G/AG/W/125/Rev.2/Add.2  
 
19 May 2015  
(15-2621)  Page: 1/50  
Committee on Agriculture    
 
 EXPORT SUBSIDIES, EXPORT CREDITS, EXPORT CREDIT GUARANTEES 
OR INSURANCE PROGRAMMES, INTERNATIONAL FOOD AID 
AND AGRICULTURAL EXPORTING STATE TRADING ENTERPRISES 
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.2. It 
provides information on the use of export cred its, export credit guarantees and insurance 
programmes (hereinafter referred to as "export financing support") provided by Members for the export of agricultural products, as described in part B of document G/AG/W/125/Rev.2. 
 
 
_______________ 
 
 
                                               
1 This document has been prepared under the Secret ariat's own responsibility and is without prejudice 
to the positions of Members or to their rights and obligations under the WTO. It has been prepared for 
information only and is not intended to provide any authorit ative or official legal interpretation of the provisions 
of the WTO Agreements in general or in relation to any specific entity or measure listed in this document. G/AG/W/125/Rev.2/Add.2 
 
- 2 - 
 
  TABLE OF CONTENTS 
AUSTRALIA ..................................................................................................................... . 3 
BRAZIL ............................................................................................................................ 8  
CANADA ........................................................................................................................ . 10 
COLOMBIA ......................................................................................................................  15 
EUROPEAN UNION ........................................................................................................... 17 
JAPAN ......................................................................................................................... ... 32 
MALAYSIA ....................................................................................................................... 37 
NEW ZEAL AND ................................................................................................................ 38 
PERU .......................................................................................................................... ... 40 
RUSSIAN FEDE RATION ..................................................................................................... 43 
SWITZERL AND ................................................................................................................ 44 
TURKEY ........................................................................................................................ .. 45 
UNITED STATES OF AMERICA ............................................................................................ 46 
VIET NAM ...................................................................................................................... . 49 
 
 
_______________ 
  
  G/AG/W/125/Rev.2/Add.2  
 
- 3 - AUSTRALIA 
The Export Finance and Insurance Corporation (EFIC) is the only government entity that provides export finance in Australia. Th is 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 E xport Finance and Insurance 
Corporation Act 1991 as a statutory corporation wholly owned by th e Commonwealth of Australia. EFIC has no agriculture specific  export financing 
programmes. The EFIC website is located at http://www.efic.gov.au . 
Export Credit, Export Credit Guarantees or Insurance Programmes (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 
(2014) Programme use 
by product or 
product group 
(2014) 
Export Working Capital Guarantee (EWCG) Risk cove
r A guarantee to an exporter's 
bank for the exporter's payment obligations under a working capital loan facility. The EWCG 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. Under 180 days 90 days
 China, Russian 
Federation, Sweden, Czech Republic Dairy cattle, 
grains (sorghum, canola & barley), meat (kangaroo), wine and wool 
Bond Risk cove r A guarantee on bond(s) issued 
by banks and other financial institutions to overseas buyers of Australian goods and/or 
services. EFIC may also issue 
the bond(s) directly. Types of bonds issued or guaranteed are: performance bonds, advance payment bonds and 
warranty bonds. These bonds 
may be on-demand or conditional. The EFIC guarantee on the bond remains 
in force until the term required 
under the export contract. Risk fees take into 
consideration the value of the security offered and the assessed 
technical and financial 
strength of the exporter to deliver on the contract. Under 180 days 45 days
 Nil in 2014  Nil in 2014   
  G/AG/W/125/Rev.2/Add.2  
 
- 4 - 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 
(2014) Programme use 
by product or 
product group 
(2014) 
Risk Participation 
Agreements Risk cove r Risk-sharing arrangement with 
Asian Development Bank under 
ADB's Trade Facilitation Programme (TFP) where EFIC will share in the risk that ADB takes when it provides 
guarantees against non-
payment under financial instruments issued for payment of Australian exports to specific 
markets in Asia. 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.  Under 180 days 48 days
 Pakistan, 
Viet Nam and 
Sri Lanka Malting barley, 
red lentils, 
premium white wheat, carbonised wool, peas 
Export Finance 
Guarantee (EFG) Risk cover / 
government to 
government credit agreement Guarantee issued by
 EFIC in 
favour of banks/financial 
institution on loans provided to assist overseas buyers to purchase capital goods and/or services. The guarantee is 
generally limited to 85% of the 
contract value. Risk fee is calculated 
based on the assessed 
creditworthiness of the borrower, the tenor and frequency of repayments and assessed credit 
enhancement, including 
loan collaterals, if any. Over 180 days Over 180 days
 Sri Lanka  Dairy cattle & 
associated 
infrastructure 
Documentary Credit Guarantee (DCG) Risk cove
r EFIC guarantee payments to 
the confirming bank of the principal and interest obligations of the bank issuing 
an irrevocable documentary 
credit in connection with trade facilities extended to an Australian exporter. The guarantee may be up to 100% 
of the amount of the 
underlying documentary credit (DC), which is generally limited to 85% of the export 
contract value and will apply 
for the duration of the DC. Risk fee is calculated 
based on the assessed creditworthiness of the issuing bank, the tenor 
and frequency of 
repayments. Under 180 days 60 days
 Nil in 2014  Nil in 2014   
  G/AG/W/125/Rev.2/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 
(2014) Programme use 
by product or 
product group 
(2014) 
Foreign Exchange 
Facility 
Guarantee (FXG) Other form of 
governmental 
export credit support EFIC's guarantee extended to 
participating foreign exchange 
specialists to increase the trading limit on the foreign exchange facility they offer to their exporting clients without 
the need for the exporter to 
provide additional security. Participating foreign exchange providers can increase the 
trading limit of up to 
AUD 2.5 m they offer to Australian exporters and allows for foreign exchange forward contracts duration of up to a 
maximum tenor of 
12 months.* EFIC receives a pre-
agreed proportion of the 
gross fee received by the participating commercial foreign exchange provider. Under 180 days 90 days
 Various  Wool, seeds & 
grains, fruit, 
wheat, barley, canola, peas, hay and sorghum 
* While the maximum term for which an FXG facility is in place for an exporter is 12 months, the actual repayment term for a co ntract on the export of an agriculture product Subject to an FXG does not 
typically exceed 180 days. 
Total value of export of agricultural products covered by export  credits, export credit guaran tees or insurance programmes and use per 
programme (Million AUD) 
EFIC Programme 2009 2010 2011 2012 2013 2014 
Export Working Capital Guarantee (EWCG) 17.38 27.6 47.7 100.82 24.7 16.49 
Bond   24.2 17.26   
Risk Participation Agreements   0.72 4.71 5.38 7.72 
Export Finance Guarantee (EFG)   54 56.2 16.14 21.44 
Documentary Credit Guarantee (DCG)  22.4     
Foreign Exchange Facility Guarantee (FXG)  44.3 131.4 13.8 1.15 1.43 
Totals 17.38 94.3 258.02 192.79 47.37 47.08 
  
  G/AG/W/125/Rev.2/Add.2  
 
- 6 - Export values by destination for 2014 
(Million AUD) 
China 13.74 
European Union 2 
Pakistan 0.47 
Russian Federation 0.75 
Sri Lanka 28.24 
Various countries* 1.43 
Viet Nam 0.45 
Total 47.08 
* Refers to the FXG program.   
  G/AG/W/125/Rev.2/Add.2  
 
- 7 - Programme Title Export 
destinations 
or group of 
destinations 
per 
programme 
(2009) Export 
destinations 
or group of 
destinations 
per 
programme 
(2010) Export 
destinations 
or group of 
destinations 
per 
programme 
(2011) Export 
destinations 
or group of 
destinations 
per 
programme 
(2012) Export 
destination 
or group of 
destinations 
per 
programme 
(2013) Programme Title Programme 
use by 
product or 
product 
group 
(2009) Programme 
use by 
product or 
product 
group 
(2010) Programme 
use by 
product or 
product 
group 
(2011) Programme 
use by 
product or 
product 
group 
(2012) Programme 
use by 
product or 
product 
group 
(2013) 
Export Working 
Capital Guarantee (EWCG) China
 China China, Turkey  Philippines, 
China China and 
various Export Working 
Capital Guarantee (EWCG) Dairy Cattle
 Breeding 
cattle Breeding 
cattle Breeding 
cattle, cotton seed, dairy cattle Dairy cattle, 
grains (sorghum and canola), meat and 
meat 
products 
Bond     Russian 
Federation Russian 
Federation N/A Bond     Breeding 
cattle Breeding 
cattle  Nil in 2013 
Risk Participation 
Agreements     Pakistan  Viet Nam, 
Sri Lanka, Pakistan Sri Lanka and 
Pakistan Risk Participation 
Agreements   
  Wool, 
carbonised wool Malting 
barley, feed wheat, red 
lentils, 
premium white wheat, carbonised wool Red lentils, 
wool, carbonised 
wool, peas 
Export Finance 
Guarantee (EFG)     Russian 
Federation 
and Sri Lanka Russian 
Federation Russian 
Federation Export Finance 
Guarantee (EFG)     Breeding 
cattle, dairy 
cattle and 
associated infrastructure Breeding 
cattle  Breeding 
cattle 
Documentary Credit Guarantee (DCG)   
Turkey     N/A Documentary 
Credit Guarantee (DCG)   Breeding 
cattle    Nil in 2013 
Foreign Exchange Facility 
Guarantee (FXG)   Various Various
 Various  Various  Foreign Exchange 
Facility 
Guarantee (FXG)   Meat and 
meat 
products, 
oilseeds, grains, pulses and 
nuts, milk 
powder Meat and 
meat 
products, 
almonds, oilseeds, grains, pulses 
and nuts, 
pecan and macadamia nuts, cotton seeds and 
wheat barley, 
hay and straw, wool, wheat, cereal grain Beef, cotton 
seed, meat 
and meat 
products, oilseeds, grains, 
pulses and 
nuts, wheat barley, wheat, lentils and legumes, 
grains, wool Meat and 
meat 
products, 
almonds, wheat, lentils and legumes, 
grains  
 G/AG/W/125/Rev.2/Add.2 
 
- 8 - 
 
  BRAZIL 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
 
No official export credit guarantee or insura nce program applies to agricultural products. 
 
With respect to export credits, the "Proex Financiamento" programme provides direct financing 
to exporters. It is based on Law 10184 and the Resolution 2575 of the National Monetary 
Council (CMN).  
2. Description of Export Financing Entity 
 Secretary of the National Treasury. 
 
3. Total value of export of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programs and use per program 
 
The total value of agricultural exports covere d by the "Proex Financiamento" program in 2013 
was USD 14,813,466.60. 
 
The total value of agricultural exports covere d by the "Proex Financiamento" program in 2014 
was USD 19,202,914.20.  
4. Annual average premium rates/fees per programme 
 For the "Proex Financiamento" program, it is the financing period's Libor rate for the applicable 
currency. 
 
5. Maximum repayment terms per programme 
 
Six months. 
 
6. Annual average repaymen t periods per programme 
 
5.27 months in 2013 5.74 months in 2014. G/AG/W/125/Rev.2/Add.2 
 
- 9 - 
 
  7. Export destination or group of destinations per programme 
 Please see the table below. This data is presented in US dollars and contains the total value of exports financed in 2013 and 2014 by the "PROEX Financiamento" program per destination. 
 
Country 2013  2014 
Angola  2,547,920.04 
Canada  38,210.90  
Cabo Verde  117,467.32 
Chile  295,781.85 146,386.50 
China  2,108,235.02 1,186,541.04 
Colombia  122,919.74  
Costa Rica  184,960.00 643,059.80 
Egypt  1,529,313.40 
France  252,050.00 974,560.00 
Germany  4,982,845.76  
Guatemala  340,290.00 
Honduras  212,913.13 
Italy  2,983,003.33 9,204,809.44 
Japan  1,153,038.88 682,808.72 
Lebanon  69,118.54  
Mexico  1,304,406.00 1,278,531.50 
Netherlands  48,712.07  
Nicaragua  199,599.00 306,725.10 
Panama  116,000.00  
Peru  192,720.00 31,588.20 
Saudi Arabia, Kingdom of  104,670.51  
United States of America   86,955.00  
United Arab Emirates  570,240.00  
 
8. Programme use by product or product group 
 
Please see the table below. This data is presented in US dollars and contains the total value of 
exports financed in 2013 and 2014 by the "PROEX Financiamento" program per HS Chapter. 
 
 2013  2014 
02  1,529,313.40 
09 547,831.85 1,008,571.50 
10 48,712.07  
12 2,120,604.74 2,893,894.53 
15 6,244,277.23 11,074,159.20 
16 2,027,127.45 2,547,920.04 
17  38,210.90 31,588.20 
18  117,467.32 
19  173,789.05  
21  86,955.00  
24  3,525,958.31  
  
  G/AG/W/125/Rev.2/Add.2  
 
- 10 - CANADA 
Description of Programme and Export Financing Entity 
 
Description of export financing entity: Export Development Canada (EDC) . 
The EDC is Canada's official Export Credit agency. Its mandate is  to support and develop Canada's  export trade by helping Canad ian companies respond to international business 
opportunities. The EDC is self-financing and a Crown corporation that operates at arm's length from the government. For further  information: http://www.edc.ca/  
Program 
Category Program 
Name Category of 
Support Description of Program Term 
Short Term 
Insurance (STI) Accounts 
Receivable Insurance (b) Risk 
Cover Credit insurance product that protect policyholders agains t commercial credit risks such as non-payment by their 
buyers driven by the following insured risks: - insolvency, - default, - repudiation of goods, 
- termination of contracts, 
- political risks such as difficulty in converting or transfer ring currency, cancellation of export or import permits, 
- war-related risks of losses.  Other notable features include: - 90% co-insurance ratio, - ability to provide coverage for Canadian companies, incl uding their foreign affiliates (subject to legal opinion), 
- Coverage options vary and can include global coverage (whole book) or coverage of select payment terms or 
markets. ≤ 180 days 
Short Term 
Insurance (STI) Single 
Buyer Insurance (b) Risk 
Cover Single Buyer Insurance is a credit insurance product that ca n cover export sales to a specific customer for a 180 day 
period on shipments or services. The policy carries a co-insur ance ratio of up to 90% of losses if a customer does not 
pay after accepting the goods fo r reasons that may include: 
- bankruptcy or insolvency, - currency conversion and transfer, and - war, revolution, or insurrection. ≤ 180 days 
  
  G/AG/W/125/Rev.2/Add.2  
 
- 11 -  
Description of export financing entity: Canadian Wheat Board (CWB). 
The Canadian Wheat Board (CWB) is a Canadian gr ain marketing corporation, operating under the Canadian Wheat Board (I nterim Operations) Act . On 1 August 2012, the CWB 
lost its former monopoly on marketing of wheat and barley for export and domestic human consum ption with the repeal of the Canadian Wheat Board Act . It now competes in an 
open market for grain and its mandate is to market grain for those producers who wish to us e it. For further information: http://www.cwb.ca/  
Program Name and Description of Program  Category of support Entities  Term  
Credit Grain Sales Program (CGSP) 
Description:  The Government of Canada guarantees the repayment of the 
principal and interest of all receivables resulting from sales made under the CGSP to sovereign buyers. There has been no new CGSP activity since 2001-2002. Current activity is limited of existing debt. (a) Direct financing 
support (a) Government departments and 
(c) agricultural export state trading enterprises >180 days 
Agri-Food Credit Facility (ACF) 
Description:  Under the ACF, the government of Canada guarantees a declining 
percentage, based on repayment terms of the credit, of all receivables resulting from sales to non-sovereign buyers. The terms vary de pending on the customer 
and are usually between 90 and 360 days. The CWB is responsible for the remaining balance. ACF was established in 1995 and first used in 1997-1998. 
The program is still in use today. (a) Direct financing 
support (a) Government departments and 
(c) agricultural export state trading enterprises >90days 
<360days 
  
  G/AG/W/125/Rev.2/Add.2  
 
- 12 - Total value of exports covered: 
Canadian Wheat Board (CWB): Credit Grain Sales Prog ram (CGSP) and Agri-Food Cr edit Facility (ACF) sales 
Crop Year Credit Facility Canadian Dollar 
August 1/94 - July 31/95 Exports under CGSP Credit 266,171,628 
August 1/95 - July 31/96 Exports under CGSP Credit 220,524,480 
August 1/96 - July 31/97 Exports under CGSP Credit 179,422,717 
August 1/97 - July 31/98 Exports under ACF Credit 21,763,895 
 Exports under CGSP Credit 384,780,723 
Total   406,544,618 
August 1/98 - July 31/99 Exports under ACF Credit 91,989,915 
 Exports under CGSP Credit 95,073,657 
Total   187,063,572 
August 1/99 - July 31/00 Exports under ACF Credit 145,868,005 
 Exports under CGSP Credit 371,670,601 
Total   517,538,606 
August 1/00 - July 31/01 Exports under ACF Credit 159,431,130 
 Exports under CGSP Credit 222,462,540 
Total   381,893,670 
August 1/01 - July 31/02 Exports under ACF Credit 115,781,065 
 Exports under CGSP Credit 133,539,957 
Total   249,321,023 
August 1/02 - July 31/03 Exports under ACF Credit 87,865,865 
August 1/03 - July 31/04 Exports under ACF Credit 151,358,678 
August 1/04 - July 31/05 Exports under ACF Credit 113,627,275 
August 1/05 - July 31/06 Exports under ACF Credit 152,641,251 
August 1/06 - July 31/07 Exports under ACF Credit 170,602,882 
August 1/07 - July 31/08 Exports under ACF Credit 151,781,835 
August 1/08 - July 31/09 Exports under ACF Credit 95,687,668 
August 1/09 - July 31/10 Exports under ACF Credit 91,171,090 
August 1/10 - July 31/11 Exports under ACF Credit 144,792,791 
August 1/11 - July 31/12 Exports under ACF Credit 133,691,715 
August 1/12 - July 31/13 Exports under ACF Credit 52,642,620 
August 1/13 - July 31/14 Exports under ACF Credit 12,395,821 
  
  G/AG/W/125/Rev.2/Add.2  
 
- 13 - Total Value of Exports Covered; Commodity Coverage Description; Export Destination or Group of Destinations by Programme 
Export Development Canada Data 
Short Term Insurance  
(≤180 days) Canadian Dollar 1995 1996 1997 1998 1999 2000 2001 
Breeding/Genetics/  
Animal Health and Nutrition  4,893,679.35 13,550,978.24 10,746,304.21 14,454,836.05 23,419,508.23 42,870,065.57 
Commodities - Grain, Specialty Crops 11,041,881.79 24,264,445.16 113,460,514.42 185,932,014.56 198,298,950.97 155,476,008.49 23 8,535,003.04 
Commodities - Meat 22,258,082.16 74,360,022.54 125,073,632.30 151,960,991.38 205,200,363.55 201,318,954.75 356,240,975.04 
Commodities - Horticulture/Organic 80,340,217.75 138,332,567.95 168,073,360.29 190,459,752.54 215,022,528.56 325,561,668.95 177 ,383,302.70 
Processor, Elevator - Grain, Specialty Crops 18,163,693.70 17,253,180.17 12,739,499.57 6,330,577.63 20,853,466.45 23,292,362.60  49,389,329.18 
 
Short Term Insurance  
(≤180 days) Canadian Dollar 2002 2003 2004 2005 2006 2007 2008 
Breeding / Genetics /  
Animal Health and Nutrition 47,053,472.99 40,008,206.26 58,246,885.48 51,382,265.42 38,063,450.04 35,784,867.48 43,388,450.86 
Commodities - Grain, Specialty Crops 266,632,511.38 211,027,593.39 189,262,867.05 227,660,620.45 251,902,804.19 248,381,965.92 393,964,425.56 
Commodities - Meat 367,177,160.28 257,495,901.48 153,853,419.69 160,224,529.25 163,748,605.83 139,432,166.41 183,062,518.47 
Commodities - Horticulture/Organic 104,671,151.92 46,181,510.96 47,508,378.17 60,204,219.08 48,685,822.36 44,974,796.57 66,301,367.47 
Processor, Elevator - Grain, Specialty Crops 69,369,137.07 53,754,665.56 50,060,368.69 60,238,968.14 41,182,538.46 106,221,885.46 356,898,914.99 
 
Short Term Insurance  
(≤180 days) Canadian Dollar 2009 2010 2011 2012 2013 2014 
Breeding / Genetics /  
Animal Health and Nutrition 48,390,973.89 44,540,891.83 107,136,983.41 96,947,286.90 101,218,391.31 192,741,545.32  
Commodities - Grain, Specialty Crops 366,537,308.43 326,532,894.40 382,617,073.04 279,663,491.56 342,618,845.57 670,492,758.40  
Commodities - Meat 287,047,560.44 496,211,475.79 871,173,357.26 1,050,497,735.50 916,031,516.56 915,189,482.27  
Commodities - Horticulture/Organic 75,933,341.12 77,478,271.13 79,593,297.50 89,801,496.40 132,996,195.30 132,996,195.30  
Processor, Elevator - Grain, Specialty Crops 344,996,162.76 352,985,630.44 453,486,648.51 631,543,145.31 1,016,868,027.78 1,614,477,567.82  
  
  G/AG/W/125/Rev.2/Add.2  
 
- 14 - EDC Subsector Description Product/Group of Products 
Commodities - Grain, Specialty Crops Wheat and wheat flour 
Coarse grains 
Processor, Elevator-Grain, Specialty Crops Oilseeds 
Vegetable oils 
Oilcakes 
Commodities - Meat Bovine meat 
Pigmeat 
Poultry meat 
Sheep meat 
Breeding/Genetics/Animal Health and Nutrit ion Live animals (beef, dairy, swine) 
Commodities - Horticulture, Organic Horticulture Fruit 
Vegetables 
 
Destination by region (Canadian dollar)  2013 2014 
Africa, Europe and Middle-East 789,077,413.82 1,299,035,519.32  
Asia 686,767,437.22 977,978,699.53  
Mexico, Central America and Caribbean 258,254,200.89 303,322,761.44  
North America 569,963,556.30 788,288,422.09  
South America 205,670,368.29 164,041,432.28  
 G/AG/W/125/Rev.2/Add.2 
 
- 15 - 
 
  COLOMBIA 
1. Description of the programme: risk cover 
 
The Exchange Coverage Programme for the Agri cultural Sector was implemented in 2010 by 
the Ministry of Agriculture and Rural Develo pment through Resolution No. 000393, the idea 
being to encourage export-oriented producers to acquire exchange rate coverage in order to 
reduce uncertainty and mitigate the impact of the volatility of the dollar. The Government is 
essentially seeking to protect the formal employment generated by this activity as well as the 
stability of that employment by enhancing th e sector's productivity and competitiveness. 
 
The beneficiaries of the Programme are the ag ricultural, livestock and aquaculture export 
subsectors as defined by the World Trade Orga nization (WTO) plus fisheries, excluding the 
coffee subsector. Also included are the agro-industrial sectors that use products from the agricultural, livestock or aquaculture sectors as raw materials. 
 
For 2014, the participants in the Exchange Coverage Programme were classified according to the following criteria: 
 
Type of producer Value of assets at 31 December 2013 
(USD) 
Small producers Less than or equal to 89,320,000 
Medium producers – type 1 More than 89, 320,000 and less than or equal to 376,400,000 
Medium producers – type 2 More than 376,400,000 and less than 3,300,000,000 
Large producers More than or equal to 3,300,000,000 
 
Relevant legislation 
 
The Exchange Coverage Programme is based on Article 7 of Law 101 of 1993 – General Law on Agricultural and Fishery Development, and on Ministry of Agriculture and Rural Development Resolution 393 of 11 November 2010 establishing the programme and introducing other 
provisions. 
 2. Description of export financing entity  
 
The Exchange Coverage Programme was develope d by the Ministry of Agriculture and Rural 
Development, and is managed by the Fund for th e Financing of the Agricultural and Livestock 
Sector (FINAGRO), a semi-public national compan y set up as a credit establishment and linked 
to the Ministry of Agriculture and Rural Development. 
 3. Total value of export of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programmes and use per programme 
 
In 2014, the Exchange Coverage Programme covered total export sales worth 
approximately USD 297,681,638. 
 G/AG/W/125/Rev.2/Add.2 
 
- 16 - 
 
  4. Annual average premium rates/fees per programme 
 
Producers participating in the Programme are provided direct financial support covering 
between 90% and 50% of the acquisition value of the coverage premium, depending on the 
type of producer and the date of expiry of  the coverage. The table below sets out the 
Ministry of Agriculture and Rural Developmen t's financial support scheme for the exchange 
coverage premium in 2014. 
 
Type of 
producer Percen-
tage 
support Ceilings  
Expiry ≤ 
6 months Expiry > 
6 months Minimum 
sales to 
be 
covered Maximum sales to be covered 
(USD) 
Daily Monthly Annual 
Small producers 90% Up to 
80 COP 
per dollar Up to 
90 COP 
per dollar 1,000 2,000,000 
Medium 
producers – type 1 
Medium producers – type 2 50% Up to 
50 COP 
per dollar Up to 
60 COP 
per dollar 500,000 2,000,000 10,000,000 
Large 
producers 
 
5. Maximum repayment terms per programme  
 
Not applicable to the Exchange Coverage Programme. 
 
6. Annual average repayment periods per programme  
 
Not applicable to the Exchange Coverage Programme. 
 
7. Export destination or group of destinations per programme  
 
The Export Coverage Programme does not take account of the destination of exports. 
 8. Programme use by product or product group  
 
The table below sets out the distribution by su bsector of the sales covered by the Exchange 
Coverage Programme for 2014. 
 
Product Ministry of Agriculture and 
Rural Development Support  
in COB Sales covered in US dollar 
Flowers 11,834,732,223 231,757,500 
Sugars and sugar confectionary 1,509,431,762 30,285,000 
Fruit trees 445,976,800 8,500,000 
Live animals 373,919,720 7,500,000 
Bananas 313,178,744 5,997,305 
Meat and edible meat offal 179,484,829 3,587,395 
Hides and skins 177,078,968 3,532,638 
Fish and crustaceans, molluscs 90,245,996 2,010,000 
Shrimp 82,111,515 2,000,000 
Vegetables 39,499,719 1,000,000 
Cocoa 78,535,485 998,250 
Tilapia 20,080,000 400,000 
Aromatic herbs 9,120,336 113,550 
Grand total 15,153,396,097 297,681,638 
Source: FINAGRO. G/AG/W/125/Rev.2/Add.2 
 
- 17 - 
 
  EUROPEAN UNION 
The following export credit schemes are operated by the European member states: 
 Austria 
 
1. Name/description of the programme  
 
General programmes (non-agriculture specific) for export credit insurance. An extremely limited 
volume of agricultural products is covered under the general programme. 
 2. Legal basis 
 
http://www.oekb.at/en/export-services/frame work/legal-framework /pages/default.aspx 
 
3. Name/description of Export Financing Entity 
 Oesterreichische Kontrollbank AG (OeKB). 
 
4. Total value of export of agricultur al products covered by the programme: 
 1 - 2 million euros/year. 
 
5. Annual average premiu m rate/fee per programme 
 
Not applicable. 
 6. Maximum repayment term per programme 
 
Not applicable. 
 7. Annual average repayment period per programme 
 
Not applicable. 
 
8. Export destination or group of destinations per programme 
 Not applicable. 
 
9. Programme use by product or product group 
 Not applicable. 
 G/AG/W/125/Rev.2/Add.2 
 
- 18 - 
 
  Bulgaria 
 1. Name/description of the programme 
 
Risk cover programme against non-marketab le short- and medium-term commercial and 
non-commercial risks. 
 
2. Legal basis 
 Bulgarian Export Insurance Act, Order No. 101 of the Council of Ministers of the Republic of Bulgaria dated 18 December 1997. 
 
3. Name/description of Export Financing Entity 
 
"Bulgarian Export Insurance Agency" (BAEZ): http://www.baez.bg . 
 
4. Total value of export of agricultur al products covered by the programme 
 
Total value of exports covered by non-marketable  short-term commercial risk (in million EUR): 
 2012: 2.632 
2013: 2.054 
2014: 2.296. 
 
5. Annual average premiu m rate/fee per programme 
 Annual average premium rated for non-marketable short-term commercial risk (%): 
 
2012: 1.44 2013: 0.93 2014: 0.85. 
 
6. Maximum repayment term per programme 
 
24 months for short-term commercial and political risk and 60 months for medium-term 
commercial and political risk. 
 
7. Annual average repayment period per programme 
 Annual average repayment period of cover against non-marketable short-term commercial risk (days): 
 
2012: 67 2013: 71 
2014: 79. 
 8. Export destination or group of destinations per programme 
 
Azerbaijan, China, Israel, Kenya, Kosovo, FYROM,  Nigeria, Russian Federation, Serbia, Syria, 
Tunisia. 
 
9. Programme use by product or product group 
 Crops, fruits, vegetables, animals, beverages,  dairy, chocolate, confectionery, alcoholic 
beverages, tobacco. 
 G/AG/W/125/Rev.2/Add.2 
 
- 19 - 
 
  Croatia 
 1. Name/description of the programme  
 
General programmes (non-agriculture specific) for supplier credit, buyer credit and export 
guarantees. 
 
2. Legal basis 
 Act on the Croatian Bank for Reconstruction and Development (NN 138/06, NN 25/13).  
Regulation on Export Credit Insurance (NN 61/07, NN 92/08, NN 79/10). 
 3. Name/description of Export Financing Entity 
 
"Hrvatska banka za obnovu i razvitak" (HBOR) is the development and export bank of the 
Republic of Croatia and provides export credit insurance operations on behalf and for account of 
the Republic of Croatia. 
 4. Total value of export of agricultur al products covered by the programme 
 
0.14 million euros in 2012-2014. 
 5. Annual average premiu m rate/fee per programme 
 
1.12%. 
 
6. Maximum repayment term per programme 
 Not applicable. 
 
7. Annual average repayment period per programme 
 Not applicable. 
 
8. Export destination or group of destinations per programme 
 
Bosnia and Herzegovina. 
 9. Programme use by product or product group 
 
Not applicable. 
 
 G/AG/W/125/Rev.2/Add.2 
 
- 20 - 
 
  Denmark  
 1. Name/description of the programme 
 
Reinsurance programme available for the private, commercial export credit agencies operating 
in Denmark, but only to exports to markets outs ide the EU and OECD, as official export credit 
of agricultural products are not permitted within these markets. 
 
2. Legal basis 
 Not applicable. 
 
3. Name/description of Export Financing Entity 
 
"The Danish Export Credit Agency" (EKF) is an  official export credit agency, 100% owned by 
the Danish Government. 
 
4. Total value of export of agricultur al products covered by the programme 
 EKF is reinsuring exports of all type of products  insured by the private agencies. Separate value 
of agricultural products is not available. 
 
5. Annual average premiu m rate/fee per programme 
 
Depending on the credit rating of the individual destination countries. 
 6. Maximum repayment term per programme 
 
180 days. 
 7. Annual average repayment period per programme 
 
As above. 
 
8. Export destination or group of destinations per programme 
 Countries outside EU/OECD. 
 
9. Programme use by product or product group 
 All types of goods, but typically consumer goods. 
 G/AG/W/125/Rev.2/Add.2 
 
- 21 - 
 
  Estonia  
 1. Name/description of the programme 
 
Direct financing support (financing of large-scale export transactions) and risk cover 
(short-term credit insurance, buyer's credit insurance and supplier's credit insurance). 
 
2. Legal basis 
 Estonian Law - State Export Guarantees Act: https://www.riigiteataja.ee/ en/eli/506012014002/consolide. 
 
3. Name/description of Export Financing Entity 
 
KredEx offers loans and provides state credit guarantees.  
KredEx Krediidikindlustus AS is a state-owned insurance company. http://www.kredex.ee/credit-insurance/   
 
4. Total value of export of agricultur al products covered by the programme 
 At end of 2014, approximately 2. 8 million euros, short-term credit insurance for food industry 
exports. 
 5. Annual average premiu m rate/fee per programme 
 
Agreed short-term credit insurance premiums are provided in the insurance contracts and are negotiated with each exporter according to insurance cover provided. Premium rates range 
between 0.5% and 3% of insured credit turnover.  
 For buyer's credit and supplier's credit insurance, premium rates are regulated by OECD Arrangement. 
 
6. Maximum repayment term per programme 
 
Export loan – up to 120 months. 
Short-term credit insurance – up to 24 months. Buyer's credit insurance – up to 120 months. 
Supplier's credit insurance – up to 120 months. 
 7. Annual average repayment period per programme 
 
Short-term credit insurance two months, other programmes five years. 
 8. Export destination or group of destinations per programme 
 
Short-term credit insurance – Non-OECD countries. Export destinations have been Ukraine, and countries belonging to the Customs Union of 
Belarus, Kazakhstan and Russian Federation.  
Buyer's credit insurance, supplier's credit insurance and export loans – any country. 
 9. Programme use by product or product group 
 
Food processing industry (without specificatio n), fisheries, milk processing industry, food 
products wholesale (without specification). 
 G/AG/W/125/Rev.2/Add.2 
 
- 22 - 
 
  Finland 
 1. Name/description of the programme 
 
General programme (non-agriculture specific) for risk cover and credit insurance. 
 2. Legal basis 
 
No. 422/2001 Act on State's Export Credit Guarantees. 
 3. Name/description of Export Financing Entity 
 
Finnvera plc, state specialised financing company. 
 
4. Total value of export of agricultur al products covered by the programme 
 Not applicable. The share of agricultural products within general programme is very small. 
 
5. Annual average premiu m rate/fee per programme 
 2.0 p.a. on the volume of covered exports. 
 
6. Maximum repayment term per programme 
 
180 days. 
 7. Annual average repayment period per programme 
 
Typical credit terms are 30-90 days. 
 8. Export destination or group of destinations per programme 
 
Barley malt destination Venezuela, all others major destination Russian Federation. 
 
9. Programme use by product or product group 
 Frozen berries and concentrates, soft drinks, beer, cider, spring water, spices, barley malt, feed 
for fish/poultry/cows/pigs, food supplements. 
 G/AG/W/125/Rev.2/Add.2 
 
- 23 - 
 
  France 
 1. Name/description of the programme 
 
Short-term export credit guarantees for the fina ncing of exports of certain food products to 
Cuba and credit insurance for exports to Greece. 
 
2. Legal basis 
 A private company operating since 1946 on behalf  of and with the guarantee of the French 
State on the basis of exclusive rights fr om the State to manage these guarantees. 
 
3. Name/description of Export Financing Entity 
 
Coface. 
 4. Total value of export of agricultur al products covered by the programme 
 
EUR 44.26 million as of February 2015. EUR 45.6 million as of February 2014. EUR 20.3 million as of February 2013. 
 
5. Annual average premiu m rate/fee per programme 
 
Ad hoc based on the OECD Arrangements for exports to Cuba. 
 6.5% for exports to Greece. 
 
6. Maximum repayment term per programme 
 One year for exports to Cuba. 
 
Two years for exports to Greece (non-agriculture specific). 
 
7. Annual average repayment period per programme 
 One year for exports to Cuba. 
 
180 days for exports to Greece. 
 8. Export destination or group of destinations per programme 
 
Cuba, Greece. 
 
9. Programme use by product or product group 
 Not applicable. 
 
 G/AG/W/125/Rev.2/Add.2 
 
- 24 - 
 
  Germany 
 1. Name/description of the programme
 
 
Pure cover only. 
 2. Legal basis
 
 Annual Budget law 2015: http://www.gesetze-im-internet.de/hg_2015/__3.html.  
Guidelines on the grant of Export Guarantees , as last amended on 4 June 2014 (only German 
version): http://www.agaportal.de/pdf/f ormulare/richtlinien_ekg.pdf  
 
3. Name/description of Export Financing Entity  
 
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 consortium, and 
PricewaterhouseCoopers Aktiengesellschaft Wirtsc haftsprüfungsgesellschaft is authorised to 
provide and manage the scheme in the name and for account of the state. 
 4. Total value of export of agricultur al products covered by the programme
 
 
2005 EUR 11,804.0 2006 EUR 852,074.0 
2007 EUR 1,685,000.0 
2008 EUR 59,791.0 2009 EUR 0.0 
2010 EUR 3,429,662.0 
2011 EUR 0.0 2012 EUR 0.0 2013 EUR 0.0 
2014 EUR 0.0 
Valid data only available for single transaction cover. 
 
5. Annual average premium rate/fee per programme
 
 
Not relevant since no export financing for agricultural products as of 2011. 
Overall premium income of the programme in 2014 was 598 million euros. There was a cash 
surplus (premiums + recoveries claims paid + management fee) in 2014 of 309 million euros. The export credit guarantee scheme posted a posi tive result for the Federal budget accounts for 
sixteen consecutive years. 
 
6. Maximum repayment term per programme
 
 
Not relevant since no export financing for agricultural products as of 2011. 
Prior to 2011: generally 180 days; in few cases max. three years (e.g. breeding cattle). 
 
7. Annual average repayment period per programme  
 
Not relevant since no export financing for agricultural products as of 2011. 
Prior to 2011: less than 180 days. 
 
8. Export destination or group of destinations per programme  
 
Not relevant since no export financing for agricultural products as of 2011. 
Prior to 2011: worldwide. Cover for marketable risks (short-term credits to EU and core OECD countries) is not available. 
 
9. Programme use by product or product group  
Not relevant since no export financing for agricultural products as of 2011. 
Prior to 2011: food products, breeding animal/cows, seeds. G/AG/W/125/Rev.2/Add.2 
 
- 25 - 
 
  Hungary 
 1. Name/description of the programme 
 
Hungarian Export Credit Insurance Ltd. provides export credit insurance for non-payment of the 
buyer or the credit debtor. Hungarian Export-Import Bank provides official su pport 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.  
 2. Legal basis 
 
Acts: 
 
 Act XLII of 1994 on the Hungarian Export-Import Bank Private Limited Company and the 
Hungarian Export Credit Insurance Private Limited Company; 
 Act CXII of 1996 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 Govern or of the National Bank of Hungary on 
Payment Services Activities. 
 
3. Name/description of Export Financing Entity  
Hungarian Export Credit Insurance Ltd. and Hungarian Export-Import Bank were established 
in 1994. The official export credit agency (ECA) is a private company limited by shares, which is solely owned by the State, but its fundin g is achieved through the capital market. 
 
4. Total value of export of agricultur al products covered by the programme
2 
 
 Export credit insurance covered EUR 0.071 million of export in 2012, EUR 0.141 million 
in 2013 and EUR 0.4 million in year 2014. 
 Official guarantees were issued for export value of EUR 6.62 million in 2012, 
EUR 4.98 million in 2013 and EUR 3.7 million in year 2014. 
 The value of outstanding officially supported export credits was EUR 30.96 million in 2012, 
EUR 105.04 million in 2013 and EUR 392.2 million in year 2014. 
5. Annual average premiu m rate/fee per programme 
 
 For short term export credit insurance the annual average premium rate was 1.19% 
in 2012, 1.91% in 2013 and 1.13% in year 2014. For medium and long term insurance: Not 
applicable. 
 The annual average weighed guarantee fe e was 3.066% in 2012, 2.675% in 2013 and 
2.77% in year 2014. 
 The annual average interest rate for the cr edits was 2.450% in 2012, 2.445% in 2003 and 
2.133% in year 2014. 
6. Maximum repayment term per programme 
 
The maximum repayment term of export credits and export credit insurance is 102 or 120 months, depending on the destination country category. 
 
                                               
2 The figures include exports to EU and non-EU countries as well. G/AG/W/125/Rev.2/Add.2 
 
- 26 - 
 
  7. Annual average repayment period per programme 
  The average repayment period under ST credit insurance was approx. 4.2 months for 
years 2012, 2013 and 2014. For MLT insurance: Not applicable. 
 The average repayment term of the credits was:  
 12 months with lump sum, 20 months with monthly, 37 months with 3-months and 
18 months with semi-annual repayment frequency as of 31.12.2012. 
 10 months with lump sum, 20 months with monthly, 42 months with 3-months and 
18 months with semi-annual repayment frequency as of 31.12.2013. 
 18 months with lump sum, 22 months with monthly, 48 months with 3-months and 
49 months with semi-annual repayment frequency as of 31.12.2014. 
8. Export destination or group of destinations per programme 
 
As far as non-EU countries are concerned, the following destinations prevailed in 2012-2014: 
 
 Insurance cover: Russian Federation, Morocco, Serbia, the United Arab Emirates and 
Kazakhstan. 
 Guarantees and credits: China, Russian Federation, Brazil, Ukraine, Japan, South Korea, 
Canada and Lebanon. 
9. Programme use by product or product group 
 
Grain, seeds, tobacco, processed fruits and vegetables, processed meat. 
 G/AG/W/125/Rev.2/Add.2 
 
- 27 - 
 
  Latvia 
 1. Name/description of the programme  
 
Short-term export credit guarantees – risk cover for export transactions with deferred payment 
up to two years. 
 
2. Legal basis 
 
Regulation by the Cabinet of Mi nisters of Republic of Latvia. 
 
http://likumi.lv/doc.php?id=192668 
 
3. Name/description of Export Financing Entity 
 
Guarantees are provided by Latvian Guarantee agency. 
 
4. Total value of export of agricultur al products covered by the programme 
 5.2 million euros. 
 
5. Annual average premiu m rate/fee per programme 
 1.1%. 
 
6. Maximum repayment term per programme 
 
24 months. 
 7. Annual average repayment period per programme 
 
Two months. 
 8. Export destination or group of destinations per programme 
 
Russian Federation, Belarus, Kazakhstan, Isra el, etc. (All third-country markets, except 
EU member States, Australia, Canada, Iceland,  Japan, New Zealand, Norway, Switzerland and 
the United States of America.) 
 9. Programme use by product or product group 
 
Manufactured of food products. 
 G/AG/W/125/Rev.2/Add.2 
 
- 28 - 
 
  The Netherlands 
 1. Name/description of the programme  
a. Export Credit Insurance and Export Credit Guarantee: (insurance against non-payment, 
exchange risks, political risks, natural disast er, 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 Expo rt 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. 
2. Legal Basis 
 
Private Company serving as the executing agency  for the Netherlands Ministry of Finance. 
 
3. Name/description of Export Financing Entity  
Atradius Dutch State Business, integral part of the Atradius Group (private). 
 
4. Total value of export of agricultur al products covered by the programme 
 
No transactions of agricultural products during the last few years. 
 Currently there is an application in process under the DGGF facility for a possible export 
transaction involving pregnant heifers. Specifics of the transaction still to be determined. 
 5. Annual average premiu m rate/fee per programme 
 
Not applicable. 
 6. Maximum repayment term per programme 
 
Not applicable. 
 
7. Annual average repayment period per programme 
 
Not applicable. 
 
8. Export destination or group of destinations per programme 
 
Not applicable. 
 
9. Programme use by product or product group  
Not applicable. 
 G/AG/W/125/Rev.2/Add.2 
 
- 29 - 
 
  Poland 
 1. Name/description of the programme 
 
Risk Cover-Insurance of short-term export rece ivables against non-marketable risk backed by 
the State Treasury. 
 
2. Legal basis 
 
 The Act of 7 July 1994 on Export Insura nce 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 se rve as the basis for determining the origin of 
a product or service. 
 
3. Name/description of Export Financing Entity 
 
KUKE joint stock company registered in Poland wi th a majority share held by the State Treasury 
that is mandated to provide export insurance backed by the State Treasury.  KUKE extends also cover of domestic and export receivables on market conditions as well as 
contract guarantees. 
http://www.kuke.com.pl/ 
 
4. Total value of export of agricultur al products covered by the programme 
 The value of turnover covered between 2011-2014: 
 
2011 80,324,211.27 USD 2012 90,894,384.04 USD 2013 128,449,607.86 USD 
2014 34,496,648.91 USD 
 
5. Annual average premiu m rate/fee per programme 
 
Annual average premium rates between 2011-2014:  
2011 – 0.67 
2012 – 0.64 2013 – 0.64 2014 – 0.55 
 
6. Maximum repayment term per programme  
KUKE under the above mentioned programme provides insurance of export contracts with 
repayment terms shorter than two years. 
 
7. Annual average repayment period per programme 
 Not applicable. 
 
8. Export destination or group of destinations per programme 
 Geographic distribution of supported by KUKE  export is dominated by Russian Federation, 
Ukraine, Belarus, Kazakhstan, Azerbaijan and Bosnia-Herzegovina. 
 9. Programme use by product or product group 
 
Processing and preserving of fruits and vegetables, manufacture of: dairy products, confectionery goods, cotton, wines, soft drinks, macaroni, noodles and other grain mill product, 
prepared feeds for farm animals, bread and fres h pastry goods, silk, horticulture, production 
and preserving of meat, processing and preserving of potatoes. G/AG/W/125/Rev.2/Add.2 
 
- 30 - 
 
  Sweden 
 1. Name/description of the programme  
Risk Cover (Guarantee for Trade Receivables and Letter of Credit Guarantee). 
 2. Legal basis 
 
The Swedish Export Credits Guarantee Board (EKN) operates in accordance with the regulations in force and special instructions from the government which are specified in an annual letter of appropriation. 
 
3. Name/description of Export Financing Entity  
EKN is a state agency operating under The Ministry for Foreign Affairs. 
http://www.ekn.se 
 
4. Total value of export of agricultur al products covered by the programme 
 
306.0 million SEK in 2010 225.0 million SEK in 2011 
190.3 million SEK in 2012 
129.8 million SEK in 2013 87.8 million SEK in 2014 
 
5. Annual average premiu m rate/fee per programme 
 
3.55%. 
 6. Maximum repayment term per programme  
360 days. 
 7. Annual average repayment period per programme 
 
72 days. 
 
8. Export destination or group of destinations per programme 
 
Ukraine; Russian Federation; Croatia; Brazil; Barbados; Serbia; Dominican Republic; China; Guyana; Macedonia; Singapore; Venezuela, Bolivian Republic of; Pakistan; Trinidad & Tobago; 
United States of America; Egypt; China; Kazakhstan; Nigeria; and Thailand. 
 9. Programme use by product or product group 
 
Food stuff and animal products. G/AG/W/125/Rev.2/Add.2 
 
- 31 - 
 
  United Kingdom 
 1. Name/description of the programme  
 
Export Working Capital Support Scheme assist s UK exporters in gaining access to working 
capital finance (both pre and post-shipment) in respect of specific export contracts. Under the scheme, UK Export Finance (UKEF) provides part ial guarantees to lenders to cover the credit 
risks associated with export working capital facilities. Where a lender provides such a facility in 
respect of a UK export contract, UKEF can typically guarantee 80% of the risk. 
 2. Legal basis 
 
Export and Investment Guarantees Act 1991 as amended by the Industry and Exports 
(Financial Support) Act 2009. 
 
3. Name/description of Export Financing Entity  
UKEF is the UK's export credit agency, helpin g exporters and investors by providing credit 
insurance policies, political risk insurance on overseas investments, guarantees on bank loans and direct lending. It is a UK ministerial department under the Secretary of State for Business, Innovation and Skills. UK's export credit agency. 
http://www.gov.uk/uk-export-finance  
 
4. Total value of export of agricultur al products covered by the programme 
 
Export Working Capital Scheme: 2012: EUR 0. 2013: EUR 35,000. 2014: EUR 0. 
 
5. Annual average premiu m rate/fee per programme 
 
Not applicable. 
 
6. Maximum repayment term per programme 
 
The policy must have a maximum term of less than two years. There is no minimum term. 
 
7. Annual average repayment period per programme  
Not applicable. 
 8. Export destination or group of destinations per programme 
 
China. 
 9. Programme use by product or product group 
 
Seeds. G/AG/W/125/Rev.2/Add.2 
 
- 32 - 
 
  JAPAN 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
 
Export Bill Insurance http://nexi.go.jp/en/products/types/bill/  
Export Credit Insurance for SMEs http://nexi.go.jp/en/products/types/smes/  
Export Credit Insurance http://nexi.go.jp/en/products/types/export/  
 
These programmes are all categorized as risk cover.  
Relevant legislation: Trade Insurance and Investment Act. 
 2. Description of Export Financing Entity 
 
Incorporated Administrative Agency, Nippon Export and Investment Insurance (NEXI). 
  
  G/AG/W/125/Rev.2/Add.2  
 
- 33 - 3. Total value of export of agricultural pr oducts covered by export credits, export cr edit guarantees or insurance programmes a nd use per 
programme 
Underwritten amount by export of agri cultural products (FY1995 - Dec. 2014 ) (in Japanese Yen)  
Type of Insurance Fiscal Year (April-March)  1995  1996  1997 1998  1999  2000  2001 
Export Bill Insurance Number of underwritten 321  308 362 443 448 446 506 
Value of export of agricultural products  (yen)  1,085,881,367  1,042,748,562  1,142,927,061  1,450,225,958  1,566,587,196  1,696,053,307  1,794,343,201 
Export Credit Insurance for 
SMEs Number of underwritten -  - - - - - - 
Value of export of agricultural products (yen)  - - - - - - - 
Export Credit Insurance Number of underwritten 212  232 228 227 240 262 278 
Value of export of agricultural products  (yen)  506,520,804  509,688,831  1,272,800,330  705,536,977  686,490,394  608,012,858  856,076,236 
Total / Number of underwritten  533 540 590 670 688 708 784 
Total/Value of export of agricultural products (yen) 1,592,402,171  1,552,437,393  2,415,727,391  2,155,762,935  2,253,077,590  2,304,066,165  2,650,419,437 
 
Type of Insurance Fiscal Year (April-March)  2002  2003  2004 2005  2006  2007  2008 
Export Bill Insurance Number of underwritten 512  269 275 305 303 316 286 
Value of export of agricultural products  (yen)  2,040,406,324  1,100,720,060  1,086,485,744  1,278,993,110  1,304,361,795  1,440,843,995  1,386,365,204 
Export Credit Insurance for 
SMEs Number of underwritten -  - - 3 11 19 25 
Value of export of agricultu ral products  (yen)  - - - 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  (yen)  1,159,091,855  2,777,147,521  3,015,634,350  3,566,864,514  5,631,100,931  7,724,731,451  8,650,973,770 
Total / Number of underwritten  911 1,128  1,169  1,287  1,704  2,014  2,107 
Total/Value of export of agricultural products (yen) 3,199,498,179  3,877,867,581  4,102,120,094  4,847,402,062  6,958,566,993  9,199,556,497  10,077,444,236 
 
Type of Insurance Fiscal Year (April-March)  2009  2010  2011 2012  2013  2014  
(Apr.-Dec. ） 
Export Bill Insurance Number of underwritten 289  285 258 245 238 176  
Value of export of agricultural products  (yen)  1,494,431,569  1,533,160,563  1,371,128,078  1,249,134,341  1,318,254,661 989,542,237  
Export Credit Insurance for 
SMEs Number of underwritten 29  30 34 28 85 94  
Value of export of agricultural products  (yen)  46,571,107  69,908,572  84,273,412  81,453,513  412,271,273 440,685,668  
Export Credit Insurance Number of underwritten 1,628  1,658  2,147  1,841  1,877 882  
Value of export of agricultural products  (yen)  7,204,222,570  7,567,224,087  11,779,552,689  9,815,051,676  7,391,450,279 3,601,869,181  
Total / Number of underwritten  1,946  1,973  2,439  2,114  2,200 1,152  
Total/Value of export of agricultural products (yen) 8,745,225,246  9,170,293,222  13,234,954,179  11,145,639,530  9,121,976,213 5,032,097,086  
  
  G/AG/W/125/Rev.2/Add.2  
 
- 34 - Type of Insurance Fiscal Year (April-March)  Total  Average  
（1995-2013 ） 
Export Bill Insurance Number of underwritten 6,591  
Value of export of agricultural products  (yen)  27,372,594,333 1,388,581,689  
Export Credit Insurance for 
SMEs Number of underwritten 358  
Value of export of agricultural products  (yen)  1,233,898,563 88,134,766  
Export Credit Insurance Number of underwritten 19,708  
Value of export of agricultural products  (yen)  85,030,041,304 4,285,693,270  
Total / Number of underwritten  26,657  
Total/Value of export of agricultural products (yen) 113,636,534,200 5,716,023,006  
Notes: The total export value of agricultural products subject to the programs is not available. 
 
4. Annual average premium rates/fees per programme 
 
Annual average premium fees in FY1995 to FY2013 are: 
10,933 thousand yen (Export Bill Insurance); 
737 thousand yen (Export Credit Insurance for SMEs); 
7,702 thousand yen (Export Credit Insurance). 
 Average premium rates are not available. 
Annual Average Premium fees by expo rt of agricultural products (F Y1995-Dec.2014) (in Japanese Yen) 
Type of Insurance Fiscal Year (April-March)  1995  1996  1997  1998  1999  2000  2001 
Export Bill Insurance Number of underwritten 321  308 362 443  448 446 506 
Premium fees 15,489,053  12,176,622  11,199,676 8,811,676  12,594,458  13,092,872  13,375,315 
Export Credit Insurance for SMEs  Number of underwritten － － － － － － － 
Premium fees － － － － － － － 
Export Credit Insurance Number of underwritten 212  232 228 227  240 262 278 
Premium fees 563,411  510,038  1,156,755 1,078,629  863,158  785,567  1,069,613 
Total/Number of underwritten  533 540 590 670  688 708 784 
Total/Premium fees 16,052,464  12,686,660  12,356,431 9,890,305  13,457,616  13,878,439  14,444,928 
 
Type of Insurance Fiscal Year (April-March)  2002  2003  2004  2005  2006  2007  2008 
Export Bill Insurance Number of underwritten  512 269 275 305  303 316 286 
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.2/Add.2  
 
- 35 -  
Type of Insurance Fiscal Yea r (April-March)  2009  2010  2011  2012  2013  2014  
(Apr.-Dec. ） 
Export Bill Insurance Number of underwritten  289 285 258 245  238 176  
Premium fees 10,085,091  11,068,910  10,020,948 9,365,344  10,013,730 6,670,644  
Export Credit Insurance for SMEs  Number of underwritten  29 30 34 28  85 94  
Premium fees 524,201  830,562  1,038,505 617,856  2,633,245 2,862,351  
Export Credit Insurance Number of underwritten  1,628  1,658  2,147 1,841  1,877 882  
Premium fees 11,576,324  15,826,636  30,554,307 20,057,492  14,068,656 7,251,525  
Total/Number of underwritten  1,946  1,973  2,439 2,114  2,200 1,564  
Total/Premium fees  22,185,616  27,726,108  41,613,760 30,040,692  26,715,631 28,307,756 
 
Type of Insurance Fiscal Yea r (April-March)  Total  Average  
(1995-2013 ） 
Export Bill Insurance Number of underwritten 6,352   
Premium fees 205,203,119 10,933,557  
Export Credit Insurance for SMEs  Number of underwritten 236   
Premium fees 5,600,136 737,244  
Export Credit Insurance Number of underwritten 18,393   
Premium fees 142,838,286 7,702,772  
Total/Number of underwritten  24,981  
Total/Premium fees  353,641,541 18,985,551 
 
 G/AG/W/125/Rev.2/Add.2 
 
- 36 - 
 
  5. Maximum repayment terms per programme 
 
Maximum repayment term of the programmes is two years each.  
6. Annual average repaymen t periods per programme 
 
Not available 
 
7. Export destination or group of destinations per programme 
 
Type of Insurance Export destination or group of destinations (FY1995 - Dec. 2014) 
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; United Kingdom; United State of America.  
Export Credit Insurance for SMEs  Australia; Brazil; Canada; China; Hong Kong, China; Israel; Italy; Latvia; 
Macao, China; Malaysia; Netherlands; Russian Federation; Singapore; Switzerland; Chinese Taipei; Thailand; United Arab Emirates; United States of America. 
Export Credit Insurance Argentina; Australia; Azerbaijan; Bahrain, Kingdom of; Belgium; Brazil; 
Cambodia; Canada; Ceuta(Spain); Ch ina; Czech Republic; Denmark; 
Ecuador; Egypt; Finland; France; Ge rmany; Hong Kong, China; Hungary; 
India; Indonesia; Iran; Ireland; Israel ; Italy; Jordan; Korea, Republic of; 
Kuwait, the State of; Latvia; Lebanon; Macao, China; Malaysia; Mauritius; Mexico; Morocco; Nepal; Netherlands; New Caledonia (French); New Zealand; Nigeria; Norway; Pakistan; Philippines; Poland; Portugal; Qatar; Romania; Russian Federation; Saudi Arabia, Kingdom of; Singapore; Slovenia; South Africa; Spai n; Sri Lanka; Sweden; Switzerland; 
Syrian; Chinese Taipei; Thailand; Turkey; United Arab Emirates; United Kingdom; United States of America; Viet Nam. 
 
8. Programme use by product or product group  
Type of Insurance HS codes of Products or Product groups 
(FY1995 - Dec. 2014) 
Export Bill Insurance 0408, 0506, 0509, 0510, 0602, 0709, 0710, 0711, 0712, 0902, 0910, 
1006, 1008, 1101, 1103, 1104, 1108, 1201, 1207, 1211, 1212, 1301, 1302, 1504, 1505, 1514, 1515, 1516, 1517, 1518, 1519, 1521, 1604, 1605, 1701, 1702, 1703, 1704, 1806, 1901, 1902, 1904, 1905, 2001, 
2003, 2005, 2006, 2008, 2101, 2102, 2103, 2104, 2105, 2106, 2202, 
2203, 2205, 2206, 2207, 2208, 2209, 2308, 2309, 2402, 2905, 3301, 3504, 3505, 5202 
Export Credit Insurance for SMEs 0401, 0602, 0704, 0714, 0808, 1006, 1605, 1702, 1806, 1902, 2007, 
2101, 2103, 2206, 2309 
Export Credit Insurance 0201, 0202, 0203, 0207, 0400, 0401, 0402, 0403, 0404, 0405, 0406, 
0407, 0408, 0409, 0505, 0508, 0706, 0708, 0709, 0710, 0712, 0714, 0805, 0806, 0807, 0808, 0809, 0810, 0811, 0813, 0901, 0902, 0904, 
0909, 0910, 1001, 1006, 1008, 1101, 1102, 1104, 1106, 1108, 1109, 
1201, 1202, 1207, 1208, 1209, 1212, 1213, 1302, 1404, 1502, 1503, 1504, 1505, 1506, 1507, 1509, 1515, 1516, 1517, 1518, 1519, 1520, 1521, 1603, 1604, 1605, 1702, 1704, 1806, 1901, 1902, 1904, 1905, 2001, 2004, 2005, 2006, 2007, 2008, 2009, 2101, 2102, 2103, 2104, 2105, 2106, 2201, 2202, 2203, 2204, 2206, 2207, 2208, 2209, 2301, 2302, 2304, 2309, 2905, 3301, 3501, 3502, 3503, 3504, 3505, 3809, 5001, 5203, 5301 
 
 G/AG/W/125/Rev.2/Add.2 
 
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  MALAYSIA 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
 
Facilities offered by EXIM Malaysia: 
a. Direct Financing: 
i. Cross Border Financing (the facility provides financial support to Malaysian 
investors/contractors undertaking project overseas); 
ii. Trade Finance (The facility offers Pre and Post-Shipment Financing).  
b. Risk cover/Credit Insurance: 
i. Short term credit insurance, 
ii. Medium or long term credit insurance. 
2. Description of Export Financing Entity 
 
Export-Import Bank of Malaysia Berhad is a development financing institution wholly owned by Government (through Minister of Finance Inc. and Federal Lands Commission and guided by the 
Central Bank ruling (Development Financial Institution Act). 
 3. Total value of export of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programmes and use per programme 
 
In 2012, total value of export of agriculture prod ucts covered by export credits, export credit 
guarantees or insurance programs amounted to  RM292 million. There is no detail information 
on the usage per programme. 
As for 2013, EXIM Bank has the exposure of RM 460 million in Agriculture related industries. 
 
4. Annual average premium rates/fees per programme 
 
The pricing for credit insurance is as per the risk assume it can range from 0.35% to 1.5%. 
 
5. Maximum repayment terms per programme 
 
Export credit: 
 
a. Trade financing – one (1) year; and 
b. Cross border financing – ten (10) years. 
Credit insurance: 
 
a. Short-term – one (1) year; and 
b. Medium, long-term – ten (10) years. 
Note: the Export Credit Guarantee is no longer available in 2015. 
 6. Annual average repaymen t periods per programme 
 
Monthly repayment applies for Export credit, Export credit guarantee and credit insurance. 
 
7. Export destination or group of destinations per programme 
 
No specification in relation to destinations per program. 
 
8. Programme use by product or product group 
 
No details of program use by product or product group. G/AG/W/125/Rev.2/Add.2 
 
- 38 - 
 
  NEW ZEALAND 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit 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. 
 
In response to the Global Financial Crisis, NZECO's mandate was extended in 2009 to provide 
Short Term trade credit insurance (Short Term Trade Credit Insurance) which  covers the risk of 
a foreign buyer defaulting on their short term repayments due to specific commercial or political events. Although NZECO operates on commercial terms, it can only provide this 
product for non-marketable risks and/or where pr ivate 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 exporter's working capital needs. 
 
The vast majority of NZECO's export credit insurance policies in the last 6 years were for 
80% commercial and political risk coverage. The maximum was 95% coverage, and the lowest 
was 50% coverage. 
 
2. Description of Export Financing Entity 
 
NZECO is New Zealand's export credit agency. It is currently located in the New Zealand 
Treasury and obligations to third parties ar e guaranteed by the New Zealand government 
through the Minister of Finance. The provision of  NZECO's programs is intended to extend and 
develop the capacity and risk appetite of pr ivate 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 asse ssment fees and risk-weighted premiums.  
 
See http://www.nzeco.govt.nz/  for more information on NZECO. 
 
3. Total value of export of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programmes and use per programme 
 
 2009 2010 2011 2012 2013 2014 
Total annual value  of Agricultural Exports 
supported by NZECO (in NZD million) 126.8 209.3 150.5 169.9 76.4 115.2 
Average Policy Exposure (in NZD million) 1.2 1.25 1.36 1.19 1.40 1.35 
Average Percentage of cover 80% 80% 80% 80% 80% 85% 
 
4. Annual average premium rates/fees per programme 
 
NZECO charges risk-weighted premiums sufficient to cover all operating costs (including expected losses) only. 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). 
 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. 36 months is the theoretical maximum repayment period under the Short-term Loan 
Guarantee. However, such a long term is not inte nded to be used for agricultural products, nor 
has it ever been. The maximum repayment term that has been provided under this Loan G/AG/W/125/Rev.2/Add.2 
 
- 39 - 
 
  Guarantee product for agricultural products was nine months, to support the working capital 
cycle of a wine exporter. 
 6. Annual average repaymen t periods per programme 
 
 2009 2010 2011 2012 2013 2014 
Annual average 
repayment periods Two 
months Two 
months Two 
months Two 
months Three 
months Three 
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, Nort h America, Pacific, Middle East and Australia. 
 8. Programme use by product or product group 
 
The agricultural products NZECO supported during the period 2009–2014 included: live cattle, fruit, chilled and frozen meat, fish and shellfis h, honey, wool, dairy, pet food, trees, seeds and 
wine. 
 G/AG/W/125/Rev.2/Add.2 
 
- 40 - 
 
  PERU 
Peru provides no export credits, export credit guarantees, insurance programmes or any other 
kind of specific financing support, whether in law or in fact, for agricultural exports.  
Without prejudice to the above and for reasons of  transparency, Peru considers it useful to 
mention in this questionnaire that financing support measures for non-traditional exports are described under point 3.2.5 of the Report drawn up by the WTO Secretariat for the fourth Trade 
Policy Review of Peru (WTO document WT/TPR/S/289/Rev.1, of 7 February 2014). 
 These measures are fully consistent with Peru's trade commitments in the WTO. Mention of these measures and their description below do not prejudge their legal status, effects or nature under 
the GATT 1994, the Agreement on Agriculture or the Agreement on Subsidies and Countervailing 
Measures. Lastly, Peru wishes to highlight the fact that the premiums charged are sufficient to cover the measures' operating costs. 
 
A. Export Credit Insurance Scheme for Small and Medium Sized Enterprises (SEPYMEX)  
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
 
This scheme was created to promote the growth of  exporting SMEs through credit facilitation 
mechanisms, in the form of programmes providing credit guarantee and insurance coverage as security for pre- and post-shipment loans extended to SMEs by Peruvian financing companies. 
 
Relevant legislation: 
 
 Emergency Decree No. 050-2002 establishing the Support Fund for Small 
and Medium-Sized Enterprises (Support Fund for SMEs), dated 2 October 2002. 
 Ministerial Resolution No. 458-2002-EF/10 on the Operating Regulations of the Support 
Fund for Small and Medium-Sized Enterprises, of 10 November 2002. 
 Supreme Decree No. 171-2002-EF providing for export credit coverage under the Support 
Fund established by Emergency Decree No. 050-2002, dated 10 November 2002. 
 Supreme Decree No. 100-2012-EF amending Supreme Decree No. 171-2002-EF 
on export credit coverage under the Support Fund established by Emergency Decree 
No. 050-2002, dated 23 June 2012. 
 Ministerial Resolution No. 258-2013-EF/10 amending Ministerial Resolution 
No. 458-2002-EF/10 adopting the Operating Regulations of the Support Fund for Small 
and Medium-Sized Enterprises referred to in Emergency Decree No. 050-2002, dated 12 September 2013, which extends the SEPYMEX programme until 31 December 2016. 
 
2. Description of Export Financing Entity 
 
The scheme is administered by the Developm ent Finance Corporation S.A. (COFIDE), a 
semi-public company with administrative, economic and financial autonomy. COFIDE acts 
exclusively as a second-tier development bank, channelling resources that it administers solely through institutions supervised by the Supervis ory Authority for Banks, Insurance and Pension 
Funds (SBS). 
 
The scheme operates by means of an insuranc e contract termed SEPYMEX Policy, concluded 
between Peruvian financing companies wishing to take out insurance and the Credit and 
Guarantees Insurance Company S.A. (Secrex), which operates the scheme. As regards the 
approval of operations, SECREX has full autonomy in issuing insurance policies. 
 
3. Total value of exports of agricultural produc ts covered by export cr edits, export credit 
guarantees or insurance programmes and use per programme 
 
Not available. 
 G/AG/W/125/Rev.2/Add.2 
 
- 41 - 
 
  4. Annual average premium rates/fees per programme 
 
The premium is a flat rate of 0.35% for 90 days or a fraction thereof, plus the general sales tax. 
 
5. Maximum repayment terms per programme  
The scheme insures export operations for preshi pment loans granted for a maximum period of 
180 days. 
 6. Annual average repaymen t periods per programme 
 
Not available. 
 
7. Export destination or group of destinations per programme 
 
Not available. 
 
8. Programme use by product or product group  
Information not available by product or product group. 
 
General information available at December 2014: 
 
 38,411 credit operations since the establishment of the scheme (2002). 
 Total amount of credit guarantees or total amount of financing: USD 2,556 million, which 
benefited 887 export companies. 
 At 31 December 2014, the Fund's assets amounted to USD 76.4 million. 
B. Business Guarantee Fund (FOGEM) 
 1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any 
other form of governmental export cr edit support) and relevant legislation 
 
The Business Guarantee Fund was created to maintain the normal flow of credit in the Peruvian 
financial system for micro, small and medium-sized enterprises involved in export chains for non-traditional products. It guarantees credit granted by financial system entities to micro and 
small enterprises engaged in production, services and trade, and to medium-sized production 
and/or services enterprises in non-traditional export chains. Specifically, it guarantees the purchase of fixed assets, working capital, foreign trade (pre- and post-shipment) operations, and advance payments on invoices. 
 
Relevant legislation: 
 
 Emergency Decree No. 024-2009 creating the Business Guarantee Fund (FOGEM) and 
setting out supplementary provisions, dated 19 February 2009. 
 Ministerial Resolution No. 159-2009-EF/15 on the Operating Regulations of the Business 
Guarantee Fund (FOGEM), dated 24 March 2009. 
 Ministerial Resolution No. 442-2012-EF/15 amendi ng Articles of the Regulations governing 
the Business Guarantee Fund (FOGEM), date 22 June 2012. 
 Emergency Decree No. 058-2011 providing emergency and special economic and financial 
measures to maintain and promote the dynamism of the domestic economy, dated 
25 October 2011. 
 Emergency Decree No. 016-2012 providing emergency and special economic and financial 
measures to maintain and promote the dynamism of the domestic economy, dated 
25 June 2012. 
 Law No. 30114 on the Government Budget for fiscal year 2014, dated 30 November 2013. 
 G/AG/W/125/Rev.2/Add.2 
 
- 42 - 
 
  2. Description of Export Financing Entity 
 
The programme is administered on a trust basis by the Development Finance Corporation S.A. (COFIDE), a semi-public company with administrative, economic and financial autonomy. 
COFIDE acts exclusively as a second-tier development bank, channelling resources that it 
administers solely through institutions supervised by the Supervisory Authority for Banks, Insurance and Pension Funds (SBS). 
 
3. Total value of exports of agricultural produc ts covered by export cr edits, export credit 
guarantees or insurance programmes, and use per programme 
 
Not available 
 4. Annual average premium rates/fees per programme 
 
A nominal guarantee fee of 0.25% per annum, calculated on the outstanding balance of each guaranteed loan, is charged. 
 
5. Maximum repayment terms per programme  
The terms of the guarantees may not exceed those of the guaranteed loans.
3 
 
To be eligible under the FOGEM, loans may not exceed the following terms:  
(a)  loans for fixed assets: sixty (60) months, which may include a grace period of up to 
twelve (12) months; 
(b)  loans for working capital: twenty-four (24) months, which may include a grace period of 
up to six (6) months; 
(c)  pre- and/or post-shipment loans: up to twelve (12) months; 
(d)  advance payments on invoices payable from abroad: up to twelve (12) months. 
 
6. Annual average repaymen t periods per programme 
 
Not available. 
 
7. Export destination or group of destinations per programme 
 
Not available. 
 8. Programme use by product or product group  
Information not available by product or product group. 
 
General information available at December 2014: 
 
 40,669 applications for registration of guarantees issued since the creation 
of the FOGEM (2009). 
 Total amount of guaranteed loans or total amount of financing: USD 764.6 million. 
 By type of activity, loans for the financing of working capital accounted for 67.4% of the total 
amount of guaranteed loans, loans for fore ign trade (pre- and post-shipment) purposes 
for 25.8%, and those for the purchase of fixed assets for 6.8%. 
 By type of enterprise, loans extended to mi cro and small enterprises accounted for 67% of 
the total (of which 40.3% went to micro-ente rprises and 27.1% to small enterprises), and 
loans to medium-size enterprises for 32.6%. 
 By type of currency, loans granted in S/. (nuevos soles) accounted for 54% of the total, and 
loans in USD for 46%. 
                                               
3 Except for approved loans and loans pending disbursement within a period not exceeding 
thirty (30) working days from the date of applicatio n for the guarantee, in wh ich case the term of the 
guarantee may exceed the term of the guaranteed  loan by another thir ty (30) working days. G/AG/W/125/Rev.2/Add.2 
 
- 43 - 
 
  RUSSIAN FEDERATION 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
2. Description of Export Financing Entity 
3. Total value of export of agricultural produc ts 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 repaymen t periods per programme 
7. Export destination or group of destinations per programme 
8. Programme use by product or product group 
 During 2013-2014 export credit and export credit guarantees support for agricultural products was 
not provided. 
 Russian Agency for Export Credit and Investment Insurance (EXIAR) provides business and 
political risks export credit insurance and invest ment to Russian exporters of goods, works and 
services and foreign investors, Russian and foreign credit institutions, international financial institutions, non-credit institutions.  
Insurance coverage is set at 90% of the insurance cost for business risks and 95% for political 
risks.   
EXIAR provides coverage to foreign buyers for the turnover of regular deliveries of similar goods, 
with the condition of payment delay possibility up to 360 days.   
Insurance period of the export of agricultural  produce on average does not exceed one year. 
 Further information can be obtained at http://www.exiar.ru/en/.  
 
 
Export Development Russian Federation Data 
Export Credit Insurance, USD thousands  2012  2013  2014  
Poultry, frozen   100.00 1,300.00  
Processed cheese    1,630.00  
Leguminous vegetables, dried shelled Chickpeas  975.00 430.00  
Barley    4,730.00  
Grains   900.00  
Sunflower seeds  5,400.00 12,000.00 2,000.00  
Animal fats and oils   6,655.00 55,380.00  
Sugar confectionery    2,530.00  
Beet-pulp, bagasse, other waste of sugar manufacture Beet-pulp  3,435.00 4,230.00  
Soya shrot    12,420.00  
Oil-cake and other solid re sidues, resulting from the 
extraction of vegetable fats or oils    22,650.00  
Agricultural products    25,140.00  
Total  5,400.00 24,065.00 132,440.00  
 
 G/AG/W/125/Rev.2/Add.2 
 
- 44 - 
 
  SWITZERLAND 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
 
The Swiss Export Risk Insurance (SERV) is a "pur e guarantee" export credit agency 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.
4 
 
2. Description of Export Financing Entity  
SERV covers political and economic risks in connection with the exportation of goods and 
services. The insurance and guarantees of SE RV provide protection against non-payment, 
facilitate the financing of exports, and help companies to maintain their liquidity. As a 
public law institution of the Swiss Confederation, SERV offers its services in addition to those of 
private credit insurers (subsidiarity). The vast majority of goods for which SERV had active policies up to the end of 2014 were non-agricultur al goods. The quantity of agricultural exports 
covered by SERV was negligible owing to very low demand. No instruments specific to 
agricultural goods are available. 
 3. Total value of export of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programmes and use per programme 
 
Negligible owing to very low demand. See also the reply to question 2) above. 
 
4. Annual average premium rates/fees per programme 
 
- 
 5. Maximum repayment terms per programme  
The maximum repayment term has not currently exceeded 180 days. 
 6. Annual average repaymen t 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. 
 
 
                                               
4 See Swiss Confed eration web page: http://www.admin.ch/o pc/fr/classified-
compilation/20041349/index.html . G/AG/W/125/Rev.2/Add.2 
 
- 45 - 
 
  TURKEY 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
 
Türk Eximbank provides cover for Turkish exporters against commercial and political risks under Short Term Export Credit Insurance Programme. Short Term Export Credit Insurance 
provides companies with one-year blanket (whole-turnover) insurance cover for the exports 
purchased on short-term credits. The percentage  of cover is up to 90% (unless otherwise is 
stated in writing) of losses due to the political and/or commercial risks for the shipments to be paid on 360 days at maximum. It was initiated in 1989 and the mentioned programme is 
conducted by Türk Eximbank on the basis of the authority given by the Cabinet on 
28 January 2013 by Decree no. 2013/1286, following the order of Law No. 3332 (March 1987). 
 
2. Description of Export Financing Entity 
 
Türk Eximbank is a fully state-owned bank acting as the Turkish government's major export 
incentive instrument in Turkey's sustainable export  strategy. As Turkey's official export credit 
agency, Türk Eximbank has been mandated  to support foreign trade and Turkish 
contractors/investors operating overseas. 
 
Türk Eximbank's main objectives are promoting Turkey's exports through diversification of 
exported goods and services by increasing the share of Turkish exporters in international trade, finding new markets for traditional and non-traditional export goods and providing exporters 
and overseas contractors with support to increase their competitiveness and to ensure a risk-
free environment in international markets. As a means of aiding export development, Türk 
Eximbank offers specialized financial services through a variety of credit, insurance and 
guarantee programs. 
 3. Total value of export of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programmes and use per programme 
 
 Export volume of agricultur al products insured under 
Short Term Export Credit Insurance Programme 
1989-2014 (as of the end of February) 4,044,802,799 USD 
 
4. Annual average premium rates/fees per programme: 0.37% 
 5. Maximum repayment terms per programme: 360 
 
6. Annual average repayment periods per programme: 31-120 days 
 
7. Export destination or group of destinations per programme 
 
 EU countries ● Africa 
 North and Central America ● Central and West Asia 
 Japan and Oceania ● Middle East and North Africa 
 Europe other than EU countries ● Far East 
 South America 
 
8. Programme use by product or product group  
 
 Textiles, ready to wear, leather 
 Machinery, electrical appliances, metal products 
 Chemical industry, plas tic and rubber products 
 Food, agriculture, livestock products 
 Mining 
 Motor vehicles G/AG/W/125/Rev.2/Add.2 
 
- 46 - 
 
  UNITED STATES OF AMERICA 
Export Credit Guarantee Programme (GSM-102) 
 1. Description of the GSM-102 programme 
 
The U.S. Department of Agriculture's (USDA) GSM-102 programme provides credit guarantees to assist in the financing of commercial exports of U.S. agricultural products. The GSM-102 
programme  guarantees credit extended by the private banking sector in the United States of 
America (or, less commonly, by the U.S. exporter) to approved foreign banks using dollar-denominated, irrevocable letters of credit for pu rchases of U.S. food and agricultural products 
by foreign buyers. The terms of the commercial financing extended must be consistent with the 
credit guarantee but are not otherwise dictated under the programme. USDA's Foreign 
Agricultural Service (FAS) administers the programme on behalf of the Commodity Credit Corporation (CCC), which issues the credit guaran tees. GSM-102 covers cr edit terms of up to 
18 months; maximum terms may vary by country. CCC guarantees payments due from 
approved foreign banks to exporters or financial institutions in the United States of America. However, the financing must be obtained thro ugh normal commercial sources. Typically, 98% 
of principal and a portion of interest are covered by a guarantee. 
 
Classification: The GSM-102 program is a "risk cover" program.  
 
Relevant legislation: The Agricultural Trade Act of 1978, as amended (7 U.S.C. 5622 and 
7 U.S.C. 5641). 
 
More information regarding the GSM-102 programme can be found at: 
http://www.fas.usda.gov/excredits/ecgp.asp . 
 
2. Description of Export Financing Entity 
 
The Commodity Credit Corporation (CCC) is a go vernment-owned and operated entity within 
the USDA. CCC was created to stabilize, support, and protect farm income and prices. CCC also 
helps maintain balanced and adequate supplies of agricultural commodities and aids in their 
orderly distribution.  
3. Total value of exports of agricultural  products covered by the GSM-102 programme 
(2000-2014) 
 
Fiscal Year Annual Value of Exports  
(in US dollars) 
2000 2,952,196,021 
2001 2,923,634,542 
2002 2,935,688,581 
2003 2,532,394,178 
2004 2,759,755,094 
2005 2,184,555,615 
2006 1,320,410,691 
2007 1,457,203,808 
2008 3,090,430,120 
2009 5,204,877,819 
2010 2,916,075,187 
2011 4,060,624,195 
2012 4,114,626,170 
2013 3,059,195,660 
2014 2,067,918,623 
 4. Annual average premium rates/fees per programme 
 
The current (U.S. fiscal year 2015) average fee for the GSM-102 program is USD 77 per 
USD 100 of guarantee coverage. 
 G/AG/W/125/Rev.2/Add.2 
 
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  5. Maximum repayment terms per programme 
 
The current (U.S. fiscal year 2015) maximum repayment term for the GSM-102 program is 18 months.  
 
6. Annual average repaymen t periods per programme 
 
The current (U.S. fiscal year 2015) average re payment period for the GSM-102 program is 
15 months. 
 7. Export destination or group of destinations per programme 
 
GSM-102 programme usage by country or region  of destination for US Fiscal Year 2013 
Export Destinations 
for US Fiscal Year 2013 Annual Value of Exports 
(in US dollars) 
Africa Middle East Region 258,705,650 
Caribbean Region 130,351,682 
Central America Region 321,827,013 
Central Asia Region 3,197,700 
Korea, South 313,382,348 
Mexico 485,543,000 
Russian Federation 95,772,405 
South America Region 524,999,092 
Southeast Asia Region 132,509,808 
Turkey 751,923,394 
Viet Nam 40,983,568 
Total 3,059,195,660 
GSM-102 programme usage by country or region  of destination for US Fiscal Year 2014 
Export Destinations 
for U.S. Fiscal Year 2014 Annual Value of Exports 
(in US dollars) 
Africa Middle East Region 238,509,399 
Caribbean Region 116,940,941 
Central America Region 249,045,234 
China Region 22,445,000 
Korea, South 312,503,169 
Mexico 257,763,596 
Russian Federation 61,980,244 
South America Region 412,324,571 
Turkey 396,406,470 
Total 2,067,918,623 
 G/AG/W/125/Rev.2/Add.2 
 
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  8. Programme use by product or product group 
The GSM-102 programme usage by commodity for US Fiscal Year 2013 
US Fiscal Year 2013 
by Commodity Groups Annual Value of Exports 
(in US dollars) 
Coarse grains 325,862,611 
Cotton 299,120,375 
Fruit 1,862,985 
Live animals 77,752,965 
Oilcakes 554,419,391 
Oilseeds 540,095,147 
Pigmeat 19,380,150 
Poultry Meat 49,469,805 
Rice 190,056,684 
Vegetable oil 55,972,493 
Wheat and wheat flour 805,091,856 
Other* 140,111,198 
Total 3,059,195,660 
* "Other" includes corn gluten meal, hides, dist illed dry grains, tallow, dry peas, and walnuts. 
The GSM-102 programme usage by commodity for US Fiscal Year 2014 
U.S. Fiscal Year 2014 
By Commodity Groups Annual Value of Exports 
(in US dollars) 
Coarse grains 577,595,097 
Cotton 129,693,934 
Fruit 336,734 
Oilcakes 295,092,535 
Oilseeds 411,851,350 
Beef meat 8,442,000 
Poultry Meat 32,223,944 
Rice 180,463,018 
Vegetable oil 33,150,352 
Wheat and wheat flour 328,926,169 
Other* 70,143,490 
Total 2,067,918,623 
* "Other" includes corn gluten feed and meal, hides, di stilled dry grains, tallow, animal feed products, white 
corn, oat groats, soy hull  pellets, and walnuts. 
 
Data for U.S. Fiscal Years 2000-2012 may be found in the Background Paper by the Secretariat on 
Export Competition (TN/AG/S/27) from 2014. This current report reflects only those products included under the WTO Agreement on Agricu lture. U.S. Fiscal Year 2014 runs from 
1 October 2013 - 30 September 2014. 
 G/AG/W/125/Rev.2/Add.2 
 
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  VIET NAM 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
2. Description of Export Financing Entity 
3. Total value of export of agricultural produc ts 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 repaymen t periods per programme 
7. Export destination or group of destinations per programme 
8. Programme use by product or product group 
 As TPR 2013: 
 
"3.69. In 1998, Viet Nam introduced interest rate support, export bonuses, support to vegetables and fruit, and payments to ente rprises exporting rice, pork, and coffee to 
compensate for their losses. The agricultural export subsidies were covered by direct 
transfers from the State budget. However, as Viet Nam joined the WTO with a commitment not to maintain agricultural export subsidies from the date of accession, these types of direct payments were discontinued and support was shifted to general 
trade promotion activities. 
3.70. The Vietnam Development Bank (VDB), established under Prime Minister's 
Decision No. 108/2006/QD-TTg of 19 May 2006, provides export credits, investment 
credit guarantees, and export project perf ormance security. The average outstanding 
volume of its export credits amounted to ₫16.15 trillion in 2010, while the interest 
paid by its export credit borrowers exceeded ₫1 trillion. Further to Circular 
No. 18/2010/TT-NHNN, interest rate support (4 percentage points) is available to 
clients contracting medium- and long-term loans with the VDB. The bank estimates that the total interest rate support on such loans exceeded ₫97 billion in 2010, of 
which the subsidized interest on export credits accounted for nearly ₫65 billion. 
3.71. No export guarantee schemes are operated by the Government or a government 
agency. Export credits guaranteed by banks, whether Vietnamese credit institutions or foreign bank branches, are governed by Circular No. 28/2012/TT-NHNN of 
3 October 2012." 
And: 
"3.81. In addition to export credits and guarantees, the VDB implements state policies 
with respect to the financing of investments, post-investment assistance, and 
investment credit guarantees. During 2010, the VDB signed post-investment assistance contracts for 23 projects with a total subsidy of ₫57.9 billion. The bank may 
issue guarantees for debt contracted by SMEs with commercial banks. In 2010, the 
VDB approved 428 applications for SME credit guarantees totalling ₫2,711 billion. 
Loans guaranteed by the VDB totalled ₫4,300 billion at the end of 2010. 
3.82. Enterprises and individuals that contract medium- and long-term loans with the 
VDB are entitled to a subsidized rate of interest under a programme implemented in 
accordance with Circular No. 18/2010/TT-NHNN. The interest subsidy exceeded ₫97 billion in 2010 for outstanding loans totalling ₫5 trillion. Interest support for 
medium- and long-term bank financing of production and business development 
generally was established through Prime Minister's Decision No. 443/QD-TTg of 4 April 2009, supplemented by a State Bank ci rcular detailing the implementation of 
this decision." 
The Government has also issued decisions specifically concerning subsidized credit for the 
acquisition of agricultural machinery and the construction of dwellings in rural areas. Two additional prime minister decisions concern the provision of credit to commercial traders operating 
in disadvantaged areas and the interest supp ort to be granted to medium and long-term 
dong-denominated loans.  G/AG/W/125/Rev.2/Add.2 
 
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   Investment credit and export credit of the State: Following the 
Decree 75/2011/ND-CP 30/8/2011: 
 Scope and adjusting object 
 
1. Scope of the Decree, including:  
a. Investment credit, including: investment loans and investment support later. 
b. Export credits include export loans (for  exporters and importers of foreign loans). 
 2. Regulation objects, including: 
 
a. The enterprises, economic organizations, business units with revenues on the list of 
projects investment credit loans (hereinafter referred to as the investor); 
b. The enterprises, economic organizations in countries with export contracts or foreign 
organizations to import goods from Viet Nam on the list of export credit loans; 
c. The Vietnam Development Bank and other organizations and individuals involved in the 
process of implementing the investment credit and export credit. 
 Principles of investment credits, export credit  
1. Loans investment projects, export contracts, contracts for import of goods produced by 
Viet Nam, has withdrawn funds directly , effectively and repayment ability. 
2. Investment projects, export contracts, contract loans to import the Development Bank of 
Viet Nam evaluating financial plans, debt repayment plans. 
3. Investors, exporters, importers of foreign loans to loans used for the right purpose; repayment 
of principal and interest in full and on time 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 credit and catalog items of export credit loans by 
government regulations.  
 Release by Decree 54/2013/ND-CP dated 22/5/2013 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 of Viet Nam). 
 
Loan Conditions:  Export contracts or contracts for businesses selling seafood export seafood processing; 
 
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; 
 
Enterprises must fully implement the provisions of the loan guarantee under the provisions of 
existing laws, to purchase property insurance in an insurance business lawfully operating in 
Viet Nam for the property formed from loans subj ect to compulsory insurance during the term of 
the loan;  Enterprises have to perform accounting, financial reporting in accordance with law; annual 
financial statements must be audited by an agency, an independent audit. 
  
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