working capital facility where the borrower is 
the exporter. The individual repayment periods of each 
drawdown are  dependent upon exporters ' working capital 
needs. This 'line of credit ' will generally be drawn down and 
repaid multiple times over the availability period, as the 
exporter requires additional working capital to meet export 
contracts. The availability peri od is usually 12 months, but 
can be extended depending upon the exporter 's expected 
future working capital needs.  7.2% p.a.  12 months - 
extensions 
allowed  15 months  UK, China, Canada, 
Taiwan  Food 
products and 
spirits  
Small Business 
Export Loan  Direct 
Financing 
Support  A working capital loan to Australian exporters that can be 
applied for online.  The loan allows the Australian company 
to deliver on contract(s) with overseas buyer(s). Loans are 
between AUD 20,000 and AUD 350,000.  13.15% p.a.  12 months  10 months  Canada, China, UK, 
Japan, Other  Wine and 
food products  
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 buyers.  Premiums are based on 
factors including exporter 
credit -worthiness, payment 
terms of the export contract 
and tenor length  12 months  90 days  USA, Australia 
(integral to the 
export supply 
chain)  Meat 
products and 
wine 
Bond  Risk cover  A guarantee on bond(s) issued by banks and other financial 
institutions to overseas buyers of Australian goods and/or 
services. Efic may also issue the bond(s) directly. Types of 
bonds issued or guaranteed are: performance bonds, 
advance payment bonds and warranty bonds. These bonds 
may be on -demand or conditional. The Efic guarantee on 
the bond remains in force until the term required under the 
export contract.  Risk fees take into 
consideration t he value of 
the security offered and the 
assessed technical and 
financial strength of the 
exporter to deliver on the 
contract.  n/a n/a Nil in 2017  Nil in 2017   
  G/AG/W/125/Rev.8/Add.2  
 
- 5 - Programme 
Title Category 
of 
Support  Description of Programme  Annual average premium 
rates/fees per 
programme  Maximum 
repayment 
terms per 
programme  Annual 
average 
repayment 
periods per 
programme  Export 
destination or 
group of 
destinations per 
programme 
(2017)  Program me 
use by 
product or 
product 
group  
(2017)  
Risk 
Participation 
Agreements  Risk cover  Risk-sharing arrangement with the Asian Development 
Bank (ADB) under ADB's Trade Facilitation Program (TFP) 
where Efic will share in the risk that ADB takes when it 
provides guarantees against non -payment under financial 
instruments issued for payment of A ustralian exports to 
specific markets in Asia.  1.8% p.a. to 3% p.a.  
 
Risk fees are quoted by the 
lead bank on a case -by-case 
basis, factoring in risk 
variables such as assessed 
riskiness of counterparty 
and tenor of exposure, 
amongst others.  270 days  n/a Nil in 2017  Nil in 2017  
Documentary 
Credit 
Guarantee  Risk cover  Efic guarantees payments to the confirming bank of the 
principal and interest obligations of the bank issuing an 
irrevocable documentary credit in connection with trade 
facilities extended to an Australian exporter. The guarantee 
may be up to 100% of the amoun t of the underlying 
documentary credit (DC), which is generally limited to 85% 
of the export contract value and will apply for the duration 
of the DC.  Risk fee calculation is based 
on the assessed 
creditworthiness of the 
issuing bank, the tenor and 
frequen cy of repayments.  Under 180 days  n/a Nil in 2017  Nil in 2017  
Foreign 
Exchange 
Facility 
Guarantee  Note: Efic no longer offers this product.  
Total value of export of agricultural products covered by export credits, export credit guarantees or insurance programmes  and use 
per programme (Million  AUD)  
Efic Program me 2009  2010  2011  2012  2013  2014  2015  2016  2017  
Export Contract Loan  Nil Nil Nil Nil Nil Nil 5.73 47.67  3.35 
Small Business Export Loan  Nil Nil Nil Nil Nil Nil Nil 1.13 17.92  
Export Working Capital Guarantee  17.38  27.6 47.7 100.82  24.7 16.49  16.27  44.67  14.43  
Export Line of Credit          8.44 
Bond Nil Nil 24.2 17.26   Nil Nil Nil Nil Nil 
Risk Participation Agreements  Nil Nil 0.72 4.71 5.38 7.72 11.24  3.83 Nil 
Export Finance Guarantee  Nil Nil 54 56.2 16.14  21.44  Nil 99.17  Nil 
Documentary Credit Guarantee   Nil 22.4  Nil Nil  Nil Nil Nil 0.17 Nil 
Foreign Exchange Facility Guarantee   Nil 44.3 131.4  13.8 1.15 1.43 1.33 n/a n/a 
Totals  17.38  94.3 258.02  192.79  47.37  47.08  34.57  196.64  44.15  
 
   
  G/AG/W/125/Rev.8/Add.2  
 
- 6 - Export values by programme and destination for 2017 (Million AUD)  
 Efic Program me Destination  Value  
Export Contract Loan  Japan  3.35 
 Total  3.35 
   
Small Business Export Loan  Canada  0.23 
 Japan  0.83 
 China  0.56 
 UK 0.83 
 Other  15.5 
 Total  17.92  
   
Export Working Capital Guarantee  USA 13.14  
 Australia (integral to the export supply chain)  1.3 
 Total  14.43  
   
Export Line of Credit  United Kingdom  0.72 
 Various  7.73 
 Total  8.44 
   
 Grand Total  44.15  G/AG/W/125/Rev.8/Add.2  
 
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  Brazil 
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government cred it agreements 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 Financing  
 
Purpose of the programme: 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 machi nery and equipment. Repayment period is up to ten 
years. The programme applies international market interest rates with respect to the funding 
currency and its maturity.  
 
b) PROEX Interest Rate Support  
 
Purpose of the programme: The interest rate support  aims to reduce 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 financial institutions and 
government  (PROEX) assumes part of 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 2 001, by the Resolutions of the National Monetary 
Council  (CMN) No. 2.575, 17 December 1998, and No. 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 Export Financing Program (PROEX) relies on National Treasury resources and has specific 
allocation in the federal budget, in order to provide official support to Brazilian exports in two 
modalities – direct financing and interest rate support. The operational procedures are undertaken 
exclusively by Banco do Brasil S.A.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
The total value of agricult ural exports supported 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 m aturity.  
 
5. Maximum repayment terms per programme  
 
According to the current regulation, the maximum repayment term for agricultural products in the 
PROEX Direct Financing is 12 months. For exports to Cuba, the maximum repayment term 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 month s. 
 G/AG/W/125/Rev.8/Add.2  
 
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  7. Export destination 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 programme 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 contains the t otal value of Brazil's exports of agricultural 
products supported by the PROEX Direct Financing in 2015:  
 
Product Grou p – Food/Agricultural Goods HS Chapters Included – 02, 09, 10, 12, 15, 16, 23: 
USD 99,224,816.32.G/AG/W/125/Rev.8/Add.2  
 
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  Canada  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
Credit Insurance  – provides Canadian exporters coverage of 90% of insured losses against a 
variety of risks when selling products to international buyer(s).  
https://www.edc.ca/en/solutions/insurance/credit -insurance.html  
 
Buyer Financing  – helps Canadian exporters by providing their buyers with flexible payment 
options through the exte nsion of a loan, thereby taking on the non -payment risk. EDC has a 
guarantee solution for transactions under CAN$ 10 million.  
 
2. Description of Export Financing Entity  
 
The EDC is Canada's official Export Credit agency.  It is a self -financing Crown Corporation that is 
wholly -owned by the Government of Canada and operates at arm 's length from the government.  
Its mandate is to support and develop Canada's export trade. EDC provides financing and 
insurance solutions to help Canadian companies of any siz e respond to international business 
opportunities.  
Details on all products EDC offers are available on our website:  
https://www.edc.ca/EN/Our -Solutions/Pages/default.aspx  
 
3. Total valu e of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
 
Credit Insurance: C AN$ million  
2014: 3,533  
2015: 3,731  
2016: 4,702  
2017: 4,067 . 
 
Buyer Financing*: 
2014: nil  
2015: ni l 
2016: ni  
2017: nil . 
 
* amounts stated in previous questionnaires related to working capital support.  
 
4. Annual average premium rates/fees per programme  
 
For agricultural products  
 
Credit Insurance:  
2014: 0.57%  
2015: 0.46%  
2016: 0.45%  
2017: 0.53% . 
 
5. Maximum repayment terms per programme  
 
Credit Insurance: the maximum repayment term for the programme is up to two years; for 
agricultural products the maximum repayment term is 180 days.  
 
Buyer financing: repayment terms are decided case by case and de pend on the underlying export 
contract, and would not be used for the sale of agricultural products.  
 G/AG/W/125/Rev.8/Add.2  
 
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  6. Annual average repayment periods per programme  
 
For agricultural products  
 
Credit Insurance:  
2016: 51 days  
2017: 53 days . 
 
Buyer financing: nil for agr icultural products . 
 
7. Export destination or group of destinations per programme  
 
For agricultural products  
 
Credit Insurance:  
 Can$  Million  
Region  2015  2016  2017  
Africa, Europe & Middle -East 1,030  1,542  1,128  
Asia 1,127  1,576  1,395  
Mexico, Central America & Caribbean  237 298 297 
North America  1,047  1,002  954 
South America  289 284 292 
 
8. Programme use by product or product group  
 
For agricultural products  
 Can$  Million  
Product  2015  2016  2017  
Breeding/Genetics/Animal Health & Nutrition  225 219 169 
Commodities -Grain, Specialty Crops  1,862  2,634  2,050  
Commodities -Meat 940 1,055  1,198  
Commodities -Horticulture, Organic  234 184 176 
Processor/Elevator -Grain, Specialty Crops  469 611 475 
 
 G/AG/W/125/Rev.8/Add.2  
 
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  China  
I. China Development Bank  
 
China Development Bank (CDB) is a state -owned policy bank with the mandate to carry out 
financial businesses of long -term loan and investment, with the aim of facilitating the 
implementation of medium or long term development strategies with significant importan ce for 
national economy. CDB provides financial supports to the construction of processing bases of 
agricultural products, but doesn 't provide financial supports for agricultural products export.  
 
II. Agricultural Development Bank of China  
 
1.  Description of  the programme (classification within the following categories: direct  
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
The support provided by the Agricultural Development Bank of China is direct financing support.  
 
2.  Description of Export Financing Entity  
 
The Agricultural Development Bank of China  is a state -owned policy bank engaged in providing 
financial supports for agriculture and rural development. Its main businesses include making 
payments on behalf of the state agencies for implementing agricultural policies. In addition, the 
bank is author ized to provide financial services on commercial basis, including the short-term 
trade financing supports for export of agricultural products based on invoices, receipts or credit 
letters, etc.  
 
3.  Total value of export of agricultural products covered by exp ort credits, export credit 
guarantees or insurance programme s and use per program me 
 
The total value of export of agricultural products covered in 2015 and in 2016 is USD 156 million 
and USD 155 million respectively.  
 
4.  Annual average premium rates/fees per program me 
 
Not available.  
 
5.  Maximum repayment terms per program me 
 
Three months or six  months.  
 
6.  Annual average repayment periods per program me 
 
Three  - four months.  
 
7.  Export destination or group of destinations per program me 
 
The destinations include: Republic of Korea; Japan; Hong Kong, China; India; the United States ; 
Thailand; Pakistan; Germany; Italy and Bangladesh.  
 
8.  Program me use by product or product group  
 
Fruits and vegetables.  
 
III. The Export -Import Bank of China  
 
1. Description of the progra mme (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
The support provided by the Export -Import Bank of China is direct financing support.  
 G/AG/W/125/Rev.8/Add.2  
 
- 12 - 
 
  2. Descrip tion of Export Financing Entity  
 
The Export -Import Bank of China is a state -funded and state -owned policy bank with the status of 
an independent legal person. It is a bank directly under the supervision of the State Council and 
dedicated to supporting China 's foreign trade, investment and international economic cooperation. 
With the Chinese government 's credit support, the Bank plays a crucial role in promoting steady 
economic growth and structural adjustment, supporting foreign trade, and implementing the 
"going global " strategy. It is committed to reinforcing financial support to key sectors and weak 
links in the Chinese economy to ensure sustainable and health y economic and social development. 
Supports for export of agricultural products only account for a small proportion in their business, 
and most of the supports are working capital loans for suppliers.  
 
3. Total value of export of agricultural products cove red by export credits, export credit 
guarantees or insurance program mes and use per program me 
 
No export financing support of agricultural products was provided in 2015. In 2016, the total value 
of export of agricultural products covered is RMB 199 million  (or USD 30 million).  
 
4. Annual average premium rates/fees per program me 
 
Not available.  
 
5. Maximum repayment terms per program me 
 
150 days or 250 days.  
 
6. Annual average repayment periods per program me 
 
200 days.  
 
7. Export destination or group of destinations per program me 
 
The destinat ions include: Republic of Korea; Japan;  Hong Kong, China; India;  the United States ; 
Thailand; Pakistan; Germany;  Italy and Bangladesh.  
 
8. Program me use by product or product group : 
 
Apple juice, coffee.  
 
IV. China  Export & Credit Insurance Corporation (SINOSURE)  
 
1.  Description of the program me (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
The export credit insurance program mes provided by SINOSURE are risk cover provided on regular 
commercial terms and conditions.  
 
2.  Description of Export Financing Entity  
 
SINOSURE is a state -owned insurance company with the mandate to promote Chinese exports of 
goods, technologies and service, espe cially high -tech and high value -added capital goods such as 
electromechanical products. State owned enterprises ' overseas investment, by means of export 
credit insurance against non -payment risks. SINOSURE 's main products include medium - and 
long-term expo rt credit insurance, overseas investment insurance and short -term export credit 
insurance. Currently, SINOSURE provides insurance for export of agricultural products fully on 
commercial terms.  
 G/AG/W/125/Rev.8/Add.2  
 
- 13 - 
 
  3.  Total value of export of agricultural products covered by expo rt credits, export credit 
guarantees or insurance program mes and use per program me 
 
In 2015, the total value of export covered by export insurance is USD 11.9 billion. In  2016, the 
total value of export covered by export insurance is USD 13.9 billion.  
 
4.  Annual average premium rates/fees per program me 
 
Not available.  
 
5.  Maximum repayment terms per program me 
 
No more than 18 months.  
 
6.  Annual average repayment periods per program me 
 
No more than 12 months.  
 
7.  Export destination or group of destinations per program me 
 
The exportation destinat ions include: the United States; Hong Kong, China; Japan;  
the United  Arab Emirates and Indonesia.  
 
8.  Program me use by product or product group  
 
Since the insurance is provided on commercial terms, SINOSURE only considers the risks 
associated with the importer and the importing country, rather than the products being exported. 
And the clients are only requested to declare the amount to be insured, and the information 
regarding the products being insured is not necessary. Th erefore, the information on product or 
product groups is not available.  
 G/AG/W/125/Rev.8/Add.2  
 
- 14 - 
 
  European Union  
No export credit, export credit guarantees or insurance programmes are operated at the EU level. 
The available data concerning various export financing  schemes operated by the EU member 
States is annexed to this note .1 No programmes are operated in Belgium, Cyprus, Ireland, Greece, 
Malta, Spain and Italy. No data on export financing programmes operated has been submitted by 
Luxembourg and Portugal.   
 
Austria  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation  
 
General program mes (non -agriculture specific) for export credit insurance. An extremely limited 
volume of agricultural products is covered under the general program me. Agricultural products are 
usually covered by the private market. Federal Law relating to the granting of Guarantees for 
Contracts and Righ ts (Export Guarantees Act), Federal Law Gazette No. 215/1981, as last 
amended on 24 April 2017.  
 
https://www.ris.bka.gv.at/GeltendeFa ssung/Bundesnormen/10006677/AusfFG%2c%20Fassung%2
0vom%2002.02.2018.pdf  
 
2. Description of Export Financing Entity  
 
Oesterreichische Kontrollbank AG (OeKB ). 
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per program me: 
 
This information is not held.  
 
4. Annual average premium rate s/fees per programme  
 
This information is not held.  
 
5. Maximum repayment term s per programme  
 
This information is not held.  
 
6. Annual average repayment period s per programme  
 
This information is not held.  
 
7. Export destination or group of destinations per programme  
 
This information is not held.  
 
8. Programme  use by product or product group  
 
This information is not held.  
 
                                                
1 In some EU member States the data on "exports" includes intra -EU trade as disaggregated data on 
extra-EU trade only is not available.  G/AG/W/125/Rev.8/Add.2  
 
- 15 - 
 
  Bulgaria  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Risk cover program me against non -marketable short - and medium -term commercial and 
non-commercial risks.  
 
Bulgarian Export Insurance Act, Order No.  101 of the Council of Ministers of the 
Republic  of Bulgaria dated 18 December 1997 . 
 
2. Description of Export Financing Entity  
 
Bulgarian Export Insurance Agency (BAEZ)  
http://baez.bg/ .  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per program me  
 
Total value of exports covered by non -marketable short -term commercial risk (in million  EUR):  
2017: 0.37 . 
 
4. Annual avera ge premium rate s/fees per programme  
 
Annual average premium rated for non -marketable short -term commercial risk (%) :  
2017: 0.59 . 
 
5. Maximum repayment term s per programme  
 
24 months for short-term commercial and political risk and 60 months for medium -term 
commercial and political risk.  
 
6. Annual average repayment period s per programme  
 
Annual average repayment period of cover against non -marketable short -term commercial risk 
(days) :  
2017: 76 . 
 
7. Export destination or group of destinations per programme  
 
Greece, Ukraine . 
 
8. Programme  use by product or product group  
 
Fruits, nuts, vegetables, coffee, tea, spices, dairy . G/AG/W/125/Rev.8/Add.2  
 
- 16 - 
 
  Croatia  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
General program mes (non -agriculture specific) for supplier credit, buyer credit and export 
guarantees, short  term insurance and reinsurance.  
 
Legal basis:  
Act on the Croatian Bank for Reconstruction and Development ( OG 138/06,  OG 25/13).  
Regulation on Export Credit Insurance ( OG 61/07, OG 92/08, OG 79/10).  
 
2. Description of Export Financing Entity  
 
"Hrvatska banka za obnovu i razvitak " (HBOR) is the development and export bank of the 
Republic  of Croatia and provides export credit insurance operations on behalf and for account 
of the Republic of Croatia.  
 
3. Total value of export of agricultural products covere d by export credits, export credit 
guarantees or insurance program mes and use per program me  
 
Amount of insured turnover:  
 
EUR 6,423,268 in 2017 . 
 
4. Annual average premium rate s/fees per programme  
 
This information is not held . 
 
5. Maximum repayment term s per programme  
 
This information is not held . 
 
6. Annual average repayment period s per programme  
 
This information is not held . 
 
7. Export destination or group of destinations per programme  
 
Bosnia and Herzegovina, Italy, Czech Republic, USA, Germany, Japan.  
 
8. Programme  use by product or product group  
 
Fish, Hazelnut, Jam, Bee Food, Vine . G/AG/W/125/Rev.8/Add.2  
 
- 17 - 
 
  Czech  Republic  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation  
 
EGAP  - short-term export credit insurance (Insurance of a Short Term Export Supplier Credit, 
resp. Insurance of a Short Term Export Supplier Credit Financed by a Bank).  
 
Legal basis: EGAP operates in accord ance with the regulations in force: Insurance Act No. 
277/2009 Coll. as amended, and Act No. 58/1995 Coll., on Insurance and Financing of Exports 
with State Support and on Supplement to Act No. 166/1993 Coll., on the Supreme Audit Office, as 
amended.  
 
CEB - General program mes (not exclusively focused on agricultural pr oducts) for short -term and 
long-term export financing support (export credits, guarantees, purchase of export receivables 
etc.) for Czech exporters.   
 
Legal basis : Act No. 58/1995 Coll., on Insurance and Financing of Exports with State Support and 
on Supplement to Act No. 166/1993 Coll., on the Supreme Audit Office, as amended.  
 
2. Description of Export Financing Entity  
 
EGAP (Exportní garanční a pojišťovací společnost, a.s/Export Guarantee a nd 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 Agric ulture).  
http://www.egap.cz/index -en.php  
 
CEB Česká exportní banka, a.s. (Czech Export Bank) is a specialized banking institution with an 
exclusive authorization to provide financing to promote the Czech exp orts, established in 1995 
under the laws of the Czech Republic.  
https://www.ceb.cz/en/  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per program me  
 
EGAP:  
2015 - CZK 291.3 million   
2016 - CZK 602.4 million   
2017 - CZK 970.8 million . 
 
CEB: 
2015 – 0  
2016 – 0  
2017 – CZK 396 million. 
 
4. Annual average premium rate s/fees per program me 
 
EGAP:  
2015 – 3.4%  
2016 – 3.6%  
2017 – 3.7%.  
 
CEB: N/A. 
 
5. Maximum repayment term s per program me 
 
EGAP : 12 months is the maximum repayment term of the realized transactions. In general, 
maximum available repayment term of this program is two years. However, maxi mum repayment G/AG/W/125/Rev.8/Add.2  
 
- 18 - 
 
  term for the export of selected agricultural products is 18 months. It is part of the product 
overview – basic terms and conditions of insurance on the company 's website.  
  
CEB: Short -term general programmes  up to two  years, long -term general programmes  in 
compliance with the Arrangement on Officially Supported Export Credits. As of 31 December 2017, 
CEB provides supported financing for agricultural products specified in the WTO 2015 Nairobi 
Ministerial Decision with a maximum repayment term of no more t han 18 months.  
 
6. Annual average repayment period s per program me 
 
EGAP :  
2015 – 9.3 months  
2016 – 10.4 months  
2017 – 11.0 months.  
 
CEB: one year (supported financing for agricultural products) . 
 
7. Export destination or group of destinations per program me 
 
EGAP : Belarus, Cuba, Kazakhstan, Russia n Federation , Ukraine.  
 
CEB: Cuba. 
 
8. Program me use by product or product group  
 
EGAP : Food supplements, wheat, milk products, baking mixtures, etc .  
 
CEB: food wheat, milk powder, malt, hops . 
 G/AG/W/125/Rev.8/Add.2  
 
- 19 - 
 
  Denmark  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
General export credit programme for Danish 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. 
 
Legal basis: Act no. 104 of 3 February 2016 on EKF Denmark 's Export Credit Agency.  
 
2. Description of Export Financing Entity  
 
Denmark 's Export Credit Agency (EKF) is an official export credit agency, 100% owned by the 
Danish Government.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per program me 
 
Danish general export credit program me covers some agricultural products. During 2017 EKF has 
issued export cr edit guarantees covering export of agricultural products worth approximately 
DKK 55 million.  
  
EKF is reinsuring exports of all type of products insured by the private agencies. Separate value of 
agricultural products is not available.  
 
4. Annual average p remium rate s/fees per programme  
 
Depend ing on  the credit rating of the individual destination countries . 
 
5. Maximum repayment term s per programme  
 
General export credit programme covering breeding animals: three years.  
Other agricultural products: one year or less.  
Reinsurance programme: 180 days . 
 
6. Annual average repayment period s per programme  
 
As above . 
 
7. Export destination or group of destinations per programme  
 
Countries outside EU/OECD . 
 
8. Programme  use by product or product group  
 
General export credit program me: Primarily capital goods.  
Reinsurance program me: All types of goods, but typically consumer goods.  
 G/AG/W/125/Rev.8/Add.2  
 
- 20 - 
 
  Estonia  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Non-agriculture specific short -term credit insurance, long -term buyer's credit insurance and 
supplier's credit insurance (used for capital goods exports) . 
 
Eston ian Law - State Export Guarantees Act:  
https://www.riigiteataja.ee/en/eli/506012014002/consolide . 
 
2. Description of Export Financing Entity  
 
KredEx Krediidikindlustus AS . 
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per program me 
 
For food industry ex port approx. EUR 15,8 million were covered by short -term credit insurance 
under State export support legislation.  
 
EUR 14.4 million of this amount was a cocoa trade to the Russian Federation . 
 
4. Annual avera ge premium rate s/fees 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 credit turnover across all industries.  
 
For buyer 's credit and supplier 's credit insurance, premium rates are regulated by 
OECD  Arrange ment.  
 
5. Maximum repayment term s 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 . 
 
6. Annual average repayment period s per programme  
 
Short -term credit insurance two months, other programmes five years .  
 
7. Export destination or group of destinations per programme  
 
Global coverage for short -term credit insurance (only non -OECD countries with State support).  
Global coverage for buyer's credit insurance and supplier's credit insurance.  
 
8. Programme  use by product or product group  
 
All industries, including food processing industry (without specification), fisheries, milk processing 
industry, food products wholesale (without specification) . 
 G/AG/W/125/Rev.8/Add.2  
 
- 21 - 
 
  Finland  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
General programme  (non-agriculture specific) for risk cover and credit insurance.  
 
No. 422/2001 Act on State 's Export Credit Guarantees . 
 
2. Description of Export Financing Entity  
 
Finnvera plc, State specialized financing company .  
 
https://www.finnvera.fi/ . 
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per program me  
 
Total covered exports for  agricultural products were EUR  13 mill ion in 2014, EUR 12 million 
in 2015, EUR 6 million in 2016 and EUR 7 million in 2017.  
 
4. Annual avera ge premium rate s/fees per programme  
 
2,0 - 3,0% per annum on the volume of covered exports . 
 
5. Maximum repayment term s per programme  
 
180 days . 
 
6. Annual average repayment period s per programme  
 
Typical credit terms are 30 -90 days . 
 
7. Export destination or group of destinations per programme  
 
In 2017, largest volumes to the Russia n Federation  and Armenia . 
 
8. Programme  use by product or product group  
 
In 2017, barley malt ( EUR 3.24 mil lion) and butter ( EUR 2.0 mil lion) account for majority of 
exports . G/AG/W/125/Rev.8/Add.2  
 
- 22 - 
 
  France  
 
1. Description of the programme  (direct financing support, risk cover, government to  
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Short -term export credit guarantees for the financing of exports of certain food products to Cuba,  
temporary  short-term credit insurance scheme for exports to Greece, and short -term export credit 
guarantees for non -marketable risk  in Egypt, Lebanon and Algeria.  
 
French Insurance Code (L.432 -2 and following articles, R. 442 and following articles).  
 
Communicat ion from the Commission to the member States on the application of Articles  107 
and 108 of the Treaty on the Functioning of the European Union to short -term export -credit 
insurance (last modification: July 2017).  
 
Nairobi Ministerial Decision on Export Compet ition (maximum repayment term).  
 
2. Description of Export Financing Entity  
 
Bpifrance Assurance Export.  
 
A financial company under public control, duly empowered by French law to manage and grant 
export guarantees on behalf of the French State.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
As of 31 .01.2018, less than EUR 60 million of which:  
 
- around EUR 5,2 million was exported to Greece;  
- around EUR 1,2 million was exported to Algeria (no guarantee was delivered in 2017 by the 
program mes dedicated to the Lebanese Republic and Egypt);  
- around EUR 50 million was exported to Cuba.  
 
4. Annual average premium rate s/fees per programme  
 
Cuba: 2 .997% . 
Algeria: 1% . 
Greece: 6 .5%. 
 
5. Maximum repayment term s per programme  
 
Cuba: 12 months  
Egypt, Lebanon, Algeria and Greece: 18 months (Greece: two years for non -agricultural products) . 
 
6. Annual average repayment period s per programme  
 
Cuba: 360 days  
Algeria: 45 days  
Greece: 90 days . 
 
7. Export destination or group of destinations per programme  
 
Cuba, Greece, Algeria, Egypt, Lebanon . 
 G/AG/W/125/Rev.8/Add.2  
 
- 23 - 
 
  8. Programme  use by product or product group  
 
Cuba:  
- EUR 49,752,119 guaranteed for cereals (wheat and malt)  
- EUR 1,354,141 guaranteed for milk . 
Algeria: EUR 1,258,868 guaranteed for live animals (cows)  
Greece: EUR 5,257,600 guaranteed for frozen meat .G/AG/W/125/Rev.8/Add.2  
 
- 24 - 
 
  Germany  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Pure cover only (no specific agriculture programme).  
 
Annual Budget law 2016: http://ww w.gesetze -im-internet.de/hg_2016/__3.html   
Guidelines on the grant of Export Guarantees, as last amended on 4 June 2014 (only German 
version):   
http://www.agaportal.de/_Resources/Persistent/96b0c9134641dc271eca508691b22bc0e5dae012/
RL%20EKG.pdf . 
 
2. 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 Wirtschafts prüfungsgesellschaft is authoriz ed to 
provide and manage the scheme in the name and for account of the State. 
 
3. Total value of export of agricultural products covered by export credits, export  credit 
guarantees or insurance program mes and use per  programme  
 
Nil. 
 
4. Annual average premium rate s/fees per programme  
 
Not applicable.  
 
5. Maximum repayment term s per programme  
 
Not applicable.  
 
6. Annual average repayment period s per programme  
 
Not applicable.  
 
7. Export destination or group of destinations per programme  
 
Not applicable.  
 
8. Programme  use by product or product group  
 
Not applicable.  
 G/AG/W/125/Rev.8/Add.2  
 
- 25 - 
 
  Hungary  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Hungarian Export Credit Insurance Ltd. provides export credit insurance for non -payment of the 
buyer or the credit debtor.  
 
Hunga rian Export -Import Bank provides official support in 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.  
 
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. 28.) on the terms of the insurance of non -marketable risks by the 
Hungarian Export Credit Insurance Plc. with a government payment guarantee provided from 
the central budget.  
 
 Decree No. 18/2009 (VIII. 6.) MNB of the Governor of the National Bank of Hungary on 
Payment Services Activities . 
 
2. Description of Export Financing Entity  
 
Hungarian Export Credit Insurance Ltd. and  Hungarian Export -Import Bank were established 
in 1994. The official export credit agency (ECA) is a private company limited by shares, which i s 
solely owned by the State, but its funding is achieved through the capital market.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
 Export credit insurance covered EUR 7.0 million in 2017.  
 Official guarantees were not issued.  
 The value of outstanding officially supported export credits was EUR 9.7 million in 2017 . 
 
4. Annual average premium rate s/fees per programme  
 
 For short term export credit insurance the an nual average premium rate was 2. 71% 
in 2017. 
 For medium and long term insurance: N/A.  
 The annual average weighted interest rate for the credits was 1.33 % in 2017.  
 
5. Maximum repayment term s per programme  
 
The maximum repayment term of export credits and export credit insurance is maximum 
18 months . 
 
6. Annual average repayment period s per programme  
 
 The average repayment period under ST credit insuranc e was approx. 4 months for 
year 2017. For MLT insurance: N/A.  
 The average repayment term of the credits wa s 23 months with lump sum as 
of 31.12.2017.  
 G/AG/W/125/Rev.8/Add.2  
 
- 26 - 
 
  7. Export destination or group of destinations per programme  
 
Insurance cover: Russian Federation; the former Yugoslav Republic of Macedonia ; Serbia; 
Republic  of Moldova and Lao  People's Democratic Republic .  
 
Credits: Russian Federation, Azerbaijan;  Lao People's Democratic Republic and the Republic of 
Moldova . 
 
8. Programme  use by product or product group  
 
Poultry farming, raising of other cattle and buffaloes, raising of swine/pigs, grain, tobacco, 
processed fruits and vegetables, processed meat, production of meat and poultry meat products, 
milk products, production of grape wine, soft drinks and mineral water, manufacture of fruit and 
vegetable juic e, growing of cereals (except rice), production of animal fodder, manufacture of 
pasta and grain mill products, other processing and preserving of fruit and vegetables.G/AG/W/125/Rev.8/Add.2  
 
- 27 - 
 
  Latvia  
 
1. Description of the programme  (direct financing support, risk cover, governme nt to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Short -term export credit guarantees –risk cover for export transactions with deferred payment up 
to two years.  
 
2. Description of Export Financing Entity  
 
Guarantees are provided by Development finance institution Altum.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
EUR 4,680, 601. 
 
4. Annual average premium rate s/fees per programme  
 
0,8% . 
 
5. Maximum repayment term s per programme  
 
24 months . 
 
6. Annual average repayment period s per programme  
 
38 days . 
 
7. Export destination or group of destinations per programme  
 
United Arab Emirates , Belarus, Russian Federation, Ukraine, Kazakhstan, United Kingdom  etc.  
 
8. Programme  use by product or product group  
 
Latvian export credit guarantee programme is not limited to specific products or sectors.  
 
The following food -related sectors (C.10 by N ACE 2 Classification) have been subject to the 
programme:  
 
1.4 - Animal production  
10.2 - Processing and preserving of fish, crustaceans and molluscs  
10.3 - Processing and preserving of fruit and vegetables  
10.5 - Manufacture of dairy products  
10.6 - Manufacture of grain mill products, starches and starch products  
10.7 - Manufacture of bakery and farinaceous products  
10.8 - Manufacture of other food products  
10.9 - Manufacture of prepared animal feeds  
11.0 - Manufacture of beverages . 
 G/AG/W/125/Rev.8/Add.2  
 
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  Lithuania  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Program mes for providing export credit guarantees.   
 
Resolution on the approval of regulations for providing export  credit guarantees dated 
13 September 2017 No . 746 of the Government of the Republic of Lithuania. This Government 
resolution shall come into force as of 1 January 2019.  
 
2. Description of Export Financing Entity  
 
Limited liability company INVESTICIJŲ IR VERSLO GARANTIJOS (hereinafter – Invega) . 
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
Not applicable . 
 
4. Annual average premium rate s/fees per programme  
 
Not applicable . 
 
5. Maximum repayment t erms per programme  
 
Not applicable . 
 
6. Annual average repayment period s per programme  
 
Not applicable . 
 
7. Export destination or group of destinations per programme  
 
Not applicable . 
 
8. Programme use by product or product group  
 
Not applicable . 
 G/AG/W/125/Rev.8/Add.2  
 
- 29 - 
 
  The Netherlands  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
a.   Export Credit Insurance  and Export Credit Guarantee  (insurance against non -payment, 
exchange risks, political risks, natural disaster, etc). The actual financing of the export 
transactions is 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 to the Export Credit Insurance scheme aimed at export 
transaction with developing countries targetting SME 's both in the Netherlands as well as 
developing countries .  
Both export credit insurance as well as export financing schemes.  
c.   Dutch Trade and Investment Fund : DTIF is similar to DGGF, the difference is that it is open 
to all countries other than DGGF countries and also other companies than only SME's. The 
scheme is provided on the basis of additionality to the private sector.  
Legal Basis: Private Company serving as the executing agency for the Netherlands Ministry of 
Finance.  
 
2. Description of Export Financing Entity  
 
Atradius Dutch State Business, integra l part of the Atradius Group (private) . 
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
Nil. 
 
4. Annual average premium rate s/fees per programme  
 
The prem ium rate is 2. 684 % on the contract value. The maximum clai ms amount was topped at 
EUR 742, 500. 
 
5. Maximum repayment term s per programme  
 
180 days . 
 
6. Annual average repayment period s per programme  
 
180 days . 
 
7. Export destination or group of destinations per programme  
 
The destination of the goods/country of the buyer is Afghanistan.  
 
8. Programme  use by product or product group  
 
Not applicable . 
 G/AG/W/125/Rev.8/Add.2  
 
- 30 - 
 
  Poland  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation  
 
Risk Cover -Insurance of short -term export receivables against non -marketable risk backed by the 
State Treasury.  
 
Relevant legislation:  
 The Act of 7 July 1994 on Export Insurance Guaranteed by the State Treasury . 
 Regulation of the Minister of Economy of 19 December 2014 : concerning the maximum 
percentage share of foreign -origin components in the net revenues from performance of an 
export contract and the types of evidence to serve as the basis for determining the origin of 
a product or service . 
2. Description of Export Fi nancing Entity  
 
KUKE S.A.: a joint stock company registered in Poland with a majority share held by the State 
Treasury that is mandated to provide export insuranc e backed by the State Treasury.  
 
KUKE S.A. extends also cover of domestic and export receivabl es on market conditions as well as 
contract guarantees.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
USD 71 ,612,603.80. 
 
4. Annual avera ge premium rate s/fees per programme  
 
Trade receivables insurance: 0 .861  
Bonds concerning LCs:  1.19. 
 
5. Maximum repayment term s per programme  
 
Maximum repayment terms were shorter than 2 years.   
 
6. Annual average repayment period s per programme  
 
Trade receivables insurance: 60 days  
Bonds concerning LCs: 620 days . 
 
7. Export destination or group of destinations per programme  
 
Geographic distribution of supported by KUKE export is dominated by Russia n Federation, Ukraine, 
Belarus, Serbia, Armenia, Macedonia .  
 
8. 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.8/Add.2  
 
- 31 - 
 
  Romania  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Risk cover: Short -term export credit insurance for non -marketable and temporarily 
non-marketable risks (pure  cover) .  
 
Relevant legislation:  
 
• Communicat ion from the Commission to the m ember States on the application of 
Articles  107 and 108 of the Treaty on the Functioning of the European Union to short -term 
export -credit insurance 2012/C 392/01;  
• Law no. 96/2 000, as republished, regarding the organisation and functioning of Banca de 
Export -Import a Romaniei Exim Bank S.A., published in the Official Journal of Romania, 
Part I, no. 260/18.04.2007 ;  
• Government Decision no. 534/2007, regarding the establishment,  responsibilities  and 
functioning of the Interministerial Committee for Financing, Guarantees and Insurance, 
published in the Official Gazette of Romania, Part I, no. 417/22.06.2007, as amended ;  
• Norm "Short -term export credit insurance, on behalf and for the account of the State, of 
non-marketable and temporarily non -marketable risks", published in Official Gazette of 
Romania, Part I, no. 211/28.03.2017 . 
 
2. Description of Export Financing Entity  
 
According to the provisions of Law n o. 96/2000, the Export -Import Bank of Romania 
EximBank  S.A. is authorized to provide on behalf and for the account of the Romanian State :  
a.   short term cover for non -marketable and temporarily non -marketable risks, in 
compliance with the Communicat ion from th e Commission to the m ember States on the 
application of Articles 107 and 108 of the Treaty on the Functioning of the 
European  Union to short -term export -credit insurance (2012/C 392/01), as amended;  
b.   medium and long term cover, in compliance with Regulation  (EU) No. 1233/2011 of the 
European Parliament and of the Council of 16 November 2011 on the application of 
certain guidelines in the field of officially supported export credits, as amended.  
EximBank' medium and long -term cover does  not apply to exports of agricultural commodities, 
which are outside the scope of the EU Regulation incorporating the OECD Arrangement on Officially 
Supported Export Credits.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
Nil. 
 
4. Annual average premium rate s/fees per programme  
 
Nil. 
 
EximBank  applies the same risk -based pricing methodology and premium rates for all types of 
exports, either industrial, agricultural goods or services . 
 
5. Maximum repayment term s per programme  
 
Up to two years.  
Starting from 2018, the maximum repayment terms for agricultural products shall be no more 
than 18 months, in compliance with the Nairobi Ministerial Decision of 19 December 2015 - 
WT/MIN(15)/45 - WT/L/980 . 
 G/AG/W/125/Rev.8/Add.2  
 
- 32 - 
 
  6. Annual average repayment period s per programme  
 
Up to two  years . 
  
Starting from 2018, the annual  average repayment periods shall be correlated with the maximum 
repayment terms for agricultural products which do not exceed 18 months, in compliance with the 
Nairobi Ministerial Decision of 19 December 2015 - WT/MIN(15)/45 - WT/L/980 . 
 
7. Export destinat ion or group of destinations per programme  
 
EximBank is open for cover for non -EU and non -OECD countries that are not subject to EU and 
international sanctions . 
 
8. Programme use by product or product group  
 
EximBank is open to cover all types and groups o f agricultural products which obtain the export 
licence from the Agency for Payments and Intervention in Agriculture (APIA) . G/AG/W/125/Rev.8/Add.2  
 
- 33 - 
 
  Slovak  Republic  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
The Export -Import bank Slovak Republic (EXIMBANKA SR) covers support for export of the 
agricultural products within its portfolio of financing and insuran ce services in compliance with 
international regulations for export credits of EU, OECD and WTO.  
 
References to respective international regulations for export credits of EU, OECD and WTO  
(e.g. WTO Ministerial Decision WT/MIN(15) /45 – WT/L/980) were incorporated to internal legal 
framework of EXIMBANKA SR.  
 
2. Description of Export Financing Entity  
 
EXIMBANKA SR as official export – credit agency of the Slovak Republic and only direct instrument 
of the state for official support of export, providing b anking and insurance services . 
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
The figures of programmes used per agricultural products are not recorded s eparately. Provided 
data are separated from overall dataset and selectively filtered by sector.  
 
Total value of exports (in EUR million):  
2014 – 30.7 
2015 – 33.9 
2016 – 34.9 
2017 – 26.8 (preliminary) . 
 
4. Annual average premium rate s/fees per program me 
 
Annual average premium rate/fee of programmes  used per agricultural products are not recorded 
separately. Provided data are separated from overall dataset and selectively filtered by sector.  
Avg. 2% . 
 
5. Maximum repayment term s per program me 
 
Not exceeding  18 months . 
 
6. Annual average repayment period s per program me 
 
Annual average repayment period figures of program mes used per agricultural products are not 
recorded separately. Provided data are separated from overall dataset and selectively filtered by 
sector.  
 
2014 – 17 months  
2015 – 16 months  
2016 – 18 months  
2017 – 14 months . 
 
7. Export destination or group of desti nations per program me 
 
• Financing: Italy, Spain, Netherlands;  
• Insurance cover: Belarus, Romania, United Kingdom, Serbia, Czech Republic, Poland . 
 
8. Program me use by product or product group  
 
Meat and meat products, dairy products, cereals and cereal products, animal feed, seeds.  
 
 G/AG/W/125/Rev.8/Add.2  
 
- 34 - 
 
  Slovenia  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support)  
and relevant legislation  
 
No specific supporting program mes/schemes for export of agricultural products . 
 
2. Description of Export Financing Entity  
 
SID Bank Inc., Ljubljana operates as export -credit bank and as authorized . 
 
3. Total value of export of agricultural products covered  by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
Nil. SID bank Inc. did not establish any specific schemes and did not approve any export credit, 
export credit guarantee or insurance programme to support the expor t of agricultural products . 
 
4. Annual average premium rate s/fees per programme  
 
Not applicable . 
 
5. Maximum repayment term s per programme  
 
Not applicable . 
 
6. Annual average repayment period s per programme  
 
Not applicable . 
 
7. Export destination or group of destinations per programme  
 
Not applicable . 
 
8. Programme use by product or product group  
 
Not applicable . G/AG/W/125/Rev.8/Add.2  
 
- 35 - 
 
  Sweden  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Risk Cover (Guarantee for Trade Receivables and Letter of Credit Guarantee) . 
 
2. Description of Export Financing Entity  
 
EKN is a state agency operating under The Ministry for Foreign Affairs.  http://www.ekn.se.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
SEK 66.4 million in 2015  
SEK 109.6 million in 2016  
SEK 115.0 million in 2017 . 
 
4. Annual average premium rate s/fees per programme  
 
Approximately 1 .5% in 2017 . 
 
5. Maximum repayment term s per programme  
 
180 days . 
 
6. Annual average repayment period s per programme  
 
Approximately 90 days in 2017 . 
 
7. Export destination or group of destinations per programme  
 
Brazil; China; Hong Kong , China; The f ormer Yugoslav Republic of Macedonia; Russian Federation;  
Trinidad and Tobago and Ukraine . 
 
8. Programme  use by product or product group  
 
Confectionary; fish, shellfish and molluscs; vegetable oils and fats; flavouring; food stuff; frozen 
vegetables; frozen herring; healthy grains and cereals; lingonberry jam; mineral water; soft 
drinks; juice; beer; malt; powdered eggs; salted and smoked me at products; snacks; skins, hides 
and leather.  G/AG/W/125/Rev.8/Add.2  
 
- 36 - 
 
  United  Kingdom  
 
1. Description of the programme  (direct financing support, risk cover, government to 
government credit agreements or any other form of governmental export credit support) 
and relevant legislation   
 
Name/Description 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 its performance or lead to its termination.  
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.ukef.gov.uk  
 
2. Description of Export Financing Entity  
 
 UK Export Finance is the UK 's official export credit agency, and is a UK ministerial department 
under the Secretary of State for International Trade. The Minister of State for Trade and 
Investment has day to day responsibility for the operation of UKEF.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance program mes and use per  programme  
 
2017: GBP 1.25 million . 
 
4. Annual average premium rate s/fees per programme  
 
This information is not held . 
 
5. Maximum repayment term s per programme  
 
18 months . 
 
6. Annual average repayment period s per programme  
 
This information is not held . 
 
7. Export destination or group of destinations per programme  
 
Belarus, Greece, Lebanon, Pakistan, Qatar, Ukraine .  
 
8. Programme  use by product or product group  
 
Cheese, frozen fish, scotch/whisky, food seasoning, animal feed.  
 G/AG/W/125/Rev.8/Add.2  
 
- 37 - 
 
  Iceland  
1. Description of the program me (classification within the following categories: direct  
financing support, risk cover, government to government credit agreements or any  
other form of governmental export credit sup port) and relevant legislation  
 
According to A ct No. 61/1997, there exists an export credit guarantee program me. However, this 
program me has not been active in recent years. No applicants have applied for guarantees or 
other program mes, at least for the last 8 years. The role of the Icelandic Export C redit Guarantee 
is to provide insurance and guarantees to promote Icelandic exports of goods and services, 
increasing the Icelandic investment abroad, participation in construction projects abroad and 
participation in large construction projects in Iceland . 
 
The role is fulfilled by:  
a.   undertaking to guarantee a export credit provided by an credit institution to an exporter or 
purchaser, provided that the credit or loan is granted to finance exporting of  Icelandic products 
or services;  
b.   undertaking to guarante e or provide guarantees for contracts between exporters and 
purchasers, made in respect of Icelandi c exports of goods and services;  
c.   undertaking to guarantee or ensure accountability for the performance of services or contracts 
regarding exports of Icelandi c goods and services;  
d.   to issue performance guarantees or guarantee work responsibilities of Icelandic entities, of 
which goes to the extent of the threshold that makes public constructions obligated for public 
procedure in the European Economic Area;  
e.   to ensure investments of domestic investors a broad because of political risk;  
f.   to secure equipment, moved abroad by a resident in relation with projects, due to political 
risks; 
g.   release another form of guarantee or warranty than the above, provided that it's mis sion 
export credit guarantee.  
2. Descrip tion of Export Financing Entity  
 
Not applicable.  
 
3. Total value of export of agricultural products covered by export credits, export credit  
guarantees or insuranc e program mes and use per programme  
 
Not applicable.  
 
4. Annual average premium rates/fees per programme  
 
Not applicable.  
 
5. Maxim um repayment terms per programme  
 
Not applicable.  
 
6. Annual average  repayment periods per programme  
 
Not applicable . 
 
7. Export destination or gr oup of destinations per programme  
 
Not applicable . 
 
8. Program me use by product or product group  
 
Not applicable . G/AG/W/125/Rev.8/Add.2  
 
- 38 - 
 
  Jamaica  
Role and Function of the National Export Import Bank of Jamaica (EXIM Bank)  
 
The National Export Import Bank of Jamaica (EXIM Bank) is the first EXIM Bank established in the 
Caribbean.  It plays a fundamental role in national development by providing a wide range of 
financing instruments at competitive interest rates to the  producti ve sector, including exporters, 
potential exporters and direct suppliers of goods and services to the exporting industry.  
 
Specific focus is placed on SMEs involved in non -traditional exports  such as Tourism, 
Manufacturing, Agro Processing, Mining, the Se rvice 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 programmes (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislatio n 
 
Direct Financing Support : The EXIM Bank offers trade financing through its Insurance Policy 
Discounting Facility (IPDF). Policyholders under the Trade Credit Insurance scheme can access 
80% financing on goods insured, by assigning the insurance policy a s collateral support. Funds are 
available for a period of 120 days at an interest rate of 12% per annum.  
 
Risk Cover : Risks covered under the TCI due to non -payment by the overseas buyers, include 
protracted default or insolvency/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 JMD  100.00 worth of produce sold.  
 
5. Maximum  Repayment  Terms:  Maximum repayment period for trade financing is 120 days.  
 
6. Annual Average Repayment Period  is 120 days.  
 
7. Export Destination:  Goods are shipped to the United States of America (USA).  
 
8. Programme use by Product:  The products utilized are the Trade Credit Insurance which acts 
as collateral for the financing provided under the Insurance Policy Discounting Facility.  
 G/AG/W/125/Rev.8/Add.2  
 
- 39 - 
 
  Japan  
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  
 
Export Bill Insurance  http://nexi.go.jp/en/products/typ es/bill.html  
Export Credit Insurance for SMEs  http://nexi.go.jp/en/products/types/smes.html   
Export Credit Insurance  http://nexi.go.jp/en/products/types/export.html.  
 
These programmes are all categorized as risk cover.  
 
Relevant legislation: Trade Insurance and Investment Act.  
 
2. Description of Export Financing Entity  
 
Nippon Export and Investment Insurance (NEXI) . 
 
 
 
 
 
 
 
  
  G/AG/W/125/Rev.8/Add.2  
 
- 40 - 3. Total value of export of agricultural products 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 ¥) 
Type of Insurance  Fiscal Year (April -March)  1995  1996  1997  1998  1999  2000  2001  
Export Bill Insurance  Number of underwritten  321 308 362 443 448 446 506 
Value of export of agricultural products  1,085,881,367  1,042,748,562  1,142,927,061  1,450,225,958  1,566,587,196  1,696,053,307  1,794,343,201  
Export Credit Insurance for 
SMEs  Number of underwritten  - - - - - - - 
Value of expor t of agricultural products  - - - - - - - 
Export Credit Insurance  Number of underwritten  212 232 228 227 240 262 278 
Value of export of agricultural products   506,520,804  509,688,831  1,272,800,330  705,536,977  686,490,394  608,012,858  856,076,236  
Total / Number of underwritten  533 540 590 670 688 708 784 
Total/Value of export of agricultural products   1,592,402,171  1,552,437,393  2,415,727,391  2,155,762,935  2,253,077,590  2,304,066,165  2,650,419,437  
 
Type of Insurance  Fiscal Year (April -March)  2002  2003  2004  2005  2006  2007  2008  
Export Bill Insurance  Number of underwritten  512 269 275 305 303 316 286 
Value of export of agricultural products   2,040,406,324  1,100,720,060  1,086,485,744  1,278,993,110  1,304,361,795  1,440,843,995  1,386,365,204  
Export Credit Insurance for 
SMEs  Number of underwritten  - - - 3 11 19 25 
Value of export of agricultural products   - - - 1,544,438  23,104,267  33,981,051  40,105,262  
Export Credit Insurance  Number of underwritten  399 859 894 979 1,390  1,679  1,796  
Value of export of agricultural products   1,159,091,855  2,777,147,521  3,015,634,350  3,566,864,514  5,631,100,931  7,724,731,451  8,650,973,770  
Total / Number of underwritten  911 1,128  1,169  1,287  1,704  2,014  2,107  
Total/Value of e xport of agricultural products  3,199,498,179  3,877,867,581  4,102,120,094  4,847,402,062  6,958,566,993  9,199,556,497  10,077,444,236  
 
Type of Insurance  Fiscal Year (April -March)  2009  2010  2011  2012  2013  2014  2015  
Export Bill Insurance  Number of underwritten  289 285 258 245 238 232 225 
Value of expor t of agricultural products  1,494,431,569  1,533,160,563  1,371,128,078  1,249,134,341  1,318,254,661  1,255,783,299  1,278,846,217  
Export Credit Insurance for 
SMEs  Number of underwritten  29 30 34 28 85 132 183 
Value of expor t of agricultural products  46,571,107  69,908,572  84,273,412  81,453,513  412,271,273  608,710,785  971,445,893  
Export Credit Insurance  Number of underwritten  1,628  1,658  2,147  1,841  1,877  1,200  1,338  
Value of expor t of agricultural products  7,204,222,570  7,567,224,087  11,779,552,689  9,815,051,676  7,391,450,279  4,925,123,109  5,968,641,523  
Total / Number of underwritten  1,946  1,973  2,439  2,114  2,200  1,564  1,746  
Total/Value of expor t of agricultural products  8,745,225,246  9,170,293,222  13,234,954,179  11,145,639,530  9,121,976,213  6,789,617,193  8,218,933,633  
Note:  The total export value of agricultural products subject to the programmes is not available.   
  G/AG/W/125/Rev.8/Add.2  
 
- 41 - Type of Insurance  Fiscal Year (April -March)  2016  2017  
(Apr. -Dec.)  Total  Average  
（1995 -2016） 
Export Bill Insurance  Number of underwritten  274 193 7,339    
Value of export of agricultural products  1,578,407,381  1,206,932,718  31,703,021,711  1,386,185,863  
Export Credit Insurance for SMEs  Number of underwritten  252 229 1,060    
Value of  expor t of agricultural products  1,077,496,761  887,077,948  4,337,944,282  156,857,561  
Export Credit Insurance  Number of underwritten  1,406  1,107  23,877    
Value of expor t of agricultural products  6,281,829,038  4,973,957,981  103,577,723,774  4,481,989,354  
Total / Number of underwritten  1,932  1,529  32,276   
Total/Value of export of agricultural products   8,937,733,180  7,067,968,647  139,618,689,767  6,025,032,778  
 
4. Annual average premium rates/fees per programme  
 
Annual average premium fees in FY1995 to FY2016 are:  
 
¥ 10,678 thousand (Export Bill Insurance)  
¥ 1,163 thousand (Export Credit Insurance for SMEs and AFF Sector)  
¥ 8,205 thousand  (Export Credit Insurance)  
 
Annual Average Premium fees by export of agricultural pr oducts (FY1995 -Dec.2015 ) (in ¥) 
Type of Insurance  Fiscal Year  (April -March)  1995  1996  1997  1998  1999  2000  2001  
Export Bill Insurance  Number of underwritten  321 308 362 443 448 446 506 
Premium fees  15,489,053  12,176,622  11,199,676  8,811,676  12,594,458  13,092,872  13,375,315  
Export Credit Insurance for SMEs  Number of underwritten  － － － － － － － 
Premium fees  － － － － － － － 
Export Credit Insurance  Number of underwritten  212 232 228 227 240 262 278 
Premium fees  563,411  510,038  1,156,755  1,078,629  863,158  785,567  1,069,613  
Total/ Number of underwritten  533 540 590 670 688 708 784 
Total/Premium fees  16,052,464  12,686,660  12,356,431  9,890,305  13,457,616  13,878,439  14,444,928  
 
Type of Insurance  Fiscal Year  (April -March)  2002  2003  2004  2005  2006  2007  2008  
Export Bill Insurance  Number of underwritten  512 269 275 305 303 316 286 
Premium fees  14,523,671  8,066,932  7,757,395  9,649,569  9,741,880  10,537,726  10,166,721  
Export Credit Insurance for SMEs  Number of underwritten  － － － 3 11 19 25 
Premium fees  － － － 20,512  228,403  314,271  427,644  
Export Credit Insurance  Number of underwritten  399 859 894 979 1,390  1,679  1,796  
Premium fees  1,180,647  3,239,402  4,650,414  5,359,218  8,633,804  11,992,148  13,186,454  
Total/ Number of underwritten  911 1,128  1,169  1,287  1,704  2,014  2,107  
Total/Premium fees  15,704,318  11,306,334  12,407,809  15,029,299  18,604,087  22,844,145  23,780,819  
  
  G/AG/W/125/Rev.8/Add.2  
 
- 42 - Type of Insurance  Fiscal Year (April -March)  2009  2010  2011  2012  2013  2014  2015  
Export Bill Insurance  Number of underwritten  289 285 258 245 238 232 225 
Premium fees  10,085,091  11,068,910  10,020,948  9,365,344  10,013,730  8,462,076  8,787,566  
Export Credit Insurance for SMEs  Number of underwritten  29 30 34 28 85 132 183 
Premium fees  524,201  830,562  1,038,505  617,856  2,633,245  4,076,187  7,176,241  
Export Credit Insurance  Number of underwritten  1,628  1,658  2,147  1,841  1,877  1,200  1,044  
Premium fees  11,576,324  15,826,636  30,554,307  20,057,492  14,068,656  11,139,435  9,523,615  
Total/Number of underwritten  1,946  1,973  2,439  2,114  2,200  1,564  1,452  
Total/Premium fees   22,185,616  27,726,108  41,613,760  30,040,692  26,715,631  23,677,698  25,487,422  
 
Type of Insurance  Fiscal Year (April -March)  2016  2017  
(Apr. -Dec.)  Total  Average  
（1995 -2016) 
Export Bill Insurance  Number of underwritten  274 193 7,339    
Premium fees  9,948,378  7,633,704  242,569,313  10,678,891  
Export Credit Insurance for SMEs  Number of underwritten  252 229 1,060    
Premium fees  7,717,971  6,447,104  32,052,702  1,163,891  
Export Credit Insurance  Number of underwritten  1,406  1,107  23,583    
Premium fees  13,506,069  13,838,330  194,360,122  8,205,536  
Total/Number of underwritten  1,932  1,529  31,982   
Total/Premium fees   31,172,418  27,919,138  468,982,137  20,048,318  
 
Average premium rates are not available.  
 
5. Maximum repayment terms per program me 
Regarding targeted transactions, the relevant policy had been amended at the end of 2017 to follow the Nairobi Ministerial De cision. (The maximum payment 
terms shall be no more than 18 months.)  
 
6. Annual average repayment periods per program me 
Not avai lable.  
 
 
 
 G/AG/W/125/Rev.8/Add.2  
 
- 43 - 
 
  7. Export destination or group of destinations per programme  
 
Type of Insurance  Export destination or group of destinations (FY1995 - Dec. 2017)  
Export Bill Insurance  Australia;  Belgium ; Brazil ; Canada ; Chile; China ; Colombia ; 
Commonwealth of the Northern Mariana Islands (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 ; Philippines ; Poland ; Saudi  Arabia, 
Kingdom  of; Singapore ; South Africa ; Spain ; Sweden ; Switzerland ; 
Chinese Taipei ; Thailand ; UK; USA 
Export Credit Insurance for SMEs  Australia ; Brazil ; Canada ; Chile; China ; French Polynesia ; Guam (USA) ; 
Hong Kong, China ; India; Indonesia ; Israel ; Italy; Korea, Republic of ; 
Latvia ; Lebanon ; Macao, China ; Malaysia ; Netherlands ; 
Russia n Federation ; Singapore ; Sri Lanka ; Switzerland ; Chinese Taipei ; 
Thailand ; UAE; USA; New Zealand ; France ; Viet Nam  
Export Credit Insurance  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 ; Mongolia ; Morocco ; Nepal ; Netherlands ; New Caledonia (French) ; 
New Zealand ; Nigeria ; Norway ; Pakistan ; Philippines ; Poland ; Portugal ; 
Qatar ; Romania ; Russia n Federation ; Saudi Arabia, Kingdom of ; 
Singapore ; Slovenia ; South Africa ; Spain ; Sri Lanka ; Sweden ; Switzerland ; 
Syria; Chinese Taipei ; Thailand ; Turkey ; UAE; UK; USA; Viet Nam  
 
8. Programme use by product or product group  
 
Type of Insurance  HS codes of Products or Product groups (FY1995 - Dec. 2017)  
Export Bill Insurance  0408, 0506, 0509, 0510, 0602, 0709, 0710, 0711,  0712, 0811, 0902, 
0910, 1006, 1008, 1101, 1103, 1104, 1108, 1201, 1207, 1211, 1212, 
1301, 1302, 1504, 1505, 1514, 1515, 1516, 1517, 1518, 1519, 1521, 
1604, 1605, 1701, 1702, 1703, 1704, 1806, 1901, 1902, 1904, 1905, 
2001, 2003, 2005, 2006, 2008, 2101, 210 2, 2103, 2104, 2105, 2106, 
2202, 2203, 2205, 2206, 2207, 2208, 2209, 2308, 2309, 2402, 2905, 
3301, 3502, 3504, 3505, 5202  
Export Credit Insurance for SMEs  0101, 0201, 0203, 0401, 0602, 0603, 0704, 0714, 0804, 0806, 0807, 
0808, 0809, 0810, 0902, 1006, 100 8, 1212, 1209, 1302, 1515, 1601, 
1602, 1604, 1605,  1701, 1702, 1806, 1901, 1902, 1904, 1905, 2001, 
2007, 2008, 2101, 2103, 2105, 2106, 2202,  2203, 2206, 2208, 2209, 
2309 
Export Credit Insurance  0201, 0202, 0203, 0207, 0400, 0401, 0402, 0403, 0404, 0405, 0 406, 
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, 1214, 1301,  1302, 1404, 
1502, 1503, 1504, 1505, 1506, 1507, 1509, 1515, 1516, 1517, 1518, 
1519, 1520, 1521, 1603, 1604, 1605, 1702,  1704, 1806, 1901, 1902, 
1904, 1905, 2001, 2004, 2005, 2006, 2007, 2008, 2009, 2101, 2102, 
2103, 2104, 2105, 2106, 2201, 2202, 2203, 2204, 2206, 2207, 2208, 
2209, 2301, 2302, 2304, 2309, 2905, 3301, 3501, 3502, 3503, 3504, 
3505, 3809, 5001, 5002, 5203, 5301  
 
 G/AG/W/125/Rev.8/Add.2  
 
- 44 - 
 
  Malaysia  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
Facilities offered by EXIM Ma laysia for Agriculture:  
 
a.   Direct Financial Loans:  
i. Cross Border Financing : (The facility provides financial loans to Malaysian 
investors/contractors undertaking project overseas). The bank provides financing based on 
commercial basis (e.g. lending terms based on market rate).  
ii. Trade Finance : (The facility offers Pre -and Post -Shipment Financing at commercial basis).  
b.   Risk Cover/Credit Insurance: export credit insurance is offered as a product to industries. The 
bank provides risk cover/credit insurance base d on commercial basis).  
 
2. Description of Export Financing Entity  
 
Export -Import Bank of Malaysia Berhad  is a development financial institution wholly owned by 
Government (through Minister of Finance Inc. and under the Central Bank supervision 
(Development Financial Institution Act).  
 
3. Total value of export of agricultural products covered by export credit s, export credit 
guarantees or insurance programmes and use per programme  
 
For 2015, EXIM Bank has an exposure of RM  147 million in direct financing of export from 
agriculture related industries. Data is on aggregated basis rather than by programme.  
 
4. Annual average premium rates/fees per programme  
 
Credit insurance is risk priced based and according to commercial rate.  
 
5. Maximum repayment terms per programme  
 
Not applicable as there is no subsidy provided by EXIM bank. Facilities offered by EXIM Malays ia 
are based on commercial basis (e.g. lending terms based on market rate).  
 
6. Annual average repayment periods per programme  
 
Monthly repayment applies for Export credit, Export credit guarantee and credit insurance.  
 
7. Export destination or group of destinations per programme  
 
No specification in relation to destinations per programme.  
 
8. Programme use by product or product group  
 
No program me by product or product group.  G/AG/W/125/Rev.8/Add.2  
 
- 45 - 
 
  New Zealand  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
Pursuant to New Zealand 's Public Finance Act 1989, the 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 Sho rt 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 lack 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 SME exp orter's working capital needs.  
 
NZECO 's Export Credit Guarantee covers credits or loans greater than one year, provided to an 
exporter 's foreign buyer. NZECO covers the risk of a buyer or a foreign bank failing to make its 
repayments as they fall due as a  result of specific commercial or political events.  
 
The vast majority of NZECO 's export credit insurance policies in the last seven  years were for 
80% commercial and political risk coverage. The maximum was 100% coverage (for letters of 
credit cover) and the lowest was 50% coverage.  
 
2. Description of Export Financing Entity  
 
NZECO is New Zealand 's export credit agency. It is located in the New Zealand Treasury and 
obligations to third parties are guaranteed by the New Zealand government through the Minist er 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, 
NZECO  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  
 
 2011  2012  2013  2014  2015  2016  2017  
Total annual value of Agricultural Exports 
supported by NZECO (in NZD million)  150.5  169.9  76.4 115.2  30.7 44.5 95 
Average Policy  Exposure (in NZD million)  1.36 1.19 1.40 1.35 3.24 4.3 4.2 
Average Percentage of cover  80% 80% 80% 85% 90% 92% 96% 
 
4. Annual average premium rates/fees per programme  
 
NZECO charges risk -weighted premiums sufficient to cover all operating costs (including expected 
losses) only. NZECO does not report on average premium rates given that premium rates can vary 
significantly as they are set using several variables including the buyer 's country risk classifications 
(as set between the Participants to the Arrangement on Officially Supported Export Credits), the 
credit rating of the debtor, the tenor of the credit term, the terms of the 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 Loss ratio 
calculations (Total Claims Paid/Total Gross Written Premium). Since 2009, NZECO 's loss ratio on 
its policies issued in support of agricultural products is 3.93%. This means that for every NZD 
1 received in premium, less than four cents has been paid in claims. NZECO has also been 
monitoring the overall cost -recovery performance of all of its short -term trade credit policies 
(agricultural and non -agricultural related) since its implementation in 2009. This  has included G/AG/W/125/Rev.8/Add.2  
 
- 46 - 
 
  applying an administrative cost in operating this policy (including a proportion of general 
overheads). 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 vary depending on the program. The maximum repayment term allowable under the Short 
Term Trade Credit insurance is less than one year, however the average term is 90 days.   
 
The maximum credit term for the  Export Credit Guarantee product is 15 years, but as a general 
principle, the term should not exceed the useful life of the exported goods and services. There are 
international rules which export credit agencies, like NZECO, apply in respect to export cred it 
arrangements with payment terms greater than two years, to provide a framework for the orderly 
use of export credit. These include maximum credit terms, minimum deposits, and frequency of 
repayments.  
 
The maximum repayment term that has been provided un der the Loan Guarantee product  for 
agricultural products was seven  months, to support the working capital cycle of a wine exporter.  
 
For the purposes of the Nairobi Ministerial Decision on Export Competition (Paragraph  15 (a)) 
New Zealand notifies that NZE CO provided support via a committed offer to reinsure Australia 's 
export credit office, Efic, under an existing contract for the export of dairy cattle. On 
13 October  2015, NZECO issued a binding commitment to Efic to reinsure New Zealand sourced 
dairy cat tle for breeding purposes under an Efic -issued export finance guarantee for a dairy cattle 
project to Sri Lanka. The repayment term is longer than 18 months. The shipments relating to this 
reinsurance policy occurred during 2017.  
 
6. Annual average repayme nt periods per programme  
 
 2011  2012  2013  2014  2015  2016  2017  
Annual average  
repayment periods  2 months  2 months  3 months  3 months  3 months  2.5 months  3 months  
 
7. Export destination or group of destinations per programme  
 
The export destinations of the  agricultural products listed below was not exclusive to a 
geographical area and spanned Europe, Asia, North America, Middle East and North Africa.  
 
8. Programme use by product or product group  
 
The agricultural products NZECO supported during the period 2 010–2017 included: frozen fruit, 
wine, butter, fruit paste, fruit juice, seeds, milk powder, pelts, hides, peas, wool, dairy cattle for 
breeding purposes, and olive extract capsules.  
 
 G/AG/W/125/Rev.8/Add.2  
 
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  Russian  Federation  
1. Description of the programme (cl assification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
The Russian Export Center Group [REC Group] (JSC Russian export center, JSC EXIAR and JSC 
Eximbank of Russia) provides both financial and non -financial export support:  
 
- JSC Russian Agency for Export Credit and Investment Insurance [EXIAR] provides offici al 
support for export credits in the form of pure insurance cover. EXIAR operates under 
Government Decree No. 964 of 22 November 2011 (with new edition dated 21.03.2016).  
 
- JSC Eximbank of Russia [REB] provides lending support towards exports. REB was 
founded by the Government Decree No. 633 "On the Establishment of the Import -Export 
Bank of Russia" of 7 July 1993, and Government Decree № 16 "On the Import -Export 
Bank of Russia" of 11 January  1994.  
 
- JSC Russian Export Center [REC] provides non -financial support, including foreign market 
analysis, promotion in the foreign markets, international patenting and certification, 
customs administration of exports. REC was officially established by Federal Law  185-FZ 
of 29 June 2015 ( "On amendments to Federal Law 'On the bank for development ' and 
part two of article 970 of the Civil Code of the Russian Federation "). 
 
2. Description of Export Financing Entity  
 
EXIAR provides insurance cover against commercial an d political risks for export credits and 
insurance cover for investments abroad.  
 
REB provides export credit guarantees and related financial support.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or  insurance programmes and use per programme  
 
The total value of exports of agricultural products supported within EXIAR programmes  in year 
2017 amounted to approximately USD 392.17 mill ion. 
 
The total value of exports of agricultural products supported within REB programmes  in year 2017 
amounted to approximately USD 81.35 million . 
 
4. Annual average premium rates/fees per programme  
 
Weighted average of annualized premium rates for EXIAR products regarding support of 
agriculture products in 2017 amounted to approximately 2.08%.  
 
As per REB, annual average fee amounted to 8.18%.  
 
5. Maximum repayment terms per programme  
 
Maximum repayment terms depend on program and for transactions within EXIAR and REB 
programmes  in 2017 did not exceed 18 months for agriculture products.  
 
Maximum repayment term within REB programmes  in 2017 was 12 months.  
 
6. Annual average repayment periods per programme  
 
Average repayment period for agriculture products under REB programmes  was approximately 5 
months in year 2017.  
 G/AG/W/125/Rev.8/Add.2  
 
- 48 - 
 
  7. Export destination or group of destinations per programme  
 
Azerbaijan, Armenia, Belarus, Belgium, China, France, Germany, Denmark, Estonia, Hungary, 
India, Iran, Japan, Kazakhstan, Kirgizstan, Latvia, Lithuania, Mexico, Moldavia, Mongolia, 
Netherlands, Poland, Qatar, Switzerland, Turkey, United Arab Emirates, Uzbekistan.  
 
8. Programme use by product or product group  
Export Credit Insurance, US D million  
EXIAR  2017 
Cereals and leguminous  193.73  
Oil-cake and other residues resulting from the extraction of oil seeds  100.04  
Oil seeds  38.47  
Animal and vegetable fats and oils  24.02  
Various foodstuffs  21.25  
Nuts 5.97 
Beverages and spirits  3.36 
Pastry and confectionery  2.50 
Wheat, pasta, groats, mixes and doughs for the preparation of bakers ' 
wares  1.24 
Other agricultural products  1.12 
Food preparations of starch  0.44 
Coffee, tea  and spices  0.016  
Total  392.17 
 
REB 2017 
Animal and vegetable fats and oils  35.23  
Oil-cake and other residues resulting from the extraction of oil seeds  35.00  
Beverages and spirits  4.95 
Wheat, pasta, groats, mixes and doughs for the preparation of bakers ' 
wares  2.59 
Preparations of vegetables, fruit, nuts or other parts of plants  2.12 
Cereals and leguminous  0.49 
Various foodstuffs  0.38 
Coffee, tea  and spices  0.28 
Dairy products  0.13 
Flax 0.105  
Other agricultural products  0.053  
Total  81.35 
 
 G/AG/W/125/Rev.8/Add.2  
 
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  Switzerland  
1. Description of the programme (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit support) and relevant legislation  
 
Swiss Export Risk Insurance (SERV ) does not grant export credits; the agency provides pure cover 
within the above mentioned risk cover category. The relevant legislation for SERV is the Federal 
Law on Swiss Insurance against Export Risks of 16 December 2005.1 
 
2. Description of Export Fin ancing Entity  
 
SERV covers political and commercial risks in connection with the exportation of goods and 
services. The insurance and guarantees of SERV provide cover against non payment, facilitate the 
financing of export transactions, and help companies to maintain their liquidity. As a public law 
institution of the Swiss Confederation, SERV offers its services in addition to those of private credit 
insurers (subsidiarity). The vast majority of goods for which SERV had active policies up to the end 
of 201 7 were non-agricultural  goods. No instruments specific to agricultural goods are available. 
The services provided by SERV are driven entirely by demand.  
 
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
Negligible owing to very low demand. See also the reply to question 2 ) above.  
4. Annual average premium rates/fees per programme  
 
5. Maximum repayment terms per programme  
 
To date, the maximum repayment term has not exceeded 180 days.  
 
6. Annual average repayment periods per programme  
 
7. Export destination or group of destinations per programme  
 
8. Programme use by product or product group  
 
Practically only non -agricultural goods. The demand for insurance in the agricultural sector has 
been negligible.  
 
                                                
1 See Swiss Confederation web page: http://www.admin.ch/opc/fr/classified -
compilation/20041349/index.html . G/AG/W/125/Rev.8/Add.2  
 
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  Thailand  
For Export Credit and Export Credit Guarantees, conditions and interest rate are determined by 
market mechanism.  
Trinidad and Tobago  
1.  Description of the program me, classification: direct financing support, risk cover, 
government to government credit agreements or any other form of government export 
credit support) and relevant legislation  
 
The Export Import Bank of Trinidad and Tobago Limited (EXIMBANK) is the only official Export 
Credit Agency in the country.  The four (4) products offe red by EXIMBANK are  as follows:  
 
Direct Financing Support  
 
1) Revolving Pre -shipment Facility : This facility is similar to a Working Capital credit line 
or Bank Overdraft. It is used to pay foreign and local suppliers of goods and services along 
with most operating expenses which may be needed in the everyday operations of a 
business. Repayment ter ms are flexible between 0 -180 days.  
 
2) Demand Loan:  This facility is used to facilitate the purchase or upgrade of any machinery, 
equipment or any other related capital investments that may be needed by a business.  
Repayments terms range from one to five  years. 
 
3) Revolving Post Shipment Discounting Facility : This facility is used for acquiring cash 
up-front for local and foreign sales on credit.  Repayment t erms are flexible 
between  0-180 days.  
 
Risk Cover  
 
4) Export Credit Insurance : This facility is used to protect a company 's exports if a client 
defaults on payment.  
 
These facilities offer the client quick and easy access to $US funds without the hassle of queuing. 
Some of the facilities are revolving and only require the necessary instruction to be sent in order 
for the transaction to be facilitated.   
 
2.  Description of the Export Financing Entity  
 
The EXIMBANK pursues its mission to facilitate the growth and expansion of the non-energy 
export and manufacturing sectors  in order to enhance the foreign exchange earnings of 
Trinidad and Tobago, and to create and sustain employment through the provision of short term 
pre and post shipment financing, term loans, guarantees and export credit insurance coverage to 
the exportin g community.  
 
The EXIMBANK provides financing for companies involved in the downstream agriculture 
industries.  These are defined as outputs, both intermediate products to which further value is 
added and final goods, which can be sold through wholesale an d retail chains.  
 
The bank emerged out of what was formerly the Trinidad and Tobago Export Credit Insurance 
Company Limited (EXCICO), which was established in 1973 by the Government to promote the 
export of goods and services. EXCICO was converted to EXIMB ANK following an Order by the 
Minister of Finance on 4 November 1997, cited as "Financial Institution (Amendment to the Third 
Schedu le) Order 1997 ". This Amendment to the Financial Institutions Act,  allows EXIMBANK to 
conduct "the business of a Confirming House, Acceptance House, Finance House or Finance 
Company ... (and) ...Financial Services" . 
 G/AG/W/125/Rev.8/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 program me 
 
The bank has provided funding for companies involved in Agro processing in the following areas:  
 
Agro Processing Sector  Facility Totals (TTD)  
Seasonings  $9,000,000  
Non Alcoholic Beverages  $2,000,000  
Chocolates  $2,500,000  
Meats  $2,100,000  
Rice and Grain  $78,000,000  
 
4.  Annual Average premium rates/fees per program me 
 
 Revolving Pre -shipment Facility : Rates range from 6.5% to 9% annually and is 
dependent of a range of factors that determine the risk of the credit.  
 Demand Loan : Rates range from 6.5% to 9% annually and is dependent of a range of 
factors that determine the risk of the credit.  
 Revolving Post Shipment Discounting Facility : Rates range from 6.5% to 9% annually 
and is dependent of a range of factors that determine th e risk of the credit.  
 Export Credit Insurance : Insurance premium rate ranges between1.5% to 2.5% per 
shipment insured.  
5.  Maximum Repayment terms per program me 
 
 Revolving Pre -shipment Facility : Repayment terms are flexible between 0 -180 days.   
 Demand Loan : Repayments terms range from one to five  years.  
 Revolving Post Shipment Discounting Facility : Repayment terms are flexible between 
0-180 days.   
 Export Credit Insurance : The terms of this product is determined by the credit terms 
offered by the exporter . 
6.  Annual Average repayment periods per program me 
 
 Revolving Pre -shipment Facility : Repayment terms are flexible between 0 -180 days.  
 Demand Loan : Repayments terms range from one to five  years.  
 Revolving Post Shipment Discounting Facility : Repay ment terms are flexible 
between  0-180 days.   
 Export Credit Insurance: The terms of this product is determined by the credit terms 
offered by the exporter . 
All facilities are reviewed annually to determine usage and if the bank will continue the relationship 
with the clie nt going forward.  
 
7.  Export destination or group of destinations per program me 
 
The exporters that have facilities with the EXIMBANK, export their products to a wide range of 
countries, however a major part of the exports are done with the United States and CARICOM 
States.  
 G/AG/W/125/Rev.8/Add.2  
 
- 52 - 
 
  8.  Program me use by product or product group  
 
The following pro duct groups  make use of the major program mes offered by the EXIMBANK  
 
Agro Processing Sector  
Seasonings  
Non Alcoholic Beverages  
Chocolates  
Meats  
Rice and Grain  
 
Other Information  
 
In addition to these services, the EXIMBANK recently launched a trade website http://made -in-
tnt.com/ . This site offers free registration and acts as a hub for local exporters . 
 G/AG/W/125/Rev.8/Add.2  
 
- 53 - 
 
  Turkey  
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 releva nt legislation  
 
As Turk Eximbank does not have a sector specific financing facility, exporters in agricultural and 
food sectors can benefit from the export credit, export credit insurance and international loans 
programme s under the same conditions with exporters in other sectors.  
 
In this context, description and general information about related domestic and international loans 
as well as insurance programme s is provided below.  
 
A. Export Credits  
 
Turk Eximbank provides  export credits with short, medium and long terms with interest rates 
determined according to money market rates, loan repayment periods and cost of funding.  
 
a. Short -term Export Credits  
Short term export credits are extended to Turkish manufacturers, e xport -oriented manufacturers 
and other businesses who intend to export their products and foreign currency earning services 
either directly or via intermediary banks.  
 
In general terms, credits programme s aim to provide finance for the purchase of raw mat erials 
and machinery or to meet other manufacturing and working capital needs.  
 
Pre-shipment Export Credit Program  is an indirect lending facility extended to companies via 
intermediary Turkish commercial banks and participation banks which are allocated c redit lines 
following an evaluation process and these banks are responsible for the default risk of the 
borrowers.  
 
Pre-export Credit Program  is a direct lending programme  aiming to provide working capital finance 
at the pre -shipment stage. Manufacturers,  manufacturer -exporters and export oriented 
manufacturers can benefit from the programme .  
 
Pre-export Credit Program  for SMEs; is extended to only small and medium scale enterprises 
directly by Turk Eximbank . The interest rate is lower than other short -term credits.  
 
Foreign Trade Companies Short -term Export Credits  are extended solely to companies having 
"Foreign Trade Companies" (FTC)1 and "Sectoral Foreign Trade Companies" (SFTC)2 status given 
by the Turkish Ministry of Economy.  
 
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 programme  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 b ase. Promissory notes issued by exporters 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.  
 
Post-Shipment Rediscount Credit Program: Deferred exp ort 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; defer red export receivables arisen out of cash against goods, cash 
                                                
1 In order to be classified as an FTC by the Ministry of Economy, the company (a) must have exporte d in 
the prior year more than USD 100 million  worth of goods, and (b) must have a minimum of TL 2 million of paid 
capital.  
2 SFTC is formed when ten  or more small or medium -size companies in the same industry sector form a 
single co -operative entity for exporting purposes. To qualify as an SFTC, depe nding on the region in which it is 
established, no single member of the co -operative entity may control more than a certain percentage of voting 
power, and the entity 's total yearly exports and aggregate capital must meet minimum thresholds.  G/AG/W/125/Rev.8/Add.2  
 
- 54 - 
 
  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 240 days are discounted on LIBOR+spread, where spread is determined by Turk 
Eximbank.  
 
b. Medium -Long Term Export Credits  
 
Medium and long term programme s are extended at pre -shipment stage with the aim to provide 
finance for the working capital and investment expenditures of exporter companie s. Loans have a 
maturity up to seven  years and interest rates are determined according to money market rates, 
loan repayment periods and cost of funding.  
 
The Export Oriented Working Capital Credit Program: manufacturers and manufacturer -exporter 
firms producing export oriented Turkish products are eligible to apply for this credit program me in 
which purchasing of raw materials and intermediate goods are financed based on the related 
expense bills within 180 days before the application date, at latest.  
 
The Export Oriented Investment Credit Program: aims to provide finance to the manufacturers and 
manufacturer -exporter firms. The capital goods such as machinery, equipment and other 
investment materials are financed in return for the related expense bills within the 180 days prior 
to the application date, at latest.  
 
Specific Export Credit Program:  aims to provide finance to exporters having financial needs which 
cannot met by other credit programme s of Turk Eximbank.  
 
B. Export Credit Insurance Program  
 
a. Short -term Credit Insurance  
 
Short -term Export Credit Insurance Program : all Turkish exporters, manufacturer -exporters, FTCs 
and SFTCs are eligible for this programme . Cover is available up to 90 % of losse s incurred as a 
result of commercial and political risks. Premium is charged according to the risk classification 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 policyholders are eligible for 
this programme . Cover is available up to 90 % of losses incurred as a result of commercial risks. 
Premium is charge d according to the risk classification of the buyer and credit length.  
 
b. Medium and Long -Term Export Credit Insurance  
 
Specific Export Credit Insurance Post -Shipment Risk Program : This programme  provides extended 
cover against commercial and political risks in post -shipment period for the export receivables 
emerging from the sales on credit terms. Goods and services of Turkish origin are eligible and 
goods and services originated from third count ries are off cover. 15% of the contract value is 
expected to be paid in advance, and maximum liability will be up to 90% of the sum insured.  
 
C. International Loans Programmes  (Buyer/Supplier Credits and Guarantees Program)  
 
International Loans Programmes  aims to increase the competitiveness of Turkish exporters and 
contractors on international markets and to provide them with a risk -free environment for their 
activities in 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 the Republic of Turkey. Terms and conditions of the support are 
determined in accordance with the OECD Arrangement on  Officially Supported Export 
Credits  (OECD Arrangement). Thus, all applications are evalua ted in accordance with 
the OECD  Arrangement and Turk Eximbank appraisal criteria. Exports from third countries cannot 
be subject to the financing support of Turk Exim bank. Nonetheless, Turk Eximbank can provide 
medium/long term financial support for the cost of goods and services to be supplied from Turkey 
in the amount not exceeding 85% of the export contract value.  
 G/AG/W/125/Rev.8/Add.2  
 
- 55 - 
 
  International Loans Programmes  have actually two ma in divisions: International Project Loans 
Program (providing credits for the projects held abroad by Turkish Contractors) and International 
Trade Finance Programmes  (providing buyer/supplier credits for the consumer and capital goods to 
be exported from Tu rkey). Provision of financing for the consumer goods, including the agricultural 
products subject to the WT/MIN(15)/DEC Ministerial Decision of World Trade Organization 
dated  19 December 2015, are covered through International Trade Finance Programmes  which 
include three main Programmes  mentioned below. Through these three Programmes , currently, 
maturity of any export facility provided for all kinds of consumer goods (including agricultural 
products) cannot be longer than two years. The maximum maturity of the said credits shall be 
limited in the forthcoming years in line with the mentioned Ministerial Decision of World Trade 
Organization dated 19 December 2015. These three Programmes  can be summarized as follow:  
 
Foreign States or Banks Buyers ' Credit Progr am: aims to meet the financing needs of the foreign 
buyers who are making 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.  
 
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.  
 
Domestic Banks Buyer 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 cr edit limit by 
Turk Eximbank, shall utilize T urk Eximbank loans to the Buyers who import Turkish goods from 
Turkey, through their branches, subsidiaries and correspondent banks operating overseas.  
 
2. Description of Export Financing Entity  
 
a. Turk Eximbank in Brief  
 
Turk Eximbank was chartered by th e Cabinet on August 1987 by Decree no.87/11914, following 
the order of Law No. 3332 (March 1987) by maintaining the juridical and legal personality of State 
Investment Bank.  
 
Legislation of Turk Eximbank was changed with Decree 2013/4286 in line with the n ew Turkish 
Commercial Code and the General Assembly of the Bank was established in 2013. Thereon, the 
Undersecretariat of Treasury represents the General Assembly.  
 
Turk Eximbank, 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, the Bank maintains close co -operation with the related entities of the 
government. Turk Eximbank's policies and operations hav e been formulated to work within the 
framework of the export -led growth strategies since 1980. The Bank operates in the framework of 
the Banking Law and the regulations of the Banking Regulation and Supervision Agency of Turkey.  
Turk Eximbank is affiliate d by The Ministry of Economy.  
 
Turk Eximbank has 11 branch and 7 liaison offices in addition to general directorare with a total 
staff of 637 as of end  2017.  
 
b. The Bank's Financial Structure and Support to the Export Sector  
 
The Bank's main sources of funds are direct funding from the Treasury through capital injections 
as well as through borrowings from international and national capital and money markets.  
 
The Turkish Treasury makes capital contributions to Turk Eximbank as the sole shareholder of the  
Bank. These contributions are used to support Turk Eximbank's activities and to maintain the 
Bank's capital adequacy. In addition, losses incurred by Turk Eximbank in its credit, insurance and 
guarantee transactions as a result of political risks are cove red by Turkish Treasury, like in all the 
other officially supported Export Credit Agencies (ECAs).  
 G/AG/W/125/Rev.8/Add.2  
 
- 56 - 
 
  The nominal capital of Turk Eximbank is TL 4.8 billion as of December 2017.  If requested, the 
Turkish Treasury supports Turk Eximbank in its funding effort s by guaranteeing the Bank's 
borrowings abroad. 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 this 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 exports.  
 
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 E U, in which ECAs are 
expected to at least break -even over time and eliminate all trade subsidy programme s. 
Management believes that it is critical to operate within sound commercial guidelines. Additionally, 
as Turk Eximbank borrows from international fina ncial markets regularly and its financial 
soundness affects its borrowing costs, a sound financial structure gains more importance. In this 
context, it is very important to implement effective strategies and procedures to control credit risk, 
liquidity ris k, and asset/liability risk. Besides, Turk Eximbank requests credit ratings from 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 Treasur y. 
 
Turk Eximbank provided a total export financing support of USD 39.3 billion in terms of financing 
support and insurance/guarantee, which accounted for 25% of Turkey's exports in 2017. 
 
(c) Turk Eximbank's International Obligations  
 
While implementing i ts programme s 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 Eximbank became a full member of 
the Berne Un ion, 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. Turk ey 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. Following the decision of  
PG taken in 2013, the status of Turkey and other "observer memb er"s have been renamed as 
"invited participant "s 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 th at of the EU with respect to officially supported export credits. Within this framework, the 
OECD Consensus principles on officially supported export credits with a repayment term of two or 
more years have been adopted on 23 January 1996; the Undersecretar iat of Foreign Trade issued 
a Communiqué (Export 96/12) in the Official Gazette (no: 22532) and Turk Eximbank is in charge 
of the execution of this Communiqué whose guidelines are in parallel to the principles of the 
OECD  Consensus. Additionally, since Tur key 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 amon g ECAs at European and OECD level. Hence, the Bank joins regular meetings of 
the ECG and PG and closely monitors the developments in the Groups. Besides, she complies with 
the reporting requirements of the Creditor Reporting System of the ECG; also provide s the details 
of the level of officially supported export credits activity on a six monthly basis. Additionally, the 
Bank completes the annual cash flow questionnaire regularly. Various reporting are made and 
questionnaires are filled under such subjects a s "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" as long as they were active.  
 
Turk Eximbank has to a ct 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, regarding insurance and lending G/AG/W/125/Rev.8/Add.2  
 
- 57 - 
 
  activities, non -payment situations, the terms of cover offered and commitments/offers available, 
to the Union.  
 
3. Total value of export of agricultural products3 covered by export credits, export credit 
guarantees or insurance programme s and use per programme  
 
2017 – USD 1,990,870,136 (by export credit insurance programme ) 
2017 – USD 1 ,750,297,578 (by export credit programme ) 
2017 – N.A. [By International Loans Programmes  (Buyer/Supplie r Credit and Guarantee Program) . 
 
4. Annual average premium rates / fees per programme  
 
2017 – 0.31% (for export credit insurance programme ) 
2017 – N.A. (for export credit programme ) 
2017 – N.A. [For International Loans dedicated to the consumer goods (including agricultural 
products)] . 
 
5. Maximum repayment terms per programme   
 
2017 = 360 (for export credit insurance programme s); 
2017 = Credit programme s: maximum 720 days ;  
2017 = Currently, maturity of the any export facility provi ded for the export of consumer goods 
(including agricultural products) under International Loans Programmes  cannot be longer than two  
years. The maximum maturity of the said credits shall be shortened in the forthcoming years in 
line with the WT/MIN(15)/DE C Ministerial Decision of World Trade Organization 
dated  19 December 2015.  
 
6. Annual average repayment periods per programme  
 
2017 = 31 – 120 days (for export credit insurance programme ); 
2017 = 273 days (Short term credit programme s); 
2017 = N.A. (For In ternational Loans dedicated to the agricultural products in 2017) .  
 
7. Export destination or group of destinations per programme  
 
Export destination does not change according to the export financing facility provided by 
Türk Eximbank.  
 
8. Programme  use by product or product group  
 
Türk Eximbank does not keep a "product -country of destination " data. However, same conditions 
(premium rates, repayment terms, and average annual repayment periods) apply for all sectors as 
well as products/product groups under  the export credit programme s and export credit insurance 
programme s.  
 
                                                
3 Agricultural  products and processed foods.  
 G/AG/W/125/Rev.8/Add.2  
 
- 58 - 
 
  United States  
1. Description of the programme s 
 
a.   USDA: Export Credit Guarantee Program (GSM -102) 
The US  Department of Agriculture 's (USDA) GSM -102 P rogram provides credit guarantees to 
assist in the financing of commercial exports of US agricultural products. The GSM -102 Program 
guarantees credit extended by the priva te banking sector in the United  States (or, less 
commonly,  by the US  exporter) to appr oved foreign ba nks 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 und er 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 maximum terms 
may be lower based on risk. CCC  guaran tees payments due from approved foreign banks to 
exporters or financial institutions in the United States. However, the financing must be obtained 
through normal commercial sources.  Typically, 98 % of principal and a portion of interest are 
covered by a gua rantee.  
Classification:  The GSM -102 Program is a "risk cover " program me. 
Relevant legislation: The Agricultural Trade Act of 1978, as amended (7 U.S.C. 5622 and 
7 U.S.C.  5641).  
b.   Export -Import Bank: Export Credit Insurance Program  
The Export -Import Bank (ExI m) of the United States export credit insurance program me allows 
applicants to increase their export sales by limiting international risk, offering credit to 
international buyers, and enabling access to working capital funds. The Export Credit Insurance 
Program offers four types of insurance policies that may be used to cover export of agricultural 
products: Short -Term Single Buyer Export Credit Insurance Policies for Exporters; Bank Letter 
of Credit policies; Financial Institution Buyer Credits; and Multi -Buyer Policies.  No ExIm 
Program is designed to support agricultural products specifically; rather agricultural products 
are treated as general exports and receive no special preference or treatment. Like other 
products, agricultural products may qualify fo r ExIm insurance on terms up to 360 days and 
qualify for 98 % coverage for any commercial or political losses. The export items must meet 
ExIm's US content requirements . 
Classificatio n: The Export Credit Insurance P rogram is a "risk cover " program me. 
Relevant legislation: Export -Import Bank Act of 1945, as amended (P.L. 114 -94 codified at 
12 U.S.C. §635 et seq.).  
More information regarding ExIm 's Export Credit Insurance Program is available at : 
http://www.exim.gov/products/exportcreditinsurance/ . 
2. Description of Export Financing Entity  
 
a.   USDA: The Commodity Credit Corporation (CCC) is a government -owned and operated entity 
within the USDA. CCC was created to stabilize, support, and protect farm income and prices.  
b.   ExIm: The Export -Import Bank of the United States is the official export credit agency (ECA) of 
the United States. ExIm is an independent, self -sustaining federal agency that provides export 
credit support for US exports. Ex Im provides export credit support on a non -discriminatory 
basis. The Bank requires a reasonable assurance of repayment and provides a variety of 
financing mechanisms, including working -capital guarantees, export -credit insurance and 
financing to help forei gn buyers purchase US goods and services.  
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 Year1 2017 was US D 1,619,045,056.  
                                                
1 The US Fiscal Year runs from 1 October – 30 September.  G/AG/W/125/Rev.8/Add.2  
 
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  b.   ExIm: In US Fiscal Year 2017, the US  Export -Import Bank insured shipments of agricultural 
products with and estimated export value of US D 599,256,754.  
4. Annual average premium rates/fees per programme  
 
a.   USDA: For US  Fiscal Year 2017, the average fee for the GSM -102 program was USD  0.53 per 
USD 100 of guarantee coverage.  
b.   ExIm: For US  Fiscal Year 2017, weighted average premium (by shipment value insured) 
charged on short term insur ance of agricultural products was USD  0.7368 per USD  100 of 
coverage.  
5. Maximum repayment terms per programme  
 
a.   USDA: For US  Fiscal Year 2017, the maximum repayment term for the GSM -102 program me 
was 18 months.  
b.   ExIm: For US  Fiscal Year 2017, on a case -by-case basis, bulk agricultural commodities under 
the Export Credit Insurance Program may be insured on term s up to, but not exceeding, 
360 days.  
6. Annual average repayment periods per programme  
 
a.   USDA: F or US  Fiscal Year 2017, the average repayment period for the GSM -102 programme 
was 12.4 months.  
b.   ExIm: For US  Fiscal Year 2017, the typical repayment period for the agricultural products 
under the Export Credit Insurance Program is 180 days.  
7. Export destinatio n or group of destinations per programme  
a.   USDA:  GSM-102 programme  for US  Fiscal Year 2017:  
a. USDA: GSM -102 programme  for US  Fiscal Year 2017  
Export Destinations  
Africa and Middle East  
Asia 
Caribbean  
Central America  
Mexico  
South America  
South Korea  
Southeast Asia  
Turkey  
b. ExIm: Export Credit Insurance programme  for US  Fiscal Year  2017  
Export Destinations  
Africa and Middle East  
Asia 
Caribbean  
Central America  
Europe  
North America  
Eurasia  
Southeast Asia and Oceania  
South America  
 G/AG/W/125/Rev.8/Add.2  
 
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  8. Programme use by product or product group  
a. USDA: The GSM -102 programme  usage by com modity for US  Fiscal Year 2017  
Commodities  Value of Exports  for FY 201 7 
(in USD)  
Tree Nuts  619,090  
Corn Gluten Feed  2,356,844  
Corn Gluten Meal  1,500,587  
Cotton  21,950,919  
Distiller Dry Grains  25,068,955  
Grain Sorghum  9,441,820  
Grapes, Fresh  352,800  
Rice 55,915,265  
Soybean Hull Pellets  1,155,960  
Soybean Meal  233,992,297  
Soybean Oil  10,999,896  
Soybeans  430,170,914  
Wheat  252,549,349  
Corn 572,970,360  
b. ExIm: Export Credit Insurance programme  shipments of agricultural commodities for 
US Fiscal Year 2017  
Product Description  Shipment Amount  
for FY 2017  
(in USD)  
Animal feed and supplements  27,683,632  
Apiculture  22,106  
Beverages (including alcoholic)  13,795,531  
Coffee, Tea, and Spices  3,886,753  
Confectionery  41,756,151  
Cotton   78,408,127  
Dairy and dairy products   22,234,893  
Eggs  3,546,109  
Flour  5,844,239  
Fruits, Vegetables, and Nuts   20,938,024  
Grains and Beans   103,002,417  
Leather and hides   4,449,693  
Live plants and cut flowers   2,832,515  
Meat (except poultry)   30,279,746  
Miscellaneous food product   141,225,876  
Oilseeds and vegetable oil   11,097,964  
Other farm product raw material   39,904,286  
Poultry   251,494  
Processed foods including canned and frozen   48,097,198   
 
 
 
 G/AG/W/125/Rev.8/Add.2  
 
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  Viet Nam  
1. Description of the program me (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any  other 
form of governmental expo rt credit support) and relevant legislation  
2. Description of Export Financing Entity  
3. Total value of export of agricultural products covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
4. Annual average premium rates/fees per programme  
5. Maximum repayment terms per programme  
6. 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 cr edits include export loans (for exporters and importers of foreign loans).  
Regulation objects, including:  
a.   The enterprises, economic organizations, business units with revenues on the list of 
projects investment credit loans (hereinafter referred to as the investor);  
b.   The enterprises, economic organizations in countries with export contracts or foreign 
organizations to import goods from Viet  Nam on the list of export credit loans;  
c.   The Vietnam Development Bank and other organizations and individuals involved i n the 
process of implementing the investment credit and export credit.  
Principles of investment credits, export credit  
 
1. Loans investment projects, export contracts, contracts for import of goods produced by 
Viet Nam, has withdrawn funds directly, effectively and repayment ability.  
2. Investment projects, export contracts, contract loans to import the Development Bank of 
Viet Nam evaluating financial plans, debt repayment plans.  
3. Investors, exporters, importers of foreign loans to loans used for t he right purpose; repayment 
of principal and interest in full and on time according to the signed credit agreement; 
full implementation of the commitments in the contract and the provisions of this Decree.  
4. The list of projects eligible for investment cr edit and catalog ue items of export credit loans by 
government regulations.  
 
Loan Conditions:   
 
The business must  have the following conditions:  
- There are plans for aquaculture for export is effectively the Viet Nam Development Bank 
appraisal and loan approval; Have the legal capacity and capacity for civil;  G/AG/W/125/Rev.8/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 fo r 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 audi t. 
 
Loan rates:  
 
Maximum lending rates by 85% of the total demand for aquatic animal feed for export under 
the plan was the Vietnam Development Bank appraisal and loan approval, and to ensure the loan 
level maximum for each object is borrowed does not exceed 15% of actual charter capital of 
Vietnam  Development Bank.  
 
Loan term:  
 
The loan term is determined by the ability to withdraw funds in accordance with the characteristics 
of each loan plan to buy feed seafood export has been serving the Vietnam Dev elopment Bank 
appraisal and approval loans, but the lending period for each loan not exceeding 12 months.  
 
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