G/AG/W/125/Rev.5/Add.2  
 
     26 July 2016  
(16-3974)  Page: 1/59  
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 
T h i s  a d d e n d u m  r e f e r s  t o  a n d  m u s t  b e  r e a d  i n  conjunction with document G/AG/W/125/Rev.5. 
It provides information on the use of export credits, export credit guarantees and insurance programmes (hereinafter referred to as "export financing support") provided by Members for the export of agricultural products, as described in part B of document G/AG/W/125/Rev.5. 
 
_______________ 
 
 
                                               
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.5/Add.2 
 
- 2 - 
 
  TABLE OF CONTENTS 
Australia .......................................................................................................................... 3  
Brazil ........................................................................................................................ ...... 6 
Canada ........................................................................................................................ ... 8 
Colombia ...................................................................................................................... .. 16 
European Union ............................................................................................................... 18 
Jamaica .......................................................................................................................... 34 
Japan ............................................................................................................................. 35 
Malaysia ...................................................................................................................... ... 40 
New Zeal and ...................................................................................................................  41 
Peru ...............................................................................................................................  43 
Russian Federation ........................................................................................................... 46 
Switzerland ..................................................................................................................... 47 
Thailand ...................................................................................................................... ... 48 
Turkey ........................................................................................................................ ... 48 
United States of America ................................................................................................... 53 
Viet Nam ...................................................................................................................... .. 58 
 
  
  G/AG/W/125/Rev.5/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 organization 
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) 
Program  
Title Category 
of Support Description of Program  Annual average 
premium rates/fees 
per program Maximum 
repayment 
terms 
per program Annual 
average 
repayment 
periods 
per program Export destination or group 
of destinations per program 
(2015) Program use 
by product or 
product 
group 
(2015) 
Export 
Contract Loan Direct Financing 
Support EFIC provides a loan to an Australian 
exporter or company in an export-related 
supply chain. The loan allows the Australian company to deliver on a contract with an overseas buyer. Loans may be AUD 100,000 or more with a 12-month draw down period. 3% to 5% p.a.
 30 to 360 days  280 days  Canada;  Japan;  Republic of 
Korea; United Kingdom; and the 
United States Grain &  flour, 
meat & meat 
products, vegetable & olive oils, wine 
Export 
Working 
Capital 
Guarantee Risk cove r A guarantee to an exporter's bank for the 
exporter's payment obligations under a 
working capital loan facility. The Export Working Capital Guarantee can support a single export contract or multiple contracts with different buyers. 4.5% p.a.
 Under 180 days  90 days  Bahrain;  China; European 
Union; Hong Kong, China; 
India; Kuwait; Japan; Mauritius; New Zealand; Qatar; Republic of Korea; Kingdom of Saudi Arabia; Singapore; 
Chinese Taipei; United Arab 
Emirates; United Kingdom; and the United States Macadamia 
nuts, meat 
including organic beef, 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 2015  Nil in 2015 
Risk 
Participation 
Agreements Risk cove r Risk-sharing arrangement with the Asian 
Development Bank (ADB) under ADB's Trade Facilitation Program (TFP) where EFIC will share in the risk that ADB takes when it 
provides guarantees against non-payment 
under financial instruments issued for payment of Australian exports to specific markets in Asia. 1.8% p.a. to 3%
 p.a. Under 180 days  48 days  Sri Lanka, Pakistan,  Bangladesh  Carbonised 
wool, cotton & milk powder, peas, red 
lentils  
  G/AG/W/125/Rev.5/Add.2  
 
- 4 - Program  
Title Category 
of Support Description of Program  Annual average 
premium rates/fees 
per program Maximum 
repayment 
terms 
per program Annual 
average 
repayment 
periods 
per program Export destination or group 
of destinations per program 
(2015) Program use 
by product or 
product 
group 
(2015) 
Export Finance 
Guarantee Risk cover/ 
government to 
government 
credit 
agreement Guarantee issued by EFIC  in favour of 
banks/financial institutions on loans provided 
to assist overseas buyers to purchase capital 
goods and/or services. The guarantee is generally limited to 85% of the contract value. 2.5% p.a.*
 8 to 10 years 9.25 years  Nil in 2015  Nil in 2015** 
Documentary 
Credit 
Guarantee 
(DCG) Risk cove r EFIC guarantees payments to the confirming 
bank of the principal and interest obligations of the bank issuing an irrevocable 
documentary credit in connection with trade 
facilities extended to an Australian exporter. The guarantee may be up to 100% of the amount of the underlying documentary credit (DC), which is generally limited to 
85% of the export contract value and will 
apply for the duration of the DC. Risk fee is calculated 
based on the assessed credit worthiness of the 
issuing bank, the tenor 
and frequency of repayments. Under 180 days
 60 days  Nil in 2015  Nil in 2015 
Foreign 
Exchange 
Facility 
Guarantee 
(FXG) Other form of 
governmental 
export credit 
support EFIC's guarantee extended to 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 2.5million they offer to Australian exporters and allows for foreign 
exchange forward contracts duration of up to 
a maximum tenor of 12 months.*** EFIC
 receives a 
pre-agreed proportion of the gross fee received by the participating 
commercial foreign 
exchange provider. This facility has since been terminated. **** Under 180 days
 90 days  Various  Grains, pulses 
& lentils 
* The indicated rate is the OECD Arrangement minimum premium rate for an unconditional guarantee. In addition to risk premium, EFIC also charges Establishment and Commitment Fees. 
** Australia notifies dairy cattle support under the EFG as an existing contract for the purposes of the Ministerial Decision o n Export Competition (Paragraph 15 (Australia notifies dairy cattle support to 
Sri Lanka under the EFG as an existing contract for the purposes of the Ministerial Decision on Export Competition (Paragraph 1 5 (a)). The cover for this project to Sri Lanka started in 2011. There are three 
tranches of export credit guarantee. The repayment term for each tranche is longer than 18 months. The first two tranches of th e finance for this project were disclosed in previous responses to the Export 
Competition Questionnaire in 2011 and 2014. The last tranche will be notified in 2016. The finance for this project is an exist ing contract pursuant to Paragraph 15 (a) of the Ministerial Decision on Export 
Competition. 
*** While the maximum term for which an FXG facility is in place for an exporter is 12 months, the actual repayment term for a contract on the export of an agriculture product subject to an FXG does not 
typically exceed 180 days. **** Not possible to give an average price ra te as it is based on a profit sharing fo rmula with the commercial foreign exchange  provider.  
  G/AG/W/125/Rev.5/Add.2  
 
- 5 - 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 2015 
Export Contract Loans       5.73 
Export Working Capital Guarantee (EWCG) 17.38 27.6 47.7 100.82 24.7 16.49 16.27 
Bond 24.2 17.26   
Risk Participation Agreements 0.72 4.71 5.38 7.72 11.24 
Export Finance Guarantee (EFG) 54 56.2 16.14 21.44  
Documentary Credit Guarantee (DCG) 22.4   
Foreign Exchange Facility Guarantee (FXG) 44.3 131.4 13.8 1.15 1.43 1.33 
Totals 17.38 94.3 258.02 192.79 47.37 47.08 34.57 
Export values by programme and destination for 2015 (Million AUD) 
EFIC Programme Destination Value 
Export Contract Loan United States 2.2 
 United Kingdom 1.83 
 Republic of Korea 1.1 
 Japan 0.5 
 Canada 0.1 
 Total 5.73 
Export Working Capital Guarantee Bahrain, Kingdom of; Hong Kong, China; Kuwait, the St ate of; Republic of Korea; Kingdom of Saudi Arabia; 
Singapore; Qatar; United Ar ab Emirates; United States 10.8 
 China 3.07 
 China, European Union, India, Japan, Mauritius, New Zealan d, Republic of Korea, Chines e Taipei, United Kingdom 2.0 
 Republic of Korea 0.4 
 Total 16.27 
Risk Participation Agreements Sri Lanka 9.73 
 Bangladesh 0.82 
 Pakistan 0.69 
 Total 11.24 
Foreign Exchange Facility Guarantees Various 1.33 
 Total 1.33 
 Grand Total 34.57 G/AG/W/125/Rev.5/Add.2 
 
- 6 - 
 
  Brazil 
1. Description of the programm e (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export credit  support) and relevant legislation 
 
"Proex Financiamento", Brazil's Export Financing Program, provides direct financing to exporters. Brazilian PROEX is divided into two categories:  
 
a) PROEX Direct Financing  Purpose of the program – Government provides direct financing for exporters (supplier's credit) 
and buyers (buyer's credit) of Brazilian services  and goods. How official support is provided – 
PROEX covers several sectors, including machinery and equipment. Repayment period is up to ten years. The program applies international market interest rates with respect to the funding currency 
and its maturity.  
 b) PROEX Interest Rate Support  
 
Purpose of the program – The interest rate support aims to reduce the export finance interest rate 
charged by financial institutions in order to support Brazilian exports of goods and services.   
How official support is provided – Export credit is granted by financial institutions and 
government (PROEX) assumes part of the financial burden, allowing interest rates to be compatible with those practiced in international markets. 
 
Both categories, PROEX Direct Financing and PROE X Interest Rate Support, are regulated by the 
Federal Law 10.184 of 12 February 2001, by the Resolutions of the National Monetary 
Council (CMN) No. 2.575, 17 December 1998, and No. 4.063, 12 April 2012. PROEX Interest Rate 
Support is also disciplined by the Federal Decree 7.710, 3 April 2012.   2. Description of Export Financing Entity 
 
Brazilian Export Financing Program (PROEX) relies on National Treasury resources and has specific allocation in the federal budget, in order to prov ide official support to Brazilian exports in two 
modalities – direct financing and interest rate support. The operational procedures are undertaken 
exclusively by Banco do Brasil S.A.   
3. Total value of export of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programs and use per program  The total value of agricultural exports supported by the PROEX Direct Financing, in 2015, 
was USD 99,224,816.32. 
 4. Annual average premium rates/fees per programme 
 
The PROEX Direct Financing applies international market interest rates with respect to the funding currency and its maturity. 
 
5. Maximum repayment terms per programme  According to the current regulation, the maximum repayment term for agricultural products in the 
PROEX Direct Financing is 12 months. For exports to Cuba, the maximum repayment term may be 
of 36 months.  
6. Annual average repaymen t periods per programme 
 In 2015, the annual average repayment term for agricultural products in the PROEX Direct 
Financing, excluding exports to Cuba, was 4. 7 months. For exports to Cuba, the average 
repayment period was 32 months.  G/AG/W/125/Rev.5/Add.2 
 
- 7 - 
 
  7. Export destination or group of destinations per programme 
 Please see the list below, which shows the destinations of Brazil's exports of agricultural products supported by the PROEX Direct Financing program in 2015: 
 
Country 2015 
(USD) 
Cuba 90,491,315.28  
Italy 3,679,011.62  
China  1,560,554.23  
Japan  1,038,674.00  
Panama  879,717.44  
Egypt  633,040.08  
France  639,906.87  
Mexico  189,540.98  
Ecuador  113,055.83  
Total  99,224,816.32  
 
8. Programme use by product or product group  
Please see the data below, which contains the total value of Brazil's exports of agricultural 
products supported by the PROEX Direct Financing in 2015:   
Product Group – Food/Agricultural Goods HS Chapters Included – 02, 09, 10, 12, 15, 16, 23: 
USD 99,224,816.32. 
  G/AG/W/125/Rev.5/Add.2  
 
- 8 - Canada 
1. Description of Programme and Export Financing Entity 
 
Data submitted without prejudice to any future data on export credit and credit insurance programmes that Canada might submit. 
 
Description of export financing entity: Export Development Canada (EDC)  
The EDC is Canada's official Export Credit  agency. Its mandate is to support and develop Canada's export trade by helping 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  
Programme 
Category Programme  
Name Category of 
Support Description of Programme  Maximum 
Repayment 
Term 
2015 Annual Average 
Repayment 
Term 
2014-2015 Annual Average 
Premium 
Rates/Fees 
2014-2015 
Short Term Insurance (STI) Accounts 
Receivable Insurance (ARI) (b) Risk Cove
r Credit insurance product that protect policyholders against 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 transferring 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, including 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 
(payment 
terms) N/A
 2014: 0.24% 
2015: 0.26% 
Short Term Insurance (STI) Single Buyer 
Insurance (SBP) (b) Risk Cove
r Single Buyer Insurance is a credit insurance product that can cover export sales 
to a specific customer for a 180 day period on shipments or services. The policy carries a co-insurance ratio of up to 90% of losses if a customer does not pay after accepting the goods for reasons that may include:  
- bankruptcy or insolvency; 
- currency conversion and transfer; and  - war, revolution, or insurrection. ≤ 180 days
 
(payment 
terms) N/A 2014: 1.30% 
2015: 1.40% 
Short Term Insurance (STI) Trade Protect 
(TP) (b) Risk Cove
r Trade Protect insures up to 90% against non-payment for goods and services 
that have been shipped and accepted by the foreign buyer; it covers for losses associated with default of payment and insolvency. This is credit insurance for Canadian exporters that have a small number of customers outside of Canada. 
 
Other features include: - the goods or services that are directly exported from Canada; 
-insurable volume up to USD 500,000 per buyer. ≤ 180 days
 
(payment 
terms) N/A 2014: 1.11% 
2015: 0.66%  
  G/AG/W/125/Rev.5/Add.2  
 
- 9 - Programme 
Category Programme  
Name Category of 
Support Description of Programme  Maximum 
Repayment 
Term 
2015 Annual Average 
Repayment 
Term 
2014-2015 Annual Average 
Premium 
Rates/Fees 
2014-2015 
Insurance Contract 
Frustration Insurance (CFI) (b) Risk Cove
r Insurance covering Canadian companies for up to 90% of costs incurred or 
receivables lost in association with a specific export contract for services, capital goods, or projects. It protects the exporter against a range of commercial and political risks, including: 
 Buyer insolvency 
 Cancellation of export or import licenses and permits  
 Host government's moratorium on debt  
 Non-conversion of currency or inability to transfer funds  
 Non-payment or default by your customer  
 Termination or cancellation of the contract by your customer  
 War, revolution, insurrection or other political disturbances. 
 Tenors can be up to 2 years, however for agri-foods it is normally up to 180 
days. 
 The CFI was not used in support of agriculture exports in 2015, however was used as recent as 2014. ≤ 180 days
 
(maximum 
tenor) N/A 2014: 0.36% 
2015: N/A 
Insurance Political Risk 
Insurance (PRI) (b) Risk Cove r Insurance product that protects Canadian companies with investments in foreign 
countries and/or lenders financing investments by Canadian companies abroad. The policy protects overseas assets, such as equipment and manufacturing 
facilities, for up to 90% of losses against political risks such as: 
 Breach of contract risk by a foreign government or state-owned entity 
 Non-payment by a sovereign obligor 
 Expropriation risk (including gradual or creeping expropriation) 
 Political violence risk 
 Conversion risk 
 Repossession risk 
 Coverage can be offered on a number of assets and investments including equity, debt, mobile assets & equipment among others. This product provides 
peace of mind to companies and their financial intermediaries that, when faced 
with such risks, their assets will be protected overseas, enabling them to take advantage of export and investment opportunities in emerging markets. 
 
Tenors typically greater than 2 years. ˃
 2 years  
(minimum 
tenor) N/A 2014: 1.35% 
2015: 0.81% 
Bonding & Guarantees (Account) 
Performance 
Security 
Guarantee (PSG) (d) other form of 
governmental 
export credit 
support A performance security guarantee frees up an exporte
r's working capital by 
having their bank forego the collateral required when they post a contractual 
guarantee on the exporter's behalf. EDC provides a 100% guarantee to the 
exporter's bank in exchange for providing working capital relief to the exporter.  Tenors can be up to 3 years, however for agri-foods it is normally up to 1 year. ≤ 365 days
 
(maximum 
tenor) N/A 2014: 0.36% 
2015: 1.36% 
Bonding & Guarantees Surety Bonding 
Insurance (SBI) (d) other form of 
governmental export credit 
support A Surety Bond Insurance compensates the Canadian exporte
r's surety company 
in the event of a call, encouraging them to provide the exporter with the bonding capacity needed to sell internationally. N/A
 N/A 2014: 2.00% 
2015: 2.00%  
  G/AG/W/125/Rev.5/Add.2  
 
- 10 - Programme 
Category Programme  
Name Category of 
Support Description of Programme  Maximum 
Repayment 
Term 
2015 Annual Average 
Repayment 
Term 
2014-2015 Annual Average 
Premium 
Rates/Fees 
2014-2015 
Bonding & Guarantees Financial Security 
Guarantee (FSG) (d) other form of 
governmental export credit support The Financial Security Guarantee is an indemnity-based financial instrument 
used to support an obligation undertaken by a Canadian exporter. Exporters gain additional financial capacity in their bank facilities and ultimately balance sheet. The risk covered will be essentially ex porter default risk. The FSG supports 
financial guarantees, non-contractual (payment) guarantees. It indemnifies the 
Bank for 100% of letter of credit issued  in support of security requirements. 
The FSG was not used in support of agriculture exports in 2015, however was used as recent as 2014. N/A
 N/A 2014: 3.92% 
2015: N/A 
Bonding & Guarantees Foreign Exchange 
Guarantee (FXG) (d) other form of 
governmental export credit 
support A foreign exchange guarantee is a guarantee provided to a financial institution 
(FI), on behalf of a Canadian exporter, for 100% of the collateral required by the FI relating to the exporter's forward contracts facility, in the event the exporter 
does not close the forward contract on the "settlement date". 
 Tenors can be up to 3 years, however for agri-foods it is normally up to 1 year. ≤ 365 days
 
(maximum 
tenor) N/A 2014: 1.05% 
2015: 1.38% 
Financing Guarantee  (d) other form of governmental export credit 
support Includes Export Guarantee Program and Commercial Guarantee Program. 
 
The Export Guarantee Program is a ri sk sharing programme wherein EDC can 
look at providing guarantees of up to 75% to Canadian financial institutions in 
support of credit facilities the FI makes available to support Canadian exporter's 
working capital requirements. Potential structures include but are not limited to:  Operating facilities 
 Export contract specific facilities 
 Purchase of equipment 
 Federal & Provincial Tax Credits 
 Investments outside of Canada and working capital support for foreign 
subsidiaries 
 Foreign-domiciled inventory of finished goods 
 Export A/R margined operating facilities 
 Tenors vary depending on the purpose of the EGP. It is it working capital related, typically 1 year is the maximum; whereas for contract specific, equipment, or CAPEX purposes, the tenors will be based on the underlying contract/equipment 
to be purchased and therefore could extend beyond 1 year. 
 The Commercial Guarantee Program (CGP) is very similar to EDC's Exporter Guarantee Program (EGP) and is focused on larger sized commercial clients where a guarantee above the EGP's USD 10 million programme limit is required. 
 
The Commercial Guarantee Program was not used in support of agriculture exports for 2015. 1 year or more
 2014: 1.38 years  
2015: 1.08 years 2014: 2.62% 
2015: 2.63% 
Financing Loan (a)  direct financing 
support Provide financing either for an export, for a future export, or for an 
exporter/investor or for domestic support. This category includes domestic capacity, new domestic - export trade, export 
capacity, export support - export contract s, Canadian direct investment abroad 
and export capacity. Various
 2014: 3.33 years  
2015: 3.13 years 2014: 3.32% 
2015: 4.09% 
  
  G/AG/W/125/Rev.5/Add.2  
 
- 11 - Description of export financing entity: Canadian Wheat Board (CWB) 
On July 30, 2015, pursuant to the Marketing Freedom for Grain Farmers Act , the CWB was commercialized. At that time , it became G3 Canada Limited under the Canada Business Corporations Act. The 
Canadian Wheat Board (Interim Operations) Act was repealed. G3 Canada Limited operates in the competitive Canadi an grain marketplace, with no ties to the Government of Canad a. 
Programme Name and Description of Programme  Category of 
support  Entities  Term  
Credit Grain Sales Programme  (CGSP) 
The CGSP is no longer in use. 
 
Description:  The Government of Canada guaranteed the repayment of the principal and interest of all receivables resulting from sales made 
under the CGSP to sovereign buyers. The CWB and the government arranged with the debtor countries for the recovery of outstandi ng debts. 
There has been no new CGSP activity since 2001-02. (a) Direct 
financing 
support (a) Government 
departments and 
(c) agricultural export 
state trading enterprises >180 
days 
Agri-Food Credit Facility (ACF)  
The ACF is no longer in use.  
 
Description:  Under the ACF, the government of Canada guaranteed a declin ing percentage, based on repayment terms of the credit, of all 
receivables resulting from sales to non-sovereign buyers. The terms vary depending on the customer and are usually between 90 a nd 360 days. 
The CWB was responsible for the remaining balance. ACF was established in 1995 and first used in 1997-98. (a) Direct 
financing 
support (a) Government 
departments and 
(c) agricultural export 
state trading enterprises >90 days 
<360days 
  
  G/AG/W/125/Rev.5/Add.2  
 
- 12 - 2. Total value of export of agricultural pr oducts covered by export credits, export cr edit guarantees or insurance programmes a nd use per 
programme 
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  
Note: The CGSP and ACF are no longer in use.  
  G/AG/W/125/Rev.5/Add.2  
 
- 13 -  
Export Development Canada Data 
Agricultural Product Exports 
Canadian Dollar 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 
Contract Insurance and 
Bonding (CIB) 266,422 17,085,695         10,137,308 6,938,246 17,844,580 11,802,094 68,602,685 
Financing (FIN)   177,266   1,132,762         712,500 608,092 1,697,441 
Political Risk Insurance (PRI)   2,166,000 2,166,000 2,166,000               
Short term insurance 131,803,875 259,103,895 432,897,985 545,429,640 653,830,146 729,068,503 864,418,676 854,903,434 608,467,87 8 498,931,919 559,710,602 
 
Agricultural Product Exports 
Canadian Dollar 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 
Contract Insurance and 
Bonding (CIB) 127,002,052 172,176,845 298,552,212 360,745,072 96,421,153 128,389,260 85,865,222 99,600,460 99,604,086 91,325,466 
Financing (FIN) 2,334,400 18,177,881 29,357,308 46,356,397 102,871,375 153,279,700 133,965,817 161,210,452 466,855,563 267,272, 703 
Political Risk Insurance (PRI)         407,520     308,265 327,075 10,557,465 
Short term insurance 543,583,221 574,795,682 1,043,615,677 1,122,905,347 1,297,749,164 1,894,007,360 2,148,453,156 2,477,837,95 8 3,730,989,079 3,730,989,079 
 
Program use by product or product group, and export destination or group of destinations per programme 
 
EDC Sub-Sector Description Product/Group of Products 
Commodities - Grain, Specialty Crops Wheat and wheat flour 
Coarse grains 
Processor, Elevator-Grain, Specialty Crops Oilseeds 
Vegetable oils 
Oilcakes 
Commodities - Meat Bovine meat 
Pigmeat 
Poultry meat 
Sheep meat 
Breeding/Genetics/Animal Health & Nutrition Live animals (beef, dairy, swine)  
Commodities - Horticulture, Organic Horticulture Fruit 
Vegetables 
  
  G/AG/W/125/Rev.5/Add.2  
 
- 14 - Programme Category Destination by region 
Agricultural Product Exports Canadian Dollar  2014 2015 
Short Term Insurance  Africa, Europe & Middle-East 1,299,035,519.32  1,030,438,189  
Asia 977,978,699.53  1,127,173,346  
Mexico, Central America & Caribbean 303,322,761.44  237,288,915  
North America 788,288,422.09  1,046,943,688  
South America 164,041,432.28  289,144,941  
Political Risk Insurance (PRI) Mexico, Central America & Caribbean 327,075  10,165,200  
South America  392,265  
Contract Insurance and Bonding (CIB)  Various countries 1,885,226  5,068,040  
Africa, Europe & Middle-East 5,667,166  800,772  
Asia 19,116,821  8,364,833  
North America 68,932,213  72,898,625  
South America 4,002,661  4,193,196  
Financing (FIN) Africa, Europe & Middle-East 5,825,000  375,000  
Asia 4,286,575  13,830,000  
Mexico, Central America & Caribbean  1,500,000  
North America 456,743,988  250,907,703  
South America  660,000  
  
  G/AG/W/125/Rev.5/Add.2  
 
- 15 - Programme Category EDC Subsector Description 
Exports Canadian Dollar 2014 2015 
Short Term Insurance  Breeding/Genetics/Animal Health& Nutrition 192,741,545  225,431,273  
Commodities-Grain, Specialty Crops 670,492,758  1,862,456,601  
Commodities-Meat 915,189,482  940,196,316  
Commodities-Horticulture, Organic 132,996,195  233,543,359  
Processor/Elevator-Grain, Specialty Crops 1,614,477,568  469,361,530  
Political Risk Insurance (PRI) Commodities - Horticulture  10,165,200  
Commodities - Meat 327,075  392,265  
Contract Insurance and Bonding (CIB)  Animal Breeding, Genetics & Production 300,000  1,674,910  
Animal Health, Nutrition & Related Services  576,000  
Commodities - Grain 28,827,618  45,985,506  
Commodities - Horticulture 850,000  1,850,000  
Commodities - Meat 45,331,015  21,424,796  
Commodities - Specialty Crops 12,768,938  1,600,000  
Processor / Elevator - Grain 8,376,515  8,064,254  
Processor / Elevator - Specialty Crops 3,150,000  10,150,000  
Financing (FIN) Breeding/Genetics/Animal Health& Nutrition 205,875,750  45,966,500  
Commodities-Grain, Specialty Crops 122,836,575  120,368,913  
Commodities - Meat 92,946,979  49,944,393  
Commodities-Horticulture, Organic 5,718,520  15,660,500  
Processor/Elevator-Grain, Specialty Crops 39,477,739  35,332,397  
 
 G/AG/W/125/Rev.5/Add.2 
 
- 16 - 
 
  Colombia 
1. Description of the programme: risk cover 
 The Exchange Coverage Programme for the Agricu ltural Sector was implemented in 2010 by the 
Ministry of Agriculture and Rural Developmen t 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 the sector's productivity and competitiveness.  The beneficiaries of the Programme are the agricultural, livestock and aquaculture export 
subsectors as defined by the World Trade Organiza tion (WTO) plus fisheries, excluding the coffee 
subsector. Also included are the agro-industrial sectors that use products from the agricultural, livestock or aquaculture sectors as raw materials. 
 
For 2014, the participants in the Exchange Coverage Programme were classified according to the following criteria: 
 
Type of producer Value of assets at 31 December 2013 
(COP) 
Small producers Less than or equal to 89,320,000 
Medium producers – type 1 More than 89, 320,000 and less than or equal to 376,400,000 
Medium producers – type 2 More 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 company 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.5/Add.2 
 
- 17 - 
 
  4. Annual average premium rates/fees per programme 
 Producers participating in the Programme are provided direct financial support covering between 90% and 50% of 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 Development's financial support scheme for the exchange coverage premium in 2014. 
 
Type of 
producer Percentage 
support Ceilings  
Expiry ≤ 
6 months Expiry > 
6 months Minimum 
sales to 
be 
covered 
(USD) Maximum sales to be covered 
(USD) 
Daily Monthly Annual 
Small producers 90% Up to 
80 COP 
per dollar Up to 
90 COP 
per dollar 1,000 2,000,000 
Medium 
producers – type 1 
Medium producers – type 2 50% Up to 
50 COP 
per dollar Up to 
60 COP 
per dollar 500,000 2,000,000 10,000,000 
Large 
producers 
 
5. Maximum repayment terms per programme  
 Not applicable to the Exchange Coverage Programme.  
6. Annual average repaym ent 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 COP Sales covered in US dollar 
Flowers 11,834,732,223 231,757,500 
Sugars and sugar confectionary 1,509,431,762 30,285,000 
Fruit trees 445,976,800 8,500,000 
Live animals 373,919,720 7,500,000 
Bananas 313,178,744 5,997,305 
Meat and edible meat offal 179,484,829 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.5/Add.2 
 
- 18 - 
 
  European Union 
No export credit, export credit guarantees or in surance programmes are operated at the EU level. 
The available data concerning various export financing schemes operated by the EU member 
States is given below. 
 
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-se rvices/framework/legal-frame work/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: 
 
This information is not held. 
 5. Annual average premiu m rate/fee per programme 
 
This information is not held.  6. Maximum repayment term per programme 
 
This information is not held.  
7. Annual average repaymen t period per programme 
 This information is not held. 
 
8. Export destination or group of destinations per programme 
 This information is not held. 
 
9. Programme use by product or product group  
This information is not held. 
 G/AG/W/125/Rev.5/Add.2 
 
- 19 - 
 
  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): 
 2013: 2.054 
2014: 2.296 
2015: 2.930  
5. Annual average premiu m rate/fee per programme 
 Annual average premium rated for non-marketable short-term commercial risk (%): 
 
2013: 0.93 2014: 0.85 2015: 0.81 
 
6. Maximum repayment term per programme  
24 months for short-term commercial and poli tical risk and 60 months for medium-term 
commercial and political risk.  
7. Annual average repaymen t period per programme 
 Annual average repayment period of cover against non-marketable short-term commercial risk (days): 
 
2013: 71 2014: 79 
2015: 76 
 8. Export destination or group of destinations per programme 
 
Azerbaijan, China, Greece, Israel, Kenya, Kosovo , Lebanon, FYROM, Nigeria, Russian Federation, 
Serbia, Syria, Tunisia, Turkey.  
9. Programme use by product or product group 
 Crops, fruits, nuts, vegetables, coffee, tea, sp ices, animals, beverages, dairy, chocolate, 
confectionery, alcoholic and other beverages, tobacco. 
 G/AG/W/125/Rev.5/Add.2 
 
- 20 - 
 
  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 
 
Amount of export guarantees issued: 
 2013: EUR 0 
2014: EUR 50,000 
2015: EUR 189,000  
5. Annual average premiu m rate/fee per programme 
 This information is not held.  
6. Maximum repayment term per programme 
 This information is not held. 
 
7. Annual average repaymen t period per programme 
 
This information is not held. 
 8. Export destination or group of destinations per programme 
 
Switzerland, Slovenia and Poland. 
 9. Programme use by product or product group 
 
Wine, freshwater fish, vegetables.  
 G/AG/W/125/Rev.5/Add.2 
 
- 21 - 
 
  Czech Republic 
 1. Name/description of the programme  
 
EGAP - short-term export credit insurance (Insuran ce of a Short Term Export Supplier Credit, resp. 
Insurance of a Short Term Export Supplier Credit Financed by a Bank).  
2. Legal basis 
 EGAP operates in accordance with the regulations in force: Insurance Act No. 277/2009 Coll. as amended, and Act No. 58/1995 Coll., on Insuranc e and Financing of Exports with State Support 
and on Supplement to Act No. 166/1993 Coll., on the Supreme Audit Office, as amended. 
 3. Name/description of Export Financing Entity 
 
EGAP (Exportní garan ční a pojiš ťovací spole čnost, a.s./ Export Guarantee and Insurance 
Corporation) is an insurance company having a legal form of a joint-stock company fully owned by 
the Czech state (4 shareholding ministries: Ministry  of F inanc e , M in is try o f I nd us try a nd  T rad e , 
Ministry of Foreign Affairs and Ministry of Agriculture).  http://www.egap.cz/index-en.php 
 4. Total value of export of agricultur al products covered by the programme 
 
2013: CZK 111.7 million 
2014: CZK 33.2 million 2015: CZK 291.3 million 
 
5. Annual average premiu m rate/fee per programme 
 2013: 4.3% 
2014: 4.0% 
2015: 3.4%  
6. Maximum repayment term per programme 
 14 months is the maximum repayment term from the realized transactions. Maximum available 
repayment term of this program is two years. 
 7. Annual average repaymen t period per programme 
 
2013: 6.8 months 
2014: 3.5 months 2015: 9.3 months 
 
8. Export destination or group of destinations per programme 
 
Armenia, Belarus, Cuba, Kazakhstan Mexico, Russian Federation. 
 9. Programme use by product or product group  
Foodstuff and animal products, among others powd ered milk, food supplements, beer, malt, etc. 
 G/AG/W/125/Rev.5/Add.2 
 
- 22 - 
 
  Denmark  
 1. Name/description of the programme  
General export credit programme for Danish exporters. 
 Reinsurance programme available for the private, commercial export credit agencies operating in 
Denmark, but only to exports to markets outside the EU and OECD, as official export credit of 
agricultural products are not permitted within these markets.  2. Legal basis 
 
LBK 913 of 9/12/1999.  
3. Name/description of Export Financing Entity 
 "The Danish Export Credit Agency" (EKF) is an official export credit agency, 100% owned by the 
Danish Government. 
 4. Total value of export of agricultur al products covered by the programme 
 
Danish general export credit programme covers breeding animals. During 2011-2015, EKF has 
issued export credit guarantees covering export of breeding animals worth approximately DKK 86 million. 
 
EKF is reinsuring exports of all 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  
General export credit program covering breeding animals: Three years. 
Reinsurance program: 180 days  
7. Annual average repaymen t 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  
General export credit program: Primarily capital goods, breeding animals. 
 Reinsurance program: all types of goods, but typically consumer goods.  G/AG/W/125/Rev.5/Add.2 
 
- 23 - 
 
  Estonia  
 1. Name/description of the programme  
Non-agriculture specific short-term credit insurance, long-term buyer's credit insurance and 
supplier's credit insurance (used for capital goods exports)  
2. Legal basis 
 Estonian Law - State Export Guarantees Act: https://www.riigiteataja.ee/en/eli/506012014002/consolide  
 
3. Name/description of Export Financing Entity  
KredEx Krediidikindlustus AS is a state-owned insurance company. 
http://www.kredex.ee/credit-insurance 
 
4. Total value of export of agricultur al products covered by the programme 
 At end of 2015, approx. EUR 4.2 million was covere d by short-term credit insurance with state 
support for food industry exports. 
 
5. Annual average premiu m rate/fee per programme 
 
Agreed short-term credit insurance premiums ar e provided in the insurance contracts and are 
negotiated with each exporter according to insurance cover provided. Premium rates range between 0.3% and 2% of insured credit turnover across all industries. 
 
For buyer's credit and supplier's credit insurance, premium rates are regulated by OECD Arrangement.  
6. Maximum repayment term per programme 
 Short-term credit insurance: up to 24 months. 
Buyer's credit insurance: up to 120 months. 
Supplier's credit insurance: up to 120 months.  
7. Annual average repaymen t period per programme 
 Short-term credit insurance: 2 months. Other programmes: 5 years. 
 
8. Export destination or group of destinations per programme 
 
Global coverage for short-term credit insurance (only non-OECD countries with State support). 
Global coverage for buyer's credit insurance and supplier's credit insurance.  
9. Programme use by product or product group 
 All industries, including food processing industry (without specification), fisheries, milk processing industry, wholesale food products (without specification). 
 
 G/AG/W/125/Rev.5/Add.2 
 
- 24 - 
 
  Finland 
 1. Name/description of the programme  
General programme (non-agriculture specific) for risk cover and credit insurance. 
 2. Legal basis 
 
No. 422/2001 Act on State's Export Credit Guarantees.  3. Name/description of Export Financing Entity 
 
Finnvera plc, state-specialised financing company.  
4. Total value of export of agricultur al products covered by the programme 
 Total covered exports for agricultural products were EUR 13 million in 2014. 
 
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 repaymen t 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.5/Add.2 
 
- 25 - 
 
  France 
 1. Name/description of the programme  
Short-term export credit guarantees for the financing of exports of certain food products to Cuba 
and temporary short-term credit insurance scheme for exports to Greece.  
2. Legal basis 
 A private company operating since 1946 on behalf of  and with the guarantee of the French State 
on the basis of exclusive rights from the State to manage these guarantees. 
 
3. Name/description of Export Financing Entity  
Coface. 
 4. Total value of export of agricultur al products covered by the programme 
 
As of 31/03/2016, less than EUR 50 million of  which around EUR 5 million was export
 to Greece. 
 5. Annual average 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 repaymen t period per programme 
 
One year for exports to Cuba. 
 180 days for exports to Greece. 
 
8. Export destination or group of destinations per programme 
 Cuba, Greece. 
 
9. Programme use by product or product group  
This information is not held.  
  G/AG/W/125/Rev.5/Add.2 
 
- 26 - 
 
  Germany 
 1. Name/description of the programme
 
 
Pure cover only. 
 2. Legal basis
 
 Annual Budget law 2015: http://www.gesetz e-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 Wirtsch aftsprüfungsgesellschaft 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 
 
(EUR) 
2005 11,804.0 
2006 852,074.0 
2007 1,685,000.0 
2008 59,791.0 
2009 0.0 
2010 3,429,662.0 
2011 0.0 
2012 0.0 
2013 0.0 
2014 0.0 
2015 0.0 
 
Valid data only available for single transaction cover. 
 
5. Annual average premium rate/fee per programme  
 
Not applicable. 
 6. Maximum repayment term per programme
 
 
Not applicable. Prior to 2011: generally 180 days; in few cases max. three years (e. g. breeding 
cattle).  
7. Annual average repaym ent period per programme
 
 
Not applicable. Prior to 2011: less than 180 days. 
 
8. Export destination or group of destinations per programme  
 
Not applicable. Prior to 2011: worldwide. Cover for marketable risks (short-term credits to EU and 
core OECD countries) is not available. 
 9. Programme use by product or product group 
 
Not applicable. Prior to 2011: food products, breeding animal/cows, seeds.  G/AG/W/125/Rev.5/Add.2 
 
- 27 - 
 
  Hungary 
 1. Name/description of the programme  
Hungarian Export Credit Insurance Ltd. provides export credit insurance for non-payment of the 
buyer or the credit debtor.  
Hungarian Export-Import Bank provides official supp ort in the form of guarantees to exporters and 
direct lending directly or via refinanced financial institutions. Hungarian Export-Import Bank conducts the tied aid facilities to developing countries.  
 
2. Legal basis 
 
Acts: 
 Act XLII of 1994 on the Hungarian Export-Import Bank Private Limited Company and the 
Hungarian Export Credit Insurance Private Limited Company; 
 Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises. 
Decrees: 
 Decree No. 312/2001 (XII. 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 H ungarian 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 agricult ural products covered by the programme2 
 
 Export credit insurance covered EUR 0.141 million in 2013, EUR 0.4 million in year 2014 and 
EUR 5.395 million in 2015. 
 Official guarantees were issued for export value of EUR 4.98 million  in 2013, EUR 3.7 million 
in year 2014 and EUR 20.3 million in 2015. 
 The value of outstanding officially-supported export credits was EUR 105.04 million in 2013, 
EUR 392.2 million in year 2014 and EUR 495.9 million in 2015. 
5. Annual average premiu m rate/fee per programme 
 
 For short term export credit insurance the annual average premium rate was 1.78% 
in 2013, 1.3% in 2014 and 1.68% in 2015. For medium and long term insurance: Not applicable. 
 The annual average weighed guarantee fee was 2.675% in 2013, 2.77% in 2014 and 0.60% 
in 2015. 
 The annual average interest rate for the cr edits was 2.445% in 2013, 2.133% in 2014 and 
2.56% in 2015. 
6. Maximum repayment term per programme 
 The maximum repayment term of export credits an d 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.5/Add.2 
 
- 28 - 
 
  7. Annual average repaymen t period per programme 
  The average repayment period under ST credit insurance was approx. 8 months for 2015. For 
MLT insurance: Not applicable. 
 The average repayment term of the credits was:  
 10 months with lump sum, 20 months with monthly, 42 months with 3-months and 
18 months with semi-annual repayment frequency as 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. 
 42 months with lump sum, 105 months with monthly, 83 months with 3-months and 
54 months with semi-annual repayment frequency as of 31.12.2015. 
8. Export destination or group of destinations per programme 
 As far as non-EU countries are concerned, the following destinations prevailed in 2013-2015:  
 
 Insurance cover: Azerbaijan, Morocco, Russian Federation, Serbia, Turkey and the 
United Arab Emirates. 
 Guarantees and credits: Bosnia and Herzegovina, Hong Kong, China, Japan, Lebanon, 
Russian Federation, Switzerland, Ukraine and the United States of America. 
9. Programme use by product or product group 
 
Grain, seeds, tobacco, processed fruits and vegetables, processed meat. 
 G/AG/W/125/Rev.5/Add.2 
 
- 29 - 
 
  Latvia 
 1. Name/description of the programme  
Short-term export credit guarantees – risk cover for export transactions with deferred payment up 
to two years.  
2. Legal basis 
 Regulation by the Cabinet of Mi nisters of Republic of Latvia. 
 
http://likumi.lv/doc.php?id=192668 
 
3. Name/description of Export Financing Entity 
 
Guarantees are provided by Development finance institution Altum.  
4. Total value of export of agricultur al products covered by the programme 
 EUR 8.1 million.  
5. Annual average premiu m rate/fee per programme 
 1.02%. 
 
6. Maximum repayment term per programme  
24 months. 
 7. Annual average repaymen t period per programme 
 
2.5 months. 
 8. Export destination or group of destinations per programme 
 
Belarus, Russian Federation, Ukraine, Kazakhstan etc. (non-marketable risk countries).  
9. Programme use by product or product group 
 Latvian export credit guarantee programme is not limited to specific products or sectors. Latvian export credit guarantee programme is intended fo r undertakings that carry out an export of goods 
of origin of Latvia. The following food-related se ctors (C.10 by NACE 2 Classification) have been 
subject to the programme:  
10.2 Processing and preserving of fish, crustaceans and molluscs; 
10.3 Processing and preserving of fruit and vegetables; 10.5 Manufacture of dairy products; 
10.6 Manufacture of grain mill products, starches and starch products; 
10.7 Manufacture of bakery and farinaceous products; 10.8 Manufacture of other food products.  
 G/AG/W/125/Rev.5/Add.2 
 
- 30 - 
 
  The Netherlands 
 1. Name/description of the programme  
a.   Export Credit Insurance and Export Credit Guarantee: (insurance against non-payment, 
exchange risks, political risks, natural 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 Export Credit Insurance scheme aimed at export 
transaction with developing countries targetting SME's both in the Netherlands as well as 
developing countries. 
 Both export credit insurance as well as export financing schemes. 
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 (including last year 2015). 
 5. Annual average premiu m rate/fee per programme 
 
Not applicable.  6. Maximum repayment term per programme 
 
Not applicable.  
7. Annual average repaymen t 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.5/Add.2 
 
- 31 - 
 
  Poland 
 1. Name/description of the programme  
Risk Cover-Insurance of short-term export receiv ables 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 S.A. joint stock company registered in Poland with a majority share held by the State 
Treasury that is mandated to provide expo rt insurance backed by the State Treasury. 
 KUKE S.A. extends also cover of domestic and expo rt 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 
 Value of turnover covered: 2015 – USD 58,614,201.33. 
 
5. Annual average premiu m rate/fee per programme 
 Annual average premium rates: 2015 – 0.86. 
 
6. Maximum repayment term per programme  
KUKE S.A. under the above-mentioned programme provides insurance of export contracts with 
repayment terms shorter than two years.  
7. Annual average repaymen t period per programme 
 This information is not held  
8. Export destination or group of destinations per programme 
 Geographic distribution of supported by KUKE export is dominated by Azerbaijan, Belarus, 
Mongolia, the Russian Federation, Serbia, and Ukraine.  
 9. Programme use by product or product group 
 
Agricultural products, dairy products, soft drinks, fruits and vegetables, cereals, meat and other food products. G/AG/W/125/Rev.5/Add.2 
 
- 32 - 
 
  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) op erates 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 
 
2013: SEK 129.8 million. 2014: SEK 87.8 million. 2015: SEK 66.4 million. 
 
5. Annual average premiu m rate/fee per programme 
 
2.99%. 
 6. Maximum repayment term per programme 
 
360 days.  7. Annual average repaymen t period per programme 
 
65 days.  
8. Export destination or group of destinations per programme 
 Brazil, China, Kazakhstan, Macedonia, Nigeria, Pakistan, Russian Federation, Serbia, Singapore, 
Tanzania, Thailand, Trinidad & Tobago, Ukrain e and the Bolivian Republic of Venezuela. 
 9. Programme use by product or product group  
Vegetable fats, flavouring, frozen herring, lingonberr y jam, soft drinks, mineral water, coffee, tea, 
beer, wine, malt, frozen bilberry, potato starch and yolk powder.  G/AG/W/125/Rev.5/Add.2 
 
- 33 - 
 
  United Kingdom 
 1. Name/description of the programme  
 
Export Insurance Policy (EXIP) 
 An EXIP insures an exporter against the risk of no t being paid under an export contract or of not 
being able to recover the costs of performing that contract because of certain events which 
prevent its performance or lead to its termination.  2. Legal basis 
 
UK Export Finance's powers are set out in the Export and Investment Guarantees Act 1991 as amended by the Industry and Export s (Financial Support) Act 2009. 
 
https://www.ukef.gov.uk  
3. Name/description of Export Financing Entity 
 UK Export Finance is the UK's official export credit agency, and is a UK ministerial department under the Secretary of State for Business, Innovation and Skills. The Minister of State for Trade 
and Investment has day to day responsibility for the operation of UKEF. 
 4. Total value of export of agricultur al products covered by the programme 
 
EXIP:  
2013: GBP 481 k. 
2014: GBP 1.38 million. 2015: GBP 624 k.  
5. Annual average premiu m rate/fee per programme 
 This information is not held. 
 
6. Maximum repayment term per programme  
18 months. 
 7. Annual average repaymen t period per programme 
 
This information is not held. 
 8. Export destination or group of destinations per programme 
 
Greece, Russian Federation, Ukraine, the United Arab Emirates.  
9. Programme use by product or product group 
 Cheese, frozen fish, scotch/whisky, food seasoning, animal feed.  G/AG/W/125/Rev.5/Add.2 
 
- 34 - 
 
  Jamaica 
Role and Function of the National Expo rt Import Bank of Jamaica (EXIM Bank) 
 
The National Export Import Bank of Jamaica (EXIM Bank) is the first EXIM Bank established in the 
Caribbean. It plays a fundamental role in nation al development by providing a wide range of 
financing instruments at competitive interest rates to the productive sector, including exporters, 
potential exporters and direct suppliers of g oods and services to the exporting industry.  
 
Specific focus is placed on SMEs involved in non-traditional exports such as Tourism, 
Manufacturing, Agro Processing, Mining, the Service Industry, Communication and Technology and 
the Creative Industry. 
 
EXIM's suite of trade financing facilities include Lines of Credit , short and medium term loans, 
denominated in both US and Jamaica dollars, Disco unting Facilities and Trade Credit Insurance.  
 
1. Description of the programm es (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit  support) and relevant legislation 
 Direct Financing Support : The EXIM Bank offers trade financing through its Insurance Policy 
Discounting Facility (IPDF). Policyholders under the Trade Credit Insurance scheme can access 
80% financing on goods insured, by assigning the insurance policy as collateral support. Funds are 
available for a period of 120 days at an interest rate of 12% per annum.  
Risk Cover : Risks covered under the TCI due to non- payment by the overseas buyers, include 
protracted default or insolvency/bankruptcy of the buyer.  
2. Description of Export Financing Entity: 
 The National Export Import Bank of Jamaica offers both trade financing and trade credit insurance to local agricultural producers. 
 
3. Total value of export of agricultural  products covered in the past 12 months: 
 Insurance JMD 36.0 million. 
 Financing JMD 16.0 million. 
 4. Maximum Average premium rate is JMD 0.60 per JMD 100.00 worth of produce sold.  
 
5. Maximum  Repayment  Terms : Maximum repayment period for trade financing is 120 days. 
 6. Annual Average Repayment Period  is 120 days. 
 7. Export Destination:  Goods are shipped to the United States of America (USA). 
 
8. Programme use by Product:  The products utilized are the Trade Credit Insurance which acts 
as collateral for the financing provided under the Insurance Policy Discounting Facility.  G/AG/W/125/Rev.5/Add.2 
 
- 35 - 
 
  Japan 
1. Description of the programm e (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export credit  support) and relevant legislation 
 
Export Bill Insurance http://nexi.go.jp/en/products/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.5/Add.2  
 
- 36 - 3. Total value of export of agricultural pr oducts covered by export credits, export credit guarantees or insurance programmes a nd use 
per programme 
Underwritten amount by export of agricultural products (FY1995 - Dec. 2015) (in Japanese Yen) 
Type of Insurance Fiscal Year (April-March)  1995  1996  1997 1998  1999  2000  2001 
Export Bill Insurance Number of underwritten 321  308 362 443 448 446 506 
Value of export of agricultural products  (yen)  1,085,881,367  1,042,748,562  1,142,927,061  1,450,225,958  1,566,587,196  1,696,053,307  1,794,343,201 
Export Credit 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 agricultural 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  2015 
(Apr.-Dec. ） 
Export Bill Insurance Number of underwritten 289  285 258 245 238 232 166 
Value of export of agricultural products (yen)  1,494,431,569  1,533,160,563  1,371,128,078  1,249,134,341  1,318,254,661  1,255,783,299  971,065,043 
Export Credit Insu rance for 
SMEs Number of underwritten 29  30 34 28 85 132 135 
Value of export of agricultural products (yen)  46,571,107  69,908,572  84,273,412  81,453,513  412,271,273  608,710,785  697,293,872 
Export Credit Insurance Number of underwritten 1,628  1,658  2,147  1,841  1,877  1,200  999 
Value of export of agricultural products (yen)  7,204,222,570  7,567,224,087  11,779,552,689  9,815,051,676  7,391,450,279  4,925,123,109  4,462,501,348 
Total / Number of underwritten  1,946  1,973  2,439  2,114  2,200  1,564  1,300 
Total/Value of export of agricultural products (yen) 8,745,225,246  9,170,293,222  13,234,954,179  11,145,639,530  9,121,976,213  6,789,617,193  6,130,860,263 
  
  G/AG/W/125/Rev.5/Add.2  
 
- 37 - Type of Insurance Fiscal Year (April-March)  Total  Average 
（1995-2014 ） 
Export Bill Insurance Number of underwritten 6,813    
Value of export of agricultural products (yen)  28,609,900,438  1,381,941,770 
Export Credit Insurance for 
SMEs Number of underwritten 531    
Value of export of agricultural products (yen)  2,099,217,552  70,096,184 
Export Credit Insurance Number of underwritten 21,025    
Value of export of agricultural products (yen)  90,815,796,580  4,317,664,762 
Total / Number of underwritten  28,369   
Total/Value of export of agricultural products (yen) 121,524,914,570  5,769,702,715 
Note: The total 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 FY2014 are: 
10,810 thousand yen (Export Bill Insurance) 
536 thousand yen (Export Credit Insurance for SMEs) 7,875 thousand yen (Export Credit Insurance) 
 
Average premium rates are not available. 
Annual Average Premium fees by expo rt of agricultural products (F Y1995-Dec.2015) (in Japanese Yen) 
Type of Insurance Fiscal Year (April-March)  1995  1996  1997 1998  1999  2000  2001 
Export Bill Insurance Number of underwritten  321 308 362 443 448 446 506 
Premium fees 15,489,053  12,176,622  11,199,676  8,811,676  12,594,458  13,092,872  13,375,315 
Export Credit Insurance for SMEs  Number of underwritten  － － － － － － － 
Premium fees － － － － － － － 
Export Credit Insurance Number of underwritten  212 232 228 227 240 262 278 
Premium fees 563,411  510,038  1,156,755  1,078,629  863,158  785,567  1,069,613 
Total/Number of underwritten  533 540 590 670 688 708 784 
Total/Premium fees 16,052,464  12,686,660  12,356,431  9,890,305  13,457,616  13,878,439  14,444,928 
 
Type of Insurance Fiscal Year (April-March)  2002  2003  2004 2005  2006  2007  2008 
Export Bill Insurance Number of underwritten  512 269 275 305 303 316 286 
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.5/Add.2  
 
- 38 - Type of Insurance Fiscal Year (April-March)  2009  2010  2011 2012  2013  2014  2015 
(Apr.-Dec. ） 
Export Bill Insurance Number of underwritten  289 285 258 245 238 232 166 
Premium fees 10,085,091  11,068,910  10,020,948  9,365,344  10,013,730 8,462,076 6,730,733 
Export Credit Insurance for SMEs  Number of underwritten  29 30 34 28 85 132 135 
Premium fees 524,201  830,562  1,038,505  617,856  2,633,245 4,076,187 4,957,529 
Export Credit Insurance Number of underwritten  1,628  1,658  2,147  1,841  1,877 1,200 999 
Premium fees 11,576,324  15,826,636  30,554,307  20,057,492  14,068,656 11,139,435 8,799,557 
Total/Number of underwritten  1,946  1,973  2,439  2,114  2,200 1,564 1,300 
Total/Premium fees  22,185,616  27,726,108  41,613,760  30,040,692  26,715,631 23,677,698 20,487,819 
 
Type of Insurance Fiscal Year (April-March)  Total  Average  
（1995-2014 ） 
Export Bill Insurance Number of underwritten 6,813   
Premium fees 222,930,398 10,809,983  
Export Credit Insurance for SMEs  Number of underwritten 531   
Premium fees 15,668,915 535,569  
Export Credit Insurance Number of underwritten 21,025   
Premium fees 166,291,665 7,874,605  
Total/Number of underwritten  28,369  
Total/Premium fees  404,890,978 19,220,158  
 
 G/AG/W/125/Rev.5/Add.2 
 
- 39 - 
 
  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. 2015) 
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 States of America.  
Export Credit Insurance for SMEs  Australia; Brazil; Canada; China; Fr ench Polynesia; Hong Kong, China; 
India; Israel; Italy; Korea, Republic of; Latvia; Lebanon; Macao, China; Malaysia; Netherlands; Russian Federation; Singapore; Sri Lanka; Switzerland; Chinese Taipei; Thailand; United Arab Emirates; United States of America. 
Export Credit Insurance Argentina; Australia; Azerbaijan; Bahrain, Kingdom of; Belgium; Brazil; 
Cambodia; Canada; Ceuta(Spain); Ch ina; Czech Repu blic; 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; Spain; Sri La nka; Sweden; Switzerland; Syria; 
Chinese Taipei; Thailand; Turkey; United Arab Emirates; United Kingdom; United States of America; Viet Nam. 
 
8. Programme use by product or product group  
Type of Insurance HS codes of Products or Product groups 
(FY1995 - Dec. 2015) 
Export Bill Insurance 0408, 0506, 0509, 0510, 0602, 0709, 0710, 0711, 0712, 0902, 0910, 
1006, 1008, 1101, 1103, 1104, 1108, 1201, 1207, 1211, 1212, 1301, 1302, 1504, 1505, 1514, 1515, 1516, 1517, 1518, 1519, 1521, 1604, 
1605, 1701, 1702, 1703, 1704, 1806, 1901, 1902, 1904, 1905, 2001, 
2003, 2005, 2006, 2008, 2101, 2102, 2103, 2104, 2105, 2106, 2202, 2203, 2205, 2206, 2207, 2208, 2209, 2308, 2309, 2402, 2905, 3301, 3504, 3505, 5202 
Export Credit Insurance for SMEs 0401, 0602, 0704, 0714, 0808, 0810, 1006, 1209, 1604, 1605, 1702, 
1806, 1902, 2001, 2007, 2101, 2103, 2106, 2206, 2208, 2209, 2309 
Export Credit Insurance 0201, 0202, 0203, 0207, 0400, 0401, 0402, 0403, 0404, 0405, 0406, 
0407, 0408, 0409, 0505, 0508, 0706, 0708, 0709, 0710, 0712, 0714, 
0805, 0806, 0807, 0808, 0809, 0810, 0811, 0813, 0901, 0902, 0904, 
0909, 0910, 1001, 1006, 1008, 1101, 1102, 1104, 1106, 1108, 1109, 1201, 1202, 1207, 1208, 1209, 1212, 1213, 1302, 1404, 1502, 1503, 1504, 1505, 1506, 1507, 1509, 1515, 1516, 1517, 1518, 1519, 1520, 1521, 1603, 1604, 1605, 1702, 1704, 1806, 1901, 1902, 1904, 1905, 2001, 2004, 2005, 2006, 2007, 2008, 2009, 2101, 2102, 2103, 2104, 2105, 2106, 2201, 2202, 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.5/Add.2 
 
- 40 - 
 
  Malaysia 
1. Description of the programm e (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export credit  support) and relevant legislation 
 
Facilities offered by EXIM Malaysia for Agriculture: 
a.   Direct Financing: 
i. Cross Border Financing (The facility provides financial support to Malaysian 
investors/contractors undertaking project overseas). The bank provides financing 
based on commercial basis (e.g. lending terms based on market rate). 
ii. Trade Finance (The facility offers Pre and Post-Shipment Financing at commercial 
basis).  
b.   Risk cover/Credit Insurance. (We offer export credit insurance as a product applicable to 
industries. However, the bank provides risk cover/credit Insurance based on commercial 
basis.) 
2. Description of Export Financing Entity 
 
Export-Import Bank of Malaysia Berhad is a development financial institution wholly owned by Government (through Minister of Finance Inc. and under the Central Bank supervision (Development Financial Institution Act). 
 
3. Total value of export of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programmes and use per programme 
 
For 2014, EXIM Bank has an exposure of MYR 470 million in direct financing of export from agriculture related industries. Data is on aggregated basis rather than by programme. 
 
4. Annual average premium rates/fees per programme 
 Credit insurance is risk priced based and according to commercial rate. 
 
5. Maximum repayment terms per programme  
Not applicable as there is no subsidy provided by EXIM bank. Facilities offered by EXIM Malaysia 
are based on commercial basis (e.g. lending terms based on market rate).  
6. Annual average 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 programme. 
 
8. Programme use by product or product group  
No details of programme use by product or product group. G/AG/W/125/Rev.5/Add.2 
 
- 41 - 
 
  New Zealand 
1. Description of the programm e (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export credit  support) and relevant legislation 
 
Pursuant to New Zealand's Public Finance Act 1989,  the New Zealand Export Credit Office (NZECO) 
was established to provide trade credit insurance and financial guarantee products to New Zealand 
exporting firms or banks. NZECO is New Zealand's ex port credit agency. It does not provide direct 
financing.  NZECO's Short Term Trade Credit Insurance  covers the risk of a foreign buyer defaulting on their 
short term repayments due to specific commercial or political events. NZECO can only provide this 
product for non-marketable risks and/or where private insurers 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 export er'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 7 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 are guaranteed by the New Zealand government through the Minister of Finance. The provision of NZECO's programmes is intended to extend and develop the 
capacity and risk appetite of private providers (i nsurers and banks). NZECO is required to cover all 
operating costs (including claims) and break-even over the long-term. To meet this requirement, 
NZECO charges assessment fees and risk-weighted premiums.   
See http://www.nzeco.govt.nz/  for more information on NZECO. 
 
3. Total value of export of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programmes and use per programme 
 
 2009 2010 2011 2012 2013 2014 2015 
Total annual value  of Agricultural 
Exports supported by NZECO (in NZD million) 126.8 209.3 150.5 169.9 76.4 115.2 30.7
 
Average Policy Exposure 
(in NZD million) 1.2 1.25 1.36 1.19 1.40 1.35 3.24  
Average Percentage of cover 80% 80% 80% 80%  80% 85% 90% 
 
4. Annual average premium rates/fees per programme 
 
NZECO charges risk-weighted premiums sufficient to  cover all operating costs (including expected 
losses) only. NZECO does not report on average premium rates given that premium rates can vary significantly as they are set using several variables including the buyer's country risk classifications (as set between the Participants to the Arrangement on Officially Supported Export Credits), the 
credit rating of the debtor, the tenor of the cred it term, the terms of the repayment and any risk 
mitigations (i.e. using a letter of credit guarantee).  
However NZECO does monitor and measure the adequacy of its premium rates through loss ratio 
calculations (Total Claims Paid & Reserved/Total Premium Earned). Since 2009, NZECO's loss ratio on its policies issued in support of agricultural transactions is 5%. This means that for every USD 1 
received in premium, 5 cents has been paid in claims. NZECO has also been monitoring the overall 
cost-recovery performance of all of its short-term trade credit policies (agricultural and non-agricultural related) since its implementation in 2009. This has included applying an administrative cost in operating this policy (including a proportion of general overheads). G/AG/W/125/Rev.5/Add.2 
 
- 42 - 
 
  Since 2009, NZECO has operated its short-term  trade credit product with net returns 
(e.g. Revenue > operating costs – Claims & Provisions). 
5. Maximum repayment terms per programme 
 These 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. In 
accordance with the Ministerial Decision of 19 December 2015, these timeframes are within the 
maximum repayment term of 18 months. 
 
The maximum repayment term that has been provided under the Loan Guarantee product for agricultural products was 9 months, to support the working capital cycle of a wine exporter.  
6. Annual average repaymen t periods per programme 
 
 2009 2010 2011 2012 2013 2014 2015 
Annual average 
repayment periods Two 
months Two 
months Two 
months Two 
months Three 
months Three 
months Three 
months 
 
7. Export destination or group of destinations per programme 
 
The export destinations of the agricultural products listed below was not exclusive to a 
geographical area and spanned Europe, Asia, North America, Middle East and North Africa.  
8. Programme use by product or product group 
 The agricultural products NZECO supported during  the period 2009–2015 included: frozen fruit, 
wine, butter, fruit paste, milk powder, pelts, hides, peas and wool. 
   G/AG/W/125/Rev.5/Add.2 
 
- 43 - 
 
  Peru 
Peru provides no export credits, export credit guarantees, insurance programmes or any other 
kind of specific financing support, whether in law or in fact, for agricultural exports.  
Without prejudice to the above and for reasons of  transparency, Peru considers it useful to 
mention in this questionnaire that financing support measures for non-traditional exports are described under point 3.2.5 of the Report drawn up by the WTO Secretariat for the fourth Trade 
Policy Review of Peru (WTO document WT/TPR/S/289/Rev.1 of 7 February 2014). 
 These measures are fully consistent with Peru's trade 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 Sm all and Medium Sized Enterprises (SEPYMEX) 
 
1. Description of the programm e (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export credit  support) and relevant legislation 
 
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 Development Fi nance 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). 
 
The scheme operates by means of an insurance contract termed SEPYMEX Policy, concluded between Peruvian financing companies wishing to take out insurance and the Credit and Guarantees Insurance Company S.A. (Secrex), which operates the scheme. As regards the 
approval of operations, SECREX has full autonomy in issuing insurance policies. 
 3. Total value of exports of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programmes and use per programme 
 Not available. 
 
4. Annual average premium rates/fees per programme 
 The premium is a flat rate of 0.35% for 90 days or a fraction thereof, plus the general sales tax. G/AG/W/125/Rev.5/Add.2 
 
- 44 - 
 
  5. Maximum repayment terms per programme 
 The scheme insures export operations for preshipment 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 programm e (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other 
form of governmental export credit  support) and relevant legislation 
 The Business Guarantee Fund was created to maintain the normal flow of credit in the Peruvian financial system for micro, small 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. 
 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 administra tive, economic and financial autonomy. COFIDE 
acts exclusively as a second-tier development bank, channelling resources that it administers 
solely through institutions supervised by the Supervisory Authority for Banks, Insurance and Pension Funds (SBS).  G/AG/W/125/Rev.5/Add.2 
 
- 45 - 
 
  3. Total value of exports of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programmes, and use per programme  Not available. 
 
4. Annual average premium rates/fees per programme 
 
A nominal guarantee fee of 0.25% per 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.5/Add.2 
 
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  Russian Federation 
1. Description of the programm e (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export credit  support) and relevant legislation 
 
Export Insurance Agency of Russia (EXIAR) provides official support for export credits in form of pure insurance cover. EXIAR operates under Government Decree № 964 dated 22/11/2011 (with 
new edition dated 14/11/2014). 
 2. Description of Export Financing Entity  
EXIAR provides insurance cover against commercia l and political risks for export credits and 
insurance cover for investments abroad.  
3. Total value of export of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programmes and use per programme  
The total value of export credits for export of  agricultural products supported by EXIAR in 
year 2015 amounted to circa USD 270 mln.  4. Annual average premium rates/fees per programme 
 
Around 2.6% in year 2015.  
5. Maximum repayment terms per programme 
 18 months in year 2015. 
 
6. Annual average repaymen t periods per programme 
 Around 9 months in year 2015. 
 
7. Export destination or group of destinations per programme 
 
Armenia, Belarus, Denmark, France, Jordan, Kaza khstan, Kyrgyz Republic , Luxembourg, Republic 
of Moldova, United Arab Emirates, Uzbekistan.  
8. Programme use by product or product group 
Export Credit Insurance, USD thousands 
Export Credit Insurance, USD thousands 2015 
Animal and vegetable fats and oils and related products  79,527.0  
Milk products 215.0  
Soybean meal 3,745.0  
Starch products 315.0  
Processed grain products 240.0  
Foodstuffs 20,000.0  
Other agricultural products 166,300.0  
Total 270,342.0  
 
 G/AG/W/125/Rev.5/Add.2 
 
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  Switzerland 
1. Description of the programm e (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export credit  support) and relevant legislation 
 
The Swiss Export Risk Insurance (SERV) 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 SERV provide pr otection 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 whic h SERV had active policies up to the end of 2015 
were non-agricultural goods. The quantity of agricultural exports covered by SERV was negligible 
owing to very low demand. No instruments specific to agricultural goods are available. 
 3. Total value of export of agricultural 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/opc/fr/classified-compilation/20041349/index.html. G/AG/W/125/Rev.5/Add.2 
 
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  Thailand 
For Export Credit and Export Credit Guarantees, conditions and interest rate are determined by 
market mechanism. 
Turkey 
1. Description of the programm e (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export credit  support) and relevant legislation 
 
Turk Eximbank does not have sector specific programs. Exporters of agricultural products can benefit from the export credit and export credit insurance programs explained below:  
a.   Short-term Export Credits 
Pre-shipment Export Credit Program ; extended to "Sectoral Foreign Trade Companies" (SFTC), 
manufacturers, manufacturer-exporters and exporters for a maximum of 720 days with a company 
limit of USD 15 million. The credit is extended via intermediary Turkish commercial banks and 
participation banks which are allocated credit lines following an evaluation process. These banks are responsible for the default risk of the borrow ers. Turk Eximbank therefore assumes bank risk 
rather than that of the exporter or manufacturer. The interest/ dividend rate is determined by Turk 
Eximbank according to money market rates, lo an repayment periods and cost of funding. 
Foreign Trade Companies Short-term Export Credit Program ; extended to "Foreign Trade 
Corporate Companies" (FTCC) and "Sectoral Foreign Trade Companies" (SFTC) with a repayment 
period of up to 720 days. Applicants must be enti tled to FTCC and SFTC status by the Ministry of 
Economy. The interest rate is determined by Turk Eximbank according to money market rates, loan repayment periods and cost of funding. 
Pre-export Credit Program ; extended to manufacturer-exporters, exporters and export oriented 
manufacturers except FTCC and SFTC for a maximum of 720 days for both TL and FX credits. The interest rate for FX option is the same as that of PSEC FX and the rate for TL option is the same as 
that of PSEC TL. 
Pre-export Credit Program for SMEs ; extended to only small and medium scale enterprises directly 
by Turk Eximbank 720 days for FX and 540 days fo r TL credits. The interest rate is lower than 
other short-term credits. 
Post-Shipment Rediscount Credit Program ; Deferred export receivables of Turkish exporters, 
manufacturer-exporters and manufacturers subject to  bankers' acceptances provided by domestic 
commercial banks or irrevocable letters of credit which is added a payment confirmation by a 
domestic commercial bank; deferred export receivab les arisen out of cash against goods, cash 
against documents, irrevocable letter or credit wh ich were insured by Turk Eximbank Short – Term 
Export Credit Insurance policy are discounted by Turk Eximbank. Export receivables with a 
maturity of up to 360 days are discounted on LI BOR+spread, where spread is determined by Turk 
Eximbank. 
Rediscount Credit Program; this pre-shipment financing facility is being executed within the 
framework of an additional limit to the post-shipm ent discount limit extended to Turk Eximbank by 
the Central Bank of Turkey. The programme which requires an export commitment aims at 
providing support to Turkish manufacturers, exporters and manufacturer-exporters with maturity up to 360 days in the pre-shipment base. Promisso ry notes issued by exporters on behalf of Turk 
Eximbank, which have the aval of banks possessing a short-term letter of guarantee limit with 
Turk Eximbank are discounted under this limit. Since 2013, letter of guarantees issued by banks 
possessing short-term letter of guarantee limit with Turk Eximbank, including promissory notes 
without aval have also been accepted as guaran tee under this programme. Export receivables with 
a maturity of up to 240 days discounted by the Central Bank of Turkey and up to 360 days are 
discounted from Turk Eximbank's own sources on LIBOR+spread, where spread is determined by 
Turk Eximbank. 
b.   Medium-Long Term Export Credits (Project Credits) 
The Export Oriented Working Capital Credit Program; manufacturers and manufacturer-exporter 
firms which are established in Turkey and which produce export oriented Turkish products are G/AG/W/125/Rev.5/Add.2 
 
- 49 - 
 
  eligible to apply for this credit program in which purchasing of raw materials and intermediate 
goods are financed based on the related expense b ills within 180 days  before the application date, 
at latest. The maturity for this programme is fi ve years with one year grace period. The company 
limit is USD 50 million. The interest rates for foreign currency loans are based on LIBOR/EURIBOR 
plus a spread, while TL loans have a fixed inte rest rate or TRLIBOR plus a spread, that is 
determined by Turk Eximbank according to money market rates, loan repayment periods and cost 
of funding.  
The Export Oriented Investment Credit Program; aims to provide finance to the manufacturers and 
manufacturer-exporter firms, producing export oriented goods. The capital goods such as machinery, equipment and other investment materials are financed in return for the related expense bills within the 180 days prior to the application date, at latest. The maximum company 
limit is USD 50 million. The loans have a maximum maturity of 7 years with a grace period of 1 or 
2 years. The interest rates for foreign currency loans are based on LIBOR/ EURIBOR plus a spread while TRL loans have either a fixed interest rate or TRLIBOR plus a spread, that is determined by 
Turk Eximbank according to money market rates, loan repayment periods and cost of funding.  
Overseas Chain Stores Investment Credit Program ; extended to Turkish entrepreneurs who invest 
abroad for the establishment of shopping malls and chain stores and to those who invest abroad 
for the establishment of stores to sell their own brand. Entrepreneurs who benefit from this 
program may also benefit from the short-term export credit programmes for the export of Turkish goods to be sold in these stores. Credits under th is programme are granted for up to seven years. 
The interest rate is determined by Turk Exim bank according to money market rates, loan 
repayment periods and cost of funding.  
Specific Export Credit Program ; aims to provide finance to Turkish manufacturers, exporters and 
manufacturer-exporters having financial needs which cannot met by other credit programmes of 
Turk Eximbank. Terms and interest rates of the loans provided under this programme are 
determined by Turk Eximbank according to money market rates, loan repayment periods and cost 
of funding on project basis.  
Trademark Credit Program; under this programme, the maturity of the loans are seven years with 
a grace period of 2 years or 10 years with a grace period of 3 years which are granted on a project 
basis with a floating interest rate, based on LIBOR/ EURIBOR plus a spread that is determined by Turk Eximbank according to money market rates,  loan repayment periods and cost of funding.  
c.   The European Investment Bank Credit Program 
The aim of this credit program is to finance the medium/long-term working and fixed capital 
investments of SMEs. The interest rate, maturi ty and terms of repayment (grace period and 
instalment plan) are determined by Turk Eximbank on project basis.  
d.   Buyers' Credit and Guarantee Program (International Credits Programs) 
The International Credits Program aims to increase the competitiveness of Turkish exporters and 
contractors on international markets and to prov ide them with a risk-free environment for their 
activities in markets that have high political and commercial risks. It also provides support for transactions that have strategic importance for foreign countries and are likely to contribute to the political and economic relations of Turkey. 
Goods and services exporter firms which are established in Turkey are eligible to apply for this 
credit programme. According to OECD Arrangemen t Turk Eximbank supports 85% of the Turkish 
goods and services to be exported from Turkey. 
International Trade Finance Programs ; are designed in the form of buyer and supplier's credits. 
Foreign States or Banks Buyer's Credit Programs; aims to meet the financing needs of the foreign 
buyers who are making purchases of goods and services from Turkey. The borrowers are 
sovereigns or those foreign banks that meet the eligibility criteria. The support type is in the form 
of a direct loan; however, providing a guarantee may also be an option. Terms and conditions of 
the support are determined in accordance with the OECD Arrangement on Officially Supported 
Export Credits (OECD Arrangement). 
Export Receivables Discounting Program; purposes to provide financing at the post-shipment stage 
in the form of supplier's credit.  Export Receivables arising from export transactions which have 
been covered by "Turk Eximbank Specific Export Credit Insurance Policies" are discounted.  Terms 
and conditions of the support are determined in accordance with the OECD Arrangement.  G/AG/W/125/Rev.5/Add.2 
 
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  Domestic Banks Buyer's Credit Program; aims to meet financing needs of Turkish exporters and 
their foreign buyers. Within the scope of the product, Domestic Banks in Turkey will be the borrower of Turk Eximbank loan. Domestic Banks, which are allocated a credit limit by Turk Eximbank, shall utilize Turk Eximbank loans to the Buyers who import Turkish goods from Turkey, 
through their branches, subsidiaries and correspondent banks operating overseas.  
e.   Short-term Credit Insurance 
Short-term Export Credit Insurance Program ; all Turkish exporters, manufacturer-exporters, 
FTCCs and SFTCs are eligible for this programme. Cover is available up to 90% of losses incurred 
as a result of commercial and political risks. Premiu m is charged according to the risk classification 
of the buyer's country, credit length, payment term  and the type of buyer (public or private).  
Short-term Domestic Credit Insurance Program ; the policyholders of Short-term Export Credit 
Insurance or the companies who are in the same group with these policyholders are eligible for 
this program. Cover is available up to 90% of losses incurred as a result of commercial risks. Premium is charged according to the risk classification of the buyer and credit length.  
2. Description of Export Financing Entity 
 a.   Turk Eximbank in Brief 
Turk Eximbank, which was established in 1987, is the sole official export credit agency in Turkey. 
As a wholly state-owned bank, acting as the gove rnment's major export incentive instrument in 
Turkey's sustainable export strategy, the Bank maintains close co-operation with the related 
entities of the government. Turk Eximbank's policie s and operations have been formulated to work 
within the framework of the export-led growth strategies since 1980. The Bank operates in the 
framework of the Banking Law and the regulation s of the Banking Regulation and Supervision 
Agency of Turkey. 
Turk Eximbank is affiliated by the Prime Ministry  or such other Ministry which the Bank will be 
associated. Legislation of Turk Eximbank had been changed in line with the new Turkish 
Commercial Code and the General Assembly of the Bank was established. Thereon, the 
Undersecretariat of Treasury represents the General Assembly. 
Turk Eximbank was chartered by the Cabinet on  August 1987 by Decree no.87/11914, following 
the order of Law No. 3332 (March 1987) by maintain ing the juridical and legal personality of State 
Investment Bank.  
Turk Eximbank has 2 regional directorates, 1 bran ch and 9 liaison offices with a total staff of 541 
as of end-2015. 
b.   The Bank's Financial Structure and Support to the Export Sector 
The Bank's main sources of funds are direct fund ing from the Treasury through capital injections 
as well as through borrowings from international and national capital and money markets. 
The Turkish Treasury makes capital contributions to  Turk Eximbank as the sole shareholder of the 
Bank. These contributions are used to support Turk Eximbank's activities and to maintain the 
Bank's capital adequacy. In addition, losses incurre d by Turk Eximbank in its credit, insurance and 
guarantee transactions as a result of political risks are covered by Turkish Treasury, like in all the other officially supported Export Credit Agencies (ECAs).  
The nominal capital of Turk Eximbank increased to TL 2.5 billion and was fully paid as of 
April 2015. If requested, the Turkish Treasury supp orts Turk Eximbank in its funding efforts by 
guaranteeing the Bank's borrowings abroad. As of end-2015, 11.5% of the Bank's assets are 
capital stock. This ratio indicates that Turk Eximbank, like all other ECAs in the world, funds her 
activities mainly from domestic and international sources rather than capital injections. Hence the Bank always reflects the cost of funding to the rates she charged in order to secure a sound 
financial structure. 
In this context, Turk Eximbank gives importance: 
1.   To be financially sustainable; 
2.   To help increase Turkish merchandise and project exports; 
3.   To independently assume a broader range of risk; 
4.   To be a catalyst for other financial institutions to support Turkish exports. 
 G/AG/W/125/Rev.5/Add.2 
 
- 51 - 
 
  Turk Eximbank's identification of financial sustainability as a primary objective is driven mostly by 
its current and future international obligations to the OECD, WTO and the EU, in which ECAs are expected to at least break-even over time and eliminate all trade subsidy programs. Management 
believes that it is critical to operate within sound commercial guidelines. Additionally, as Turk 
Eximbank borrows from international financial markets regularly and its financial soundness affects 
its borrowing costs, a sound financial structure gains more importance. In this context, it is very important to implement effective strategies and proc edures to control credit risk, liquidity risk, and 
asset/liability risk. Besides, Turk Eximbank re quests credit ratings from Standard & Poor's, 
Moody's and Fitch regularly each year in order to tap the international money and capital markets regularly on its own, without the guarantee of the Treasury. The Bank's management believes that credit ratings provide wider access to capital markets and as such reduce the cost of borrowing.  
Turk Eximbank provided a total export financing support of USD 30.3 billion in terms of financing 
support and pure cover, which accounted for 21% of Turkey's exports in 2015. 
c.   Turk Eximbank's International Obligations 
While implementing its programs and forming strategies, Turk Eximbank is committed to 
conforming to the internationally accepted rules and regulations set by the WTO, the OECD Consensus, the EU and the Berne Union. In 1994, Turk Eximbank became a full member of 
the Berne Union, an international association of export credit and investment insurers, and has 
been representing Turkey in the Export Cred its and Credit Guarantees Group (ECG) of the 
OECD Trade Committee since 1998, when Turkey beca me a full member of th e Group. Turkey also 
became an observer member of the Participants' Gr oup (PG) of the OECD at the end of 2006; Turk 
Eximbank has been representing Turkey in th is Group since then. The Bank makes regular 
reporting and notifications to the Berne Union, the ECG, the PG and the WTO.  
As part of its obligations under the Customs Union Decision, Turkey has harmonized its legislation 
with that of the EU with respect to officially su pported export credits. Within this framework, the 
OECD Consensus principles on officially supported export credits with a repayment term of two or more years have been adopted on 23 January 1996; the Undersecretariat of Foreign Trade issued 
a Communiqué (Export 96/12) in the Official Gazette (No: 22532) and Turk Eximbank is in charge 
of the execution of this Communiqué whose guidelines are in parallel to the principles of the OECD Consensus. Additionally, since Turkey is a full member of the ECG and an observer member 
of the PG, she complies with the Arrangement on  Officially Supported Export Credits. Turk 
Eximbank has been spending efforts to achieve a harmonization of conditions and thus a level 
playing field among ECAs at European and OECD le vel. Hence, the Bank joins regular meetings of 
the ECG and PG and closely monitors the developments in the Groups. Besides, she complies with 
the reporting requirements of the Creditor Report ing System (CRS) of the ECG; also provides the 
details of the level of officially supported export credits activity on a six monthly basis. Additionally, the Bank completes the biannual cash flow questionnaire and  updates her chapter in 
the Yellow Book of the OECD, which explains  the Export Credit Financing Systems in 
OECD Member and Non-member Countries. Various reporting are made and questionnaires are filled under such subjects as "environment" and "bribery in international transactions". After Turkey's observer membership to the PG, the Bank has also begun to carry out "payment 
experience reporting" and "premium feedback tools". 
Turk Eximbank has to act in conformity with international rules and regulations as well as sound 
underwriting principles. As a full member of Berne Union since 1994, she has already adopted 
guiding principles set by the Union and sends pe riodic reports, regarding insurance and lending 
activities, non-payment situations, the terms of cover offered and commitments/offers available, to the Union.  
Turk Eximbank is also bound by  the Agreement on Subsidies and Countervailing Measures of the 
WTO. As is known, in this Agreement, export subsidies including those illustrated in Annex I are prohibited subsidies. Item (k) of this Annex states that export credits at rates below government's cost of funds are prohibited subsidies. Item (j) of  the Annex states that export credit guarantee or 
insurance programs at premium rates inadequate to cover long-term operating costs and losses of 
program are prohibited subsidies.  G/AG/W/125/Rev.5/Add.2 
 
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  3. Total value of export of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programmes and use per programme  2015 – 742,359,673 USD (by export credit insurance programme). 
2015 – 1,056,589,000 USD (by export credit programme). 
In 2015, Turk Eximbank has not provided any buyer or supplier credits for the export of agricultural products under its International Trade Finance Programs. 
 
4. Annual average premium ra tes/fees per programme:  
 2015 - 0.33% (for export credit insurance programme); 
2015 – N.A. (for export credit programme); 
2015 – N.A. (for buyers' credit and guarantee programme).  
5. Maximum repayment terms per programme:  
 2015 = 360 (for export credit insurance programmes) 
2015 = Credit programmes: maximum 720 days. 
 Long term credit programmes: 10 years. 
 2015 = Currently, maturity of the any export faci lity provided for the export of agricultural 
products under International Trade Finance Programs cannot be longer than two years. The 
maximum maturity of the export credits provided fo r the exportation of agricultural products under 
the International Trade Finance Programs shall be limited in the forthcoming years in line with 
the WT/MIN(15)/DEC Ministerial Decision of World Trade Organization dated 19 December 2015. 
(for buyers' credit and guarantee programme)  
6. Annual average repaymen t periods per programme:  
 2015 = 31 – 120 days (for export credit insurance programme) 2015
5 = Short term credit programmes: 91 days. 
 Middle and long term credit programmes: 1035 days. 
2015 = N.A. (for buyers' credit and guarantee programme)  
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  
 
Turk Eximbank does not have sector specific programmes, therefore same conditions (premium 
rates, repayment terms, and average annual repayment periods) apply for all sectors under the export credit programmes and export credit insurance programmes. No "product-country of 
destination" data is kept.  
 
                                               
5 As of September 2015. G/AG/W/125/Rev.5/Add.2 
 
- 53 - 
 
  United States of America 
1. Description of the programme 
 a.   USDA: Export Credit Guarantee Program (GSM-102) 
The US Department of Agriculture's (USDA) GS M-102 programme provides credit guarantees to 
assist in the financing of commercial exports of US agricultural products. The GSM-102 programme  
guarantees credit extended by the private banking sector in the United States (or, less commonly, 
by the US exporter) to approved foreign banks using dollar-denominated, irrevocable letters of 
credit for purchases of US food and agricultural  products by foreign buyers. The terms of the 
commercial financing extended must be consistent with the credit guarantee but are not otherwise dictated under the programme. The Commodity Cred it Corporation (CCC) is a government-owned 
and operated entity within the USDA, which issues the credit guarantees. GSM-102 covers credit 
terms of up to 18 months, but the maximum terms may vary by country. CCC guarantees payments due from approved foreign banks to exporters or financial institutions in the 
United States. However, the financing must be  obtained through normal commercial sources. 
Typically, 98% of principal and a portion of interest are covered by a guarantee. 
Classification: the GSM-102 programm e is a "risk cover" programme.  
Relevant legislation: the Agricultural Trade Act of 1978, as amended (7 U.S.C. 5622 and 
7 U.S.C. 5641). 
b.   Export-Import Bank: Export Credit Insurance Program 
The Export-Import Bank (ExIm) of the United St ates export credit insurance programme allows 
applicants to have confidence in the success of their export sales by limiting international risk of 
default, offering credit to international buyers, and enabling access to working capital funds. The Export Credit Insurance Program offers four types of insurance policies that may be used to cover 
export of agricultural commodities: Short-Term Single Buyer Export Credit Insurance Policies for 
Exporters; Bank Letter of Credit policies; Financial Institution Buyer Credits; and Multi-Buyer Policies. No ExIm programme is designed to support agricultural products specifically, rather 
agricultural products are treated as general exports and receive no special preference or 
treatment. Bulk agricultural commodities may qual ify for ExIm insurance on terms up to 360 days 
and qualify for 98% coverage for any commercial or political losses. The export items must meet ExIm Bank's US content requirements as outlined at http://exim.gov/generalbankpolicies/content/
short-term-content-policy.cfm.   
Classification: the Export Credit Insurance programme is a "risk cover" programme.  
Relevant legislation: Export-Import Bank Act of 1945, as amended. See also: 
http://www.exim.gov/about/whoweare/charterbylaws/.  
More information regarding Ex-Im's Export Credit Insurance programme is available at 
http://exim.gov/products/exportcreditinsurance/ . 
2. Description of Export Financing Entity 
 a.   USDA: the Commodity Credit Corporation (CCC) is a government-owned and operated entity 
within the USDA. CCC was created to stabilize, support, and protect farm income and prices. 
CCC also helps maintain balanced and adequate supplies of agricultural commodities and aids in 
their orderly distribution. 
b.   Export-Import Bank: Export-Import Bank of the Un ited States is the official export credit 
agency (ECA) of the United States. ExIm is an independent, self-sustaining federal agency that 
provides export credit support for exports generally. ExIm provides export credit support on a non-discriminatory basis. The Bank provides a variety of financing mechanisms, including 
working-capital guarantees, export-credit insurance and financing to help foreign buyers purchase 
U.S. goods and services. G/AG/W/125/Rev.5/Add.2 
 
- 54 - 
 
  3. Total value of export of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programmes and use per programme  a.   USDA: Total value of exports of agricultural products covered by the GSM-102 programme for 
US Fiscal Year
6 2015 was USD 1,826,433,581.  
b.   Export-Import Bank: Total value of exports of agricultural products covered by the Export 
Credit Insurance programme for US Fiscal years 2013-2015: 
 
Fiscal Year Value of Agricultural Shipments  
(in USD) 
2013 662,048,725 
2014 599,381,501 
2015 663,392,462 
 
4. Annual average premium rates/fees per programme 
 
a.   USDA: for US fiscal year 2015, the average fee for the GSM-102 programme is USD 0.66 per 
USD 100 of guarantee coverage. 
b.   Export-Import Bank: in US fiscal year 2015, the weighted average premium (by shipment 
value insured) charged on the portion of ExIm ST insurance which covered agricultural products 
was: 0.3835%. For fiscal years 2014 and 2013, the weighted average premiums were 0.4099% and 0.4272%, respectively. 
For US ExIm short-term insurance programmes which may support bulk agriculture products, 
premium rates are paid on actual shipments, which are reported to the Bank on a monthly basis. Premium rates vary depending on tenor, risk of fo reign buyer's country, risk of the foreign buyer, 
and the indemnity level. (ExIm uses the OECD country risk rating as a proxy for country risk.)  
More information regarding ExIm's Export premium rates for Short-Term Insurance programme is 
available at http://exim.gov/tools/exposurefees/.   
5. Maximum repayment terms per programme 
 
a.   USDA: for US fiscal year 2015, the maximum repayment term for the GSM-102 programme is 
18 months.  
b.   Export-Import Bank: under the Export Credit Insurance Program, on a case-by-case basis, 
bulk agricultural commodities may be insured on terms up to, but not exceeding, 360 days. 
6. Annual average repaymen t periods per programme 
 
a.   USDA: for US fiscal year 2015, the average repayment period for the GSM-102 programme is 
14 months. 
b.   Export-Import Bank: the typical repayment period for the agricultural products under the 
Export Credit Insurance Program is 180 days. 
                                               
6 The US Fiscal Year runs from 1 October – 30 September. G/AG/W/125/Rev.5/Add.2 
 
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  7. Export destination or group of destinations per programme 
a. USDA: GSM-102 program for US Fiscal Year 2015 
Export Destinations 
Africa Middle East Region 
Caribbean Region 
Central America Region 
China Region 
Korea, South 
Mexico 
South America Region 
South East Asia 
Turkey 
 b. Export-Import Bank: Export Credit Insu rance program for US Fiscal Years 2013-2015 
Export Destinations 
Africa and Middle East 
Asia 
Caribbean 
Central America 
Europe 
North America 
Eurasia 
Southeast Asia and Oceania  
South America 
 
8. Programme use by product or product group 
a. USDA: The GSM-102 program usage by commodity for US Fiscal Year 2015 
US Fiscal Year 2015  
 Annual Value of Exports  
(in USD) 
Animal feed products 64,449 
Corn gluten feed 2,100,000 
Cotton 70,436,900 
Distiller's dried grains 29,521,098 
Grain sorghum 25,510,204 
Grapefruit, fresh 26,800 
Grocery items 172,120 
Lemons, fresh 94,610 
Lentils 95,634 
Pork meat 438,728 
Poultry meat 5,574,989 
Rice 139,889,639 
Soybean hull pellets 333,795 
Soybean meal 260,912,189 
Soybean oil 49,862,650 
Soybeans 488,003,197 
Tallow 737,400 
Wheat 296,416,102 
White corn 1,554,960 
Wine 1,008,784 
Yellow corn 453,679,333 
 G/AG/W/125/Rev.5/Add.2 
 
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  b.1 Export-Import Bank: Export Credit Insu rance program shipments of agricultural 
commodities for US Fiscal Year 2015 
US Fiscal Year 2015 Shipment Amount 
(in USD) 
Animal feed and supplements 34,759,268 
Beverages (including alcoholic) 31,141,957 
Chicken eggs 24,312,750 
Coffee tea and spices 7,727,179 
Confectionery, various 72,056,139 
Corn 361,283 
Dairy products 79,816,629 
Flour 7,111,844 
Fruits, vegetables, and nuts, fresh, frozen, canned, or dried 32,080,479 
Grains and beans 7,846,536 
Live plants and cut flowers 5,195,594 
Meat (except poultry) 115,499,071 
Miscellaneous crops 32,853,983 
Miscellaneous non-processed foods fresh or frozen 20,817,572 
Oilseeds and vegetable oil 427,278 
Other farm product raw material 7,134,871 
Poultry 4,157,038 
Processed foods including canned and frozen 36,780,453 
Tobacco and tobacco flavouring 1,195,780 
Miscellaneous agricultural products 142,447,681 
b.2 Export-Import Bank: Export Credit Insu rance program shipments of agricultural 
commodities for US Fiscal Year 2014 
US Fiscal Year 2014 Shipment Amount 
(in USD) 
Animal Feed and Supplements 31,216,978 
Beverages including Alcoholic 34,243,844 
Chicken Eggs 27,552,534 
Coffee, Tea, Spices 7,269,171 
Confectionery, Various 39,384,685 
Corn 1,433,001 
Dairy Products 88,417,263 
Flour 3,080,436 
Fruits, Vegetables and Nuts, fresh, frozen, canned or dried 32,336,343 
Grain and Beans 354,711 
Grains 12,744,656 
Live Trees, Plants, Cut Flowers 8,075,344 
Livestock 42,872 
Meat, Fish, Seafood 113,791,242 
Miscellaneous Crops 1,310,793 
Miscellaneous Edible Preparations 1,702,114 
Oilseeds and Vegetable Oil 340,121 
Other Farm Product Raw Material 7,119,693 
Processed Foods, including Canned and Frozen 188,567,465 
Tobacco and tobacco flavouing 398,237 
 G/AG/W/125/Rev.5/Add.2 
 
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  b.3 Export-Import Bank: Export Credit Insu rance program shipments of agricultural 
commodities for US Fiscal Year 2013 
US Fiscal Year 2013 Shipment Amount 
(in USD) 
Animal Feed and Supplements 31,292,407 
Chicken eggs 23,280,487 
Coffee, Tea, Powdered Drinks, and Beverages including Alcoholic 44,596,621 
Confectionery, various 30,336,736 
Corn 20,892,300 
Cotton 55,046,328 
Cut Flowers and Ornamental Foliage 4,539,368 
Dairy Products 64,018,069 
Beans 486,303 
Flour 3,129,657 
Fruits, Vegetables and Nuts, fresh, frozen, canned or dried 66,121,178 
Grains 26,976,103 
Grass seeds 2,997,268 
Meat 145,827,082 
Oilseeds and Vegetable oil 296,700 
Other (Honey, spices, and hides) 1,520,733 
Processed foods, including canned and frozen 139,849,618 
Tobacco and Tobacco Flavoring 841,767 
 
 
 G/AG/W/125/Rev.5/Add.2 
 
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  Viet Nam 
1. Description of the programm e (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export credit  support) and relevant legislation 
2. Description of Export Financing Entity 
3. Total value of export of agricultural 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 
 1. Investment credit and export credit of the State: Following the Decree 75/2011/ND-CP and 
Decree 54/2013/ND-CP dated 30/8/2011 of investment  credit and export credit of the State: 
The exporters have export contracts and foreign importers importing goods contracts under the list 
of commodities for export credit loans are the loans for the contract (Ministry of Finance, the State 
Bank) 
 Scope and adjusting object  
Scope of the Decree, including: 
a.   Investment credit, including: investment loans and investment support later. 
b.   Export credits include export loans (for exporters and importers of foreign loans). 
Regulation objects, including: 
a.   The enterprises, economic organizations, bu siness 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 orga nizations 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 loan s 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 catalogue items of export credit loans by 
government regulations. 
 Loan Conditions:   
 
The business must have the following conditions: 
- There are plans for aquaculture for export is effectively the Viet Nam Development Bank 
appraisal and loan approval; Have the legal capacity and capacity for civil; G/AG/W/125/Rev.5/Add.2 
 
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  - Enterprises must fully implement the provisions  of the loan guarant ee under the provisions 
of existing laws, to purchase property insurance in an insurance business lawfully operating in Viet Nam for the property formed  from loans subject to compulsory insurance 
during the term of the loan; 
 
- Enterprises have to perform accounting, financial reporting in accordance with law; annual 
financial statements must be audited by an agency, an independent audit. 
 
Loan rates:  Maximum lending rates by 85% of the total demand for aquatic animal feed for export under 
the plan was the Vietnam Development Bank apprai sal and loan approval, and to ensure the loan 
level maximum for each object is borrowed does not exceed 15% of actual charter capital of Vietnam Development Bank. 
 
Loan term:   
The loan term is determined by the ability to with draw funds in accordance with the characteristics 
of each loan plan to buy feed seafood export  has been serving the Vietnam Development Bank 
appraisal and approval loans, but the lending period for each loan not exceeding 12 months.  
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