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While the return of liquidity since the financial crisis has improved the volume of bank finance available, the continued implementation of Basel III regulations is leading many ECAs to introduce new funding programs, particularly towards refinancing in the capital markets, which allows banks to reduce the size of their balance sheets. Since these new programs were either announced or used for the first time in 2014, their impact is yet to be determined.

Refinancing Programs

  • Hungary – administered by Hungarian Export-Import Bank under the “Export Promoting Credit Program”

Funding Programs

  • United Arab Emirates – announced the creation of the Shariah compliant, Dubai EXIMBANK
  • Italy – administered by ABI and CDP, announced creation of “Plafond Export”
  • Spain – administered by CESCE and approved in 2012; issued its first guarantee
  • France – administered by BPI, announced creation of direct lending program that targets SMEs
  • United Kingdom – re-launched its “Direct Lending Facility” with higher cap schemes and additionality requirements

Capital Markets

  • United Kingdom - committed £5 billion to “Export Refinancing Facility” program, administered by UKEF, which provides refinancing in capital markets for loans over £50m
  • France – BTMN program administered by BPI issued its first capital market issuances