RESTRICTEDWORLD TRADE
ORGANIZATIONG/AG/NG/S/13
26 June 2000
(00-2630)
Committee on Agriculture
EXPORT CREDITS AND RELATED FACILITIES
Background Paper by the Secretariat
Introduction
1. The present background paper has been prepared by the Secretariat in response to a request
that was originally made in the context of the AIE process for a background paper on export credits
and related facilities (G/AG/R/ 18, paragraph 33(xv), refers).
2. This paper is divided into the following sections:  (i) Export credit practices – general;
(ii) Providers of export credits and related facilities – Export Credit Agencies;  (iii) The Berne Union;
(iv) The Export Credit Arrangement at the OECD;  (v) WTO Members having export credit agencies;
(vi) Data on export credits;  (vii) Some Other Aspects.  "Related facilities" is short hand for other
forms of support for export credits, such as export credit insurance and guarantees.
Export Credit Practices - General
3. In the ordinary course of business firms seeking to conclude contracts to sell their products to
foreign buyers will normally have a preference for the agreed price to be settled on delivery of the
goods, or in conjunction with the exchange of shipping and other documents under which title to the
goods passes from the seller to the buyer.  However, competitive conditions in world markets for the
product concerned may be such that exporting firms are prepared to enter into arrangements under
which payment of the contract price by the importer is deferred over an agreed period of time.
Customary terms of trade for particular products and markets may involve credit terms.  It is alsoapparently the case that certain import enterprises stipulate minimum terms with respect to length of
repayment and interest rates as conditions of purchase.  Thus, in addition to competing on the basis of
such matters as the quality and price of their products, as well as delivery times, exporting firms may
have to be in a position to offer attractive financing arrangements if they are to compete successfully.
4. There are two main elements in an export credit:  the "financing" element and the "risk"
element.  Both are closely related.  They are in fact two sides of a coin.
5. The financing element relates to the arrangements under which the financial terms and
conditions of an export contract as agreed between the exporter and the importer, or their
intermediaries, are to be financed.  These terms and conditions will cover, in addition to the contract
price itself, such credit-related matters as the length  of the credit, the rate of interest payable, the
proportion of the contract value that is required to be paid as a down-payment, as well as the
scheduling of the payments that are to be made by the importer in respect of the balance of the
contract price, and any fees payable.  Such contracts will, of course, cover a wide range of other
financial and non-financial matters.G/AG/NG/S/13
Page 2
6. The arrangements for financing such export credits can take a variety of forms.  They may be
financed by the exporting firm from its own cash resources as such, or through a subsidiary
specialised in the financing of the firm's domestic and export sales.  Alternatively, the export
transaction may be financed through a commercial bank in the exporting country in the form of a
financial trade-related credit provided to the ex porting firm.  In both cases the transactions are
referred to as "supplier credits".  Where the financing of an export credit is instead extended through a
commercial bank in the exporting country, either directly to the foreign buyer or to the foreign buyer's
bank in the importing country, the transaction is referred to as a "buyer credits".
7. In each of these cases the party financing an export credit, the exporter or the lending bank,
incurs certain risks against which insurance cover can be obtained through financial institutions
specialised in trade financing and insurance.  Export credit insurance policies enable lenders under
supplier and buyer credits to be reimbursed for losses arising from payment delays or non-paymentresulting from "commercial" and or "country" risks.  Commercial risk is the risk of non-payment by a
private-sector buyer or borrower arising from default, insolvency or failure to take delivery of goods
that have been shipped according to the supply contract.  Country risks are the risks of
borrower/importer country government actions that prevent, or delay, the repayment of export credits
(e.g., foreign exchange restrictions, sometimes referred to as "transfer risk") and other borrowercountry risks (e.g., civil war, physical disaster, etc.).  Another category of insurable risk is "sovereign
risk".  This is the risk that an export credit or lo an extended to an importer, which is backed by the
importing country's "good faith and credit" (for example, a guarantee issued by the Minister of
Finance on behalf of the government of the importing country), will not be honoured in a timely
manner.
8. Export credit "guarantees" are commitments by sp ecialised export credit institutions in the
exporting country to reimburse a lender if the borrower fails to repay a loan.  The lender pays a
guarantee fee.  While guarantees could be unconditional, they usually have conditions attached to
them, so that in practice there is little distinction between credits which are guaranteed and credits
which are subject to insurance.
9. The premiums for such insurance (and guarantees), which are usually payable in advance,
vary according to the terms and conditions of the expo rt credits, in particular their duration, as well as
according to the credit rating or risk status: (i) of the importer or the importer's bank and (ii)of the
importing country concerned.
Providers of Export Credits and Related Facilities – Export Credit Agencies
10. There are two principal providers of such facilities or services: private sector banks and
financial institutions specialised in trade financing, acting either on their own account or on behalf ofgovernment, on the one hand, and, on the other, official or governmentally directed export credit
agencies (sometimes referred to as ECAs).
11. Private sector institutions have in the past tended to concentrate on the short term (up to one
year) end of the export financing and insurance business, particularly in respect of exports to the
lower risk high-income and more advanced economy markets.  With the development of moresophisticated financing and securitisation techniques, as well as more probative commercial and
country risk assessment methods, private sector operators have started to become more active in
medium and longer term business, and in a wider range of markets.  Nevertheless, there remain many
markets which are off limit on commercial grounds for private sector operators.
12. Export credit agencies, which in most cases have been established as part of general
government policies to facilitate and promote national exports, are extensively involved in theG/AG/NG/S/13
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financing and insurance of national exports to a wide range of markets, for both short and longer term
business.  They compete with each other and with their private sector counterparts.
13. Export credit agencies can take a variety of forms.  The relationships between export credit
agencies and their governments (sometimes referred to as their "guardian authorities") are varied and
often complex.  They can be departments within a go vernment ministry or within a state owned bank,
separate government corporations or agencies operating under legislative authority or government
direction, or entirely  private financial institutions which, in addition to their normal commercial
operations, undertake export credit business on instruction from and for the account of their
governments.
14. Export credit agencies conduct much of their business on a commercial basis, particularly
where they have to compete with private sector operators.  However, having regard to the risks
inherent in the nature of  longer term export credits and insurance, and to the fact that in many casesexport credit agencies have been established to promote national exports, conducting business on a
"break-even" basis might more accurately describe their overall financial objectives.  To a large extent
this sort of approach can be said to be reflected in the provisions of paragraph (j) of the SCM
Illustrative List of Export Subsidies, which refers to:  "The provision by governments (or special
institutions controlled by governments ) of export credit guarantee or insurance programmes, ofinsurance or guarantee programmes against increases in the cost of exported products or of exchange
risk programmes, at premium rates which are inadequate to cover the long-term operating costs and
losses of the programmes.".
15. The income of export credit agencies is derived from the premiums and fees which they
charge plus related investment income.  Their general financial position will thus depend on the extentto which, over time, such income is sufficient to meet claims paid minus recoveries, as well as the
agencies' administrative operating expenses.  At various stages in the past a number of export credit
agencies have incurred substantial losses and their governments, by whom in the last resort many
agencies are backed financially, have had to bail them out.  This situation led to the charging of
premiums that were more risk-based and to other re forms, including in some cases the privatisation of
at least some of the business of  a number of export credit agencies.
16. The support which official export credit agencies provide (but see next paragraph regarding
"market windows"), whether in the form of export credit insurance and guarantees in respect of
supplier and buyer credits ("pure cover"), or in the form, for example, of export credits ("direct
financing"), is referred to as "official support".  Thus when an exporting firm arranges a credit or line
of credit with a private bank to finance an export transaction and this export financing arrangement is
then insured by the national export credit agency, it is referred to as an "officially supported exportcredit" (see paragraph 26 below).  The results, in effect, are or can be twofold:  one is that the national
export credit agency assumes, or covers, the risks in volved (generally with respect to somewhat less
than 100 percent of the amount of the credit) at premiums which may not necessarily be risk or
market based;  and the second is that, given thei r governmental or quasi governmental status and
associated credit ratings, interest rates on the export credit transaction may tend to be lower thanwould otherwise be the case.  Export credit agencies will normally seek to minimise their exposure to
risks which they assume by requiring, for example, securities from the importer's bank or guarantees
from the government or central bank of the importing country.
17. However, not all support provided by government owned or controlled export credit agencies
is considered to be "official support".  Many export credit agencies conduct what they consider to becommercial business through so-called "market windows", with separate "national interest accounts"
being used to segregate insurance cover to, or financing for, transactions which are not otherwise
eligible for support on the basis of the normal criteria of the agency, either because of the size of the
transactions in question or risks involved.G/AG/NG/S/13
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18. In this context, it may be noted that export credit agencies are not necessarily the only
medium through which exports of agricultural products may benefit from export credits on terms
which, directly or indirectly, are influenced by some form of government action or assistance.  One
possible example is where state trading export enterprises or export marketing bodies enjoy, by virtue
of their governmental status or relationship, access to funds at special rates, or at rates close togovernment cost of borrowing from commercial sources, and are able to finance exports on
credit/deferred payment terms that are more competitive than would otherwise be the case.  Other
examples would include situations where losses incurred in respect of deferred payment or credit
arrangements entered into by such bodies ultimately are either met or refinanced by governments, and
where a government department, on an ad hoc basis, provides interest rate subsidies or support in one
form or another.
Export Credit Agencies: The Berne Union
19. Many export credit agencies cooperate through the London-based Berne Union ("The
International Union of Credit and Investment Insurers") which was established in 1934 as part of
efforts to curb undisciplined export promotion through export credits.  One of the main purposes of
the Berne Union is "to work for the international acceptance of sound principles of export credit
insurance and the establishment and maintenance of discipline in the terms of credit for internationaltrade".  This has been accomplished over the years through understandings and agreements regarding
terms of payment and reporting and information exchange requirements.  The Berne Union and its
members have also played an increasingly important role in the management of recent financial crises
in helping to maintain trade and investment flows in the affected regions.
20. As well as defining of basic terms, the Berne Union General Understanding establishes, for
seven categories of goods and services, criteria relating to:  "starting-point of credit";  "length of
credit";  "down payment";  and "instalments".  There is no separate category for agricultural products.
But for those agricultural products covered by the Berne Union  "Consumer Goods" category ("goods
generally of short economic life intended for consumer consumption … which includes similar goods
when bought by commerce and industry") the stipulat ed maximum length of credit is six months (with
no requirements stipulated in respect of down paym ents or instalments).  The General Understanding
also notes that "experience has shown that it is normally sound underwriting practice for credit terms
to be related to the nature of the goods".  The same conditions are applicable to agricultural "raw
materials".
21. Under "Sector Agreements" spec ial conditions apply for certain agricultural products.  The
normal credit terms for "Breeding Animals" are 180 days.  Permitted maximum credit terms for
(breeding) cattle are:  two years credit for contracts over $150,000 and three years for contracts over$150,000 but, where more than 2 years credit is granted, a down payment by delivery of 15% of the
contract price should be stipulated.  For "Agricultural Vegetable Reproduction Material" maximum
credit terms of 360 days are permitted.  For hides and skins there are information exchange
procedures.
The Export Credit Arrangement at the OECD
22. Although "agricultural commodities" are expressly excluded from the scope of the
Arrangement on Guidelines for Officially Supported Export Credits (the "Arrangement"), the general
structure of its provisions (as they relate to trade in industrial goods generally) is summarised here
because they serve as a basis for the efforts which have been underway since 1994 to develop
comparable disciplines on officially supported agricultural export credits.
23. The Arrangement, which was negotiated under OECD auspices in parallel with negotiations
on the Tokyo Round Code on Subsidies, entered in to force in April 1978.  The Arrangement is aG/AG/NG/S/13
Page 5
"Gentlemen's Agreement" among its Participants.  It  is not as such a formal OECD Act, although it
receives the administrative support of its Secretariat.  Australia, Canada, the European Community
and its member States, Japan, Korea, New Zealand, Norway, Switzerland and the United States are
Participants to the Arrangement.  Other countries willing to apply the Arrangement's guidelines may
become  Participants following prior in vitation of the existing Participants.
24. The main purpose of the Arrangement is to provide an institutional framework for the orderly
use of officially supported export credits.  The Arrangement seeks to encourage export competition
among its Participants based on quality and price of goods rather than on the most favourable
officially supported export credit terms.
25. The Arrangement applies to officially supported export credits with repayment terms of two
years or more.  (Officially supported transactions with repayment terms of less than two years would,
for the national export credit agencies of Participants which are Berne Union members, be governedby Berne Union arrangements.)  The Arrangement also addresses the circumstances in which official
support in the form of tied aid (trade-related tied and partially untied aid ) may be given and/or mixed
with officially supported export credits.
26. "Official support" can take the form of direct credits/financing, refinancing, interest rate
support, aid financing (credits and grants), export credit insurance and guarantees.  Official supportwhich takes the form of direct credits/financing, refinancing and interest rate support is referred to as
"official financing support" and export credit insurance and guarantees are referred to as "pure cover".
(Most support for agriculture export credits takes the form of pure cover.)
27. The main provisions for officially supported export credits are as follows:
(a) "Cash payments" – 15 percent of the export contract value (excluding local costs and
interest), payable at or before the starting point of the credit.  Such payments may not
be officially supported, except that pure cover is permitted in respect of the "usual
pre-credit risks";
(b) "Maximum repayment terms" – five years for Category I countries, those which are
on the World Bank's graduation list for IBRD loans (GNP per capita above $5280 in
1998), with the possibility of eight and a half years being agreed as a "permitted
exception" subject to prior notification.  For other countries, those in Category II, the
maximum repayment is ten years.  (It may be noted that these terms relate to capital
goods and services and projects.  Any maximum repayment terms for perishable and
other agricultural products could be expected to be more in line with the Berne Union
terms outlined above, i.e., 6 months/180 days with certain exceptions.);
(c) "Repayment of principal" – normally in equal and regular instalments not less
frequently than every six months, with the first instalment to be made no later than
six months after the starting-point of the credit;
(d) "Payment of interest" – six monthly;
(e) "Minimum interest rates" – Commercial Interest Reference Rates (CIRRs) are
stipulated as  the minimum rates in the case of "official financing support" (i.e.,
"direct credits/financing, refinancing and interest rate support").  This minimuminterest rate requirement does not apply where "official support" takes the form of
"pure cover", so that export credit agencies are able to provide official support in the
form insurance for private sector export credits in respect of which the interest rate is
below the relevant CIRR.  CIRRs are, inter alia, intended to represent finalG/AG/NG/S/13
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commercial lending interest rates in the domestic market of the currency concerned
and should closely correspond to the rate for first-class domestic borrowers.  There is
a CIRR for the currency of each participant to the Arrangement, which is constructed
based upon long-term bond yields for that participant plus a fixed margin (which for
most currencies is 100 basis points, i.e., one percentage point).  A CIRR in thecurrency of a non-participant may be constructed using what are referred to as
"common line" procedures (see paragraph 33, below).  CIRRs are calculated and
published by the OECD Secretariat on a monthly basis.  There are specific provisions
on official support for "cosmetic" interest rates, i.e., where a nominally low interest
rate must be compensated by other elements of an export financing arrangement.
(The treatment of official financing support for export credits at floating rates is
something of a grey area.);
(f) "Minimum premium" – minimum risk-based premium benchmarks, varying
according to the quality of cover being provided, are required to be charged for
sovereign and country credit risk for official support provided through direct
credits/financing, refinancing, export credit insurance and guarantees.  There arereview procedures to ensure that, over time, premium rates remain commensurate to
risk and do not become inadequate to cover long term operating costs and losses;
(g) "Validity period for export credits" – credit terms and conditions for an individual
export credit or line of credit are not to be fixed for a period exceeding six months.
28. The Arrangement also addresses the circumstances in which official support in the form of
trade-related tied and partially untied aid (referred to throughout the Arrangement as tied aid) may be
given and/or mixed with officially supported export credits.
29. Tied aid is aid which is tied to the purchase of goods and/or services from the donor country;
such aid can assist both donor and recipient countries by enabling the financing of capital
infrastructure projects to the benefit of the recipient country, and by promoting exports of the donor
country.
30. The Arrangement sets minimum concessionality levels for transactions which incorporate tied
aid credits and grants:  50% concessionality level for the poorest "Least Developed Countries"
(LLDCs) as classified by the UN, and 35% concessionality level for all other developing countries.
31. Tied aid is prohibited for countries which are not eligible for 17-20 year loans from the World
Bank (currently those with a GNP per capita income in excess of $3,125 based on 1997 data) and for
"commercially viable" projects (except for LLDCs), i.e.  projects that generate cash flow sufficient to
cover the operating costs and to service the capital employed.
32. The ability of a Participant to the Arrangement to "match" export credit terms and conditions
of other participants, or those supported by a non-Participant, is a key feature of the Arrangement.The Arrangement makes provision for the possibility of export credits being supported on terms that
"derogate" from the Arrangement, notwithstanding a "No derogations Engagement".  The
Arrangement also makes provision for  a number of "permitted" exceptions.  In either case recourse is
subject to "prior notification" and to "waiting period" procedures to enable discussions to be
undertaken before the Participant concerned, unle ss it withdraws its proposal, issues a commitment,
either on the terms and conditions initially proposed, or as modified in the light of the discussions
undertaken.  The right to match derogations, permitted exceptions, non-conforming terms and
conditions which are not notified, and to match terms and conditions offered by a non-participant, are
all subject to specific procedural requirements.  Broadly similar provisions are applicable in the case
of tied-aid.G/AG/NG/S/13
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33. The Arrangement contains extensive provisions for consultation and information exchange
relating to the broad  range of matters covered by the Arrangement, as well as for annual and specific
reviews.  There are also provisions relating to the development of a "common line", which is an
understanding between the Participants to agree the basis for official support in a given transaction or
in specific circumstances.  It may contain terms and conditions that are more or less favourable thanterms and conditions allowed under the Arrangement.  But the rules of an agreed common line
supersede the rules of the Arrangement only for the transaction or in the circumstances specified in
the common line.
34. Progressive improvement and extension of the scope its disciplines has been a characteristic
of the Arrangement since it came into effect in 1978.  Global untying, market windows, sectors
(including agriculture), and work on the definitional aspects of "official support" are part of the
further work being undertaken by the Participants to the Arrangement.
35. Finally, in this regard, it may be noted that, for non-agriculture products, an export credit
practice which is in conformity with the "interest rate provisions" of the Arrangement shall not be
considered an export subsidy prohibited by the WTO Agreement on Subsidies and Countervailing
Measures (see Footnote 5 to SCM Article 3.1(a) and paragraph (k) of the Illustrative List of Export
Subsidies, Annex I to the SCM Agreement ).
WTO Members having Export Credit Agencies/Programmes
36. There is no specific WTO requirement to notify the existence of export credit agencies as
such.  Under the SCM Article 25 notification series on subsidies (G/SCM/N/-), the notifications of the
following 12 Members make reference to export credit financing or insurance agencies or
programmes:  Brazil, "PROEX" (N/3/BRA);  Cyprus (N/38/CY P);  Czech Republic, "EGAP" &
"EEB" (N/48/CZE);  Egypt (N/38/EGY);  Latvia, "Latvijas Eksportkredits" (N/48/LVA);  Malaysia,
"ECR" (N/3/MYS);  Norway, "GIEK" (N/48/NOR );  Poland, "KUKE" (N/48/POL);  Thailand,
"EXIM BANK" (N/38/THA);  Turkey, "Turk Eximbank" (N/48/TUR);  and the United States, "Ex-Im
Bank" (N/38/USA).  No specific reference is made in these notifications as to whether agricultural
products are included or excluded from the programmes concerned.
37. Under the WTO notifications on state-trading pursuant to Article XVII:4(a) and paragraph 1
of the Understanding on the Interpretation of Article XVII (in the series G/STR/N/-), the following
Members make reference to export credit financing or insurance agencies or programmes:  Canada,
Canadian Wheat Board - "Commercial credit exports" & "Credit arrangements/long term contracts"
(N/1/CAN);  and the United States, Commodity Credit Corporation, "Export Credit Programmes:
GSM 102 & 103".
38. The membership of the Berne Union currently comprises forty-six export credit and
investment insurers, of which forty-four are from thirty-eight WTO member countries or territories
(these agencies are listed in the attachment hereto).  Some of these agencies may be investment
insurers only.  Others may limit their activities to financing exports of industrial products, although
this is not the case of one agency which describes its export underwriting activities as covering "all
types of goods and services, ranging from fruits and berries to ships and consultancy services".  Asthere are criteria for membership of the Berne Union, not all export credit agencies are members of
that body.  One writer on the subject of export credits lists ninety countries with export credit agencies
(see attachment hereto).
Data on Export Credits
39. There are various estimates of the importance of export credits in world trade.  One estimate
which is cited in the 1999 WTO Secretariat study on "Trade, Finance and Financial Crises" (at page 6)G/AG/NG/S/13
Page 8
is that about 90 percent of total world trade is conducted on a cash basis or with short term credits of
up to 180 days.  This would suggest that about 10 percent of world trade is conducted on the basis of
export credits whose terms are longer than six months.
40. The Berne Union Yearbook for 2000 indicates that  total business covered by its Members in
1998 (both short term and longer term credits), amounted to $380 billion which, with appropriate
adjustments, would represent about 10 per cent of  Berne Union members' total exports in 1998.  In
any event the general picture is one in which short term credits (of up to 1 year) predominate.  In 1998
such credits represented 84 percent of business covered.  Nearly all medium and long term business
(about $60 billion in 1998) involves risks on non-OECD countries.
41. Under the Committee on Agriculture's notification requirements (G/AG/2) no specific data
has been notified on budgetary outlays or revenue foregone in connection with subsidised export
credits, nor has any data specifically relating to quantities of agricultural exports which may havebenefitted from such measures been notified.  Indeed, as matters currently stand there is no
requirement to notify relevant data in connection with such measures in terms of Supporting Table
ES:1 unless the measures in question are considered to fall within the scope of one or other of the
subparagraphs of Article 9.1 rather than under Article 10.1 of the Agreement.
42. In general there has been a dearth of published information on agricultural export credits.
Preliminary statistics published recently by the OECD  for total officially supported export credit for
agricultural commodity allocations, relating to Part icipants to the Export Credit Arrangement at the
OECD, increased from $11 billion in 1995 to 18 billion in 1998 (for more detail regarding this and
export credit allocations by the main product groupings see: "OECD Agricultural Outlook, 2000-
2005", at page 51).  Some additional information on th e use of agricultural export credits is contained
in the Secretariat Note G/AG/NG/S/ 12 and in the Addendum thereto.
Agricultural Export Credits – Some Other Aspects
43. In terms of Article 10.2 of the Agreement on Agriculture WTO Members have undertaken to
work toward the development of internationally agr eed disciplines to govern the provision of export
credits, export credit guarantees or insurance programmes and, after agreement on such disciplines, toprovide export credits, export credit guarantees or insurance programmes only in conformity
therewith.  As noted above, efforts to devel op such disciplines have been underway amongst
participants to the OECD Arrangement since 1994.  The relationship of such disciplines as may be
worked out as a result of these efforts with the rules and commitments under the Agreement on
Agriculture, including appropriate provision for differential treatment in favour of least-developed
and net food-importing developing countries (in terms of paragraph 4 of the Marrakesh NFIDC
Decision and Article 16 of the Agreement on Agriculture), would no doubt be sorted out in the WTOat the appropriate stage.
44. Accordingly, as matters currently stand the only rules and disciplines on agricultural export
credits are those of the Agreement on Agriculture but only to the extent that such measures constitute
export subsidies for the purposes of the Agreement on Agriculture.  Where exports of an agricultural
product are considered to be subsidised through export credits or related facilities, ascertaining theexported quantities benefitting from such measures for the purposes of determining conformity with
export quantity reduction commitments would be r easonably straight forward.  Quantifying related
budgetary outlays and revenue foregone for the annual commitment level in question, using market-
related premium or interest rate benchmarks for example (it is not clear what, if any, role there might
be for export credit "subsidy equivalents" in this context), may be less straight forward but notnecessarily problematic.  In the latter case, given the dual nature of the export subsidy commitments
under the Agreement (quantity/outlays) the need in practice to conduct such an exercise would beG/AG/NG/S/13
Page 9
fairly remote.  The exception would be the budgetary outlays-only commitments on incorporated
products.
45. Finally, it may be noted that the Agreement on Agriculture contains provisions
(Article 10.4(a)) which, in effect, prohibit the tying of food aid to the purchase by the recipient of
other agricultural products (but not industrial products or services) from the donor country.  Inaddition, the last phrase of Article 10.1 ("nor shall non-commercial transactions be used to circumvent
reduction commitments") would be applicable to  international food aid transactions used to
circumvent reduction commitments.  On the other hand, there are no provisions of the Agreement on
Agriculture relating to tied or partially tied aid, or aid credits, as such.G/AG/NG/S/13
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Attachment
A: Membership of the Berne Union (Internationa l Union of Credit and Investment Insurers)
Argentina Compañia Argentina de Seguros de Crédito a la Exportación SA (CASC)
Australia Export Finance and Insurance Corporation (EFIC)
Austria Oesterreichische Kontrollbank Aktiengesellschaft (OeKB)
Belgium Office National du Ducroire (OND)Canada Export Development Corporation (EDC)China The People's Insurance Company of China (PICC)Cyprus Export Credit Insurance Service (ECIS)Czech Republic Exportní Garan ční a Pojišt'ovací Spole čnost, a.s. (EGAP)
Denmark Eksport Kredit Fonden (EFK)
Finland Finnvera plcFrance CofaceGermany Hermes Kreditversicherungs-AG (HERMES)
PwC Deutsche Revision Aktiengesellschaft Wirtschaftsprüfungsgesellschaft
Hong Kong (China) Hong Kong Export Credit Insurance Corporation (HKEC)
Hungary Hungarian Export Credit Insurance Ltd (MEHIB)
India Export Credit Guarantee Corporation of India Ltd (ECGC)Indonesia Asuransi Ekspor Indonesia (ASEI)Israel Israel Foreign Trade Risks Insurance Corporation Ltd (IFTRIC)Italy SACE
EULER-SIAC Società Italiana Assicurazione Credit SpA
Jamaica National Export-Import Bank of Jamaica Ltd (EXIMJ)
Japan Export Import & Investment Insurance Department (EID/MITI)Korea (Rep. of) Korea Export Insurance Corporation (KEIC)Malaysia Malaysia Export Credit Insurance Bhd (MECIB)Mexico Banco Nacional de Comercio Exterior, SNC (Bancomext)
The Netherlands Nederlandsche Credietverzekering Maatschappij NV (NCM)
New Zealand EXGONorway Guarantee Institute for Export Credits (GIEK)Poland Export Credit Insurance Corporation (KUKE)Portugal Companhia de Seguro de Créditos, SA (COSEC)Singapore ECICS Credit Insurance Ltd (ECICS)
Slovenia Slovene Export Corporation, Inc. (SEC)
South Africa Credit Guarantee Insuran ce Corporation of Africa Ltd (CGIC)
Spain Compañia Española de Seguros de Crédito a la Exportación, SA (CESCE)
Compañia Española de Seguros y Reaseguros de Crédito y Caución, SA CyC)
Sri Lanka Sri Lanka Export Credit Insurance Corporation (SLECIC)
Sweden Exportkreditnämnden (EKN)
Switzerland Geschäftsstelle für die Exportrisikogarantie (erg)
The Federal Insurance Company Limited (Federal)
Chinese Taipei Taipei Export-Import Bank of China (TEBC)Turkey Export Credit Bank of Turkey (Türk Eximbank)United Kingdom Export Credits Guarantee Department (ECGD)
EULER Trade Indemnity plc
United States Export-Import Bank of the United States (Ex-Im Bank)
FCIA Management Company, Inc (FCIA)Overseas Private Investment Corporation (OPIC)American International Group, Inc. (AIG)
Zimbabwe Credit Insurance Zimbabwe Ltd (Credsure)
World Bank Group Multilateral Investment Guarantee Agency (MIGA)
Source: Berne Union Yearbook.G/AG/NG/S/13
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Attachment  (cont'd.)
B: Some other Export Credit and Investment  Insurers not Members of the Berne Union
Bangladesh Bank of Bangladesh
Barbados Central Bank of Barbados
Brazil Carteira de Comercio Exterior (CACEX)
Fundo de Financiamento a Exportaçao (FINEX)
Cameroon Fond d'Aide et de Garanties des Crédits aux Petites et Moyennes Enterprises   
  (FOGAP)
Ecuador Corporación Financiera Nacionál(CFN)
Fondo de Promoción de Exportaciónes (FOPEX)
Egypt Export Development Banque of Egypt (EDBE)
Greece Export Credit Insurance Organization (ECIO)Ireland Export Insurance Corporation of Ireland (ICI)Ivory Coast La Protection IvorienneLesotho Lesotho National Development Corporation (LNDC)Liberia National Bank of Liberia
Luxembourg Office National du Ducroire Luxembourgeoise (ODL)
Mauritius Development Bank of Mauritius (DMB)Pakistan State Bank of PakistanPeru Companía Peruana de Seguro de Crédito a la Exportación (SECREX)Romania Export-Import Bank of Rumania (R-EXIMBANK)Senegal Agence Sénégalaise d'Assurances pour le Commerce Exterieur (ASACE)
Swaziland Central Bank of Swaziland
Thailand Bank of Thailand (BOT)Trinidad and Tobago Trinidad and Tobago Development Finance Company
Trinidad and Tobago Export Credit Insurance Company (EXICO)
Uruguay Banco Central de Uruguay
Banco de Serguros del Estado
Venezuela Le Mundial C.A. Venezolana de Seguros de Credito (Le Mundial)Zambia Zambia Export and Import Bank (ZEXIM)
Source: "Managing Official Export Credits":  John E. Ray, Institute for International Economics (1995):
Appendix M (list of export credit agencies).
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