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Topic History of: The role of ECA’s in Latin American infrastructure
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Norman Anderson, CG/LA |
By Norman Anderson, President & CEO, CG/LA Infrastructure, LLC
ECAs provide a series of financial solutions to level the playing field for companies interested in regional investment that are unwilling to, or simply cannot accept country or credit risks in these emerging economies. Broadly speaking, ECAs offer a broad range of products, including credit guarantees; insurance; export credit; and coverage for political risk associated with expropriation, war and civil disturbance.
One of the consequences of tight credit markets is that Export Credit Agencies (ECAs) are filling the gap is this an emerging infrastructure strategy for Latin America? Key ECAs are: US Ex-IM; Canada: EDC; Brazil: Finame; France: COFACE; Germany: HERMES; Japan: JBIC; Spain and others (see below).
This is a giant shift in the way that business is done but is it temporary or permanent?
Despite a turbulent year in financial markets, ECAs increased their support to Latin America by 16%, over 10 billion dollars, in sectors such as air transportation, water, railroads, oil & gas, and manufacturing. In addition, Latin America currently accounts for 20% of all activities of the Ex-Im Bank of the United States, which reached maximum investment for the second time in the past five years. Meanwhile, Export Development Canada recently opened its fourth office in Peru to explore opportunities in the mining, energy, infrastructure, and telecom sectors.
Just yesterday, the Ex-Im Bank of the United States announced a preliminary commitment of US$1 billion to support the sales of equipment and technology to Ecopetrol, the Colombian oil company. "This preliminary commitment will help Ecopetrol expand its production base, contribute to Colombia's economic growth, and offer enormous opportunities to U.S. exporters to provide goods and services to this important market," declared Ex-Im Bank Chairman Fred P. Hochberg in his visit to Colombia.
Other infrastructure projects that have received ECA support include: Peru - Ferrocarril Transandino, which is renovating its railtrack using LB Foster equipment and the modernization of locomotives by MRS Logistica, one of the largest railway Brazilian firms that operates a 1,674-kilometer rail network linking the top three industrial centers Rio de Janeiro, Minas Gerais and Sao Paulo.
For a list of ECAs visit http://www.people.hbs.edu/besty/projfinportal/ecas.htm
Official Export Credit Agencies
Asuransi Ekspor Indonesia (ASEI, Indonesia)
Banco de Inversión y Comercio Exterior (BICE, Argentina)
Banco Nacional de Comercio Exterior SNC (Bancomext, Mexico)
BNDES-Exim (Ex-Finamex, Brazil)
Compagnie Francaise d. Assurance pour le Commerce Exterieur (COFACE, France)
Companhia de Seguro de Créditos S.A. (COSEC, Portugal)
Compañía Española de Seguros de Crédito a la Exportación, S.A. (CESCE, Spain)
Corporación Financiera Nacional Fondo de Promoción de Exportaciones (CFN/Fopex, Ecuador)
Credit Guarantee Insurance Corporation of Africa Limited (CGIC, South Africa)
Credit Insurance Zimbabwe (Credsure, Zimbabwe)
Croatian Bank for Reconstruction and Development (HBOR, Croatia)
ECICS Credit Insurance Ltd. (ECICS, Singapore)
Exgo (a division of State Insurance, New Zealand)
Export Credit Bank of Turkey (Turk Eximbank, Turkey)
Export Credit Guarantee Agency (ECGA, Oman)
Export Credit Insurance Corporation (Kuke, Poland)
Export Credits Guarantee Department (ECGD, UK)
Export Development Canada (EDC, Canada)
Export Finance and Insurance Corporation (EFIC, Australia)
Export Guarantee and Insurance Corporation (Egap, Czech Republic)
Export-Import Bank of India (I-Eximbank, India)
Export-Import Bank of Korea (Keximbank, South Korea)
Export-Import Bank of the Russian Federation (Eximbank, Russia)
Export-Import Bank of Thailand (Thai Exim, Thailand)
Export-Import Bank of Trinidad & Tobago (Eximbank, Trinidad & Tobago)
Export-Import Bank of the United States (EXIM, US)
Export Credit Insurance Organization (ECIO, Greece)
Export Kredit Fonden (EFS, Denmark)
Export Risk Guarantee Agency (ERG, Switzerland)
Exportkreditnamnden (EKN, Sweden)
Finnvera plc (Finnvera, Finland)
Guarantee Institute for Export Credits (GIEK, Norway)
Hermes Kreditversicherungs-AG (Hermes, Germany)
Hong Kong Export Credit Insurance Corporation (HKEC, Hong Kong)
Hungarian Export Credit Insurance Ltd. (MEHIB, Hungary)
Israel Foreign Trade Risks Insurance Corporation (Iftric, Israel)
Istituto per i Servizi Assicurativi e il Credito all'Espotazione (SACE, Italy)
Japan Bank for International Cooperation (formerly JExIm)
Korea Export Insurance Corporation (KEIC, South Korea)
KfW IPEX Bank (part of the KfW BankenGruppe, Germany)
Malaysia Export Credit Insurance Berhad (MECIB, Malaysia)
Nederlandsche Credietverzkering Maatschappij NV (NCM, Netherlands)
Norwegian Guarantee Institute for Export Credits (Giek, Norway)
Office National du Ducroire (OND, Belgium)
Oesterreichische Kontrollbank Aktiengesellschaft (OeKB, Austria)
Overseas Private Investment Corporation (OPIC, United States)
Segurexpo de Columbia (Segurexpo, Columbia)
Slovene Export Corporation (SEC, Slovenia)
Sri Lanka Export Credit Insurance Corporation (SLECIC, Sri Lanka)
Svensk Esportkredit (SEK, Sweden)
Uzbekinvest National Export-Import Insurance Company (Unic, Uzbekistan)[/li]
Private Export Credit Insurance
Coface North America (formerly CNA Credit, USA)
Cox Insurance Political Risk Unit (CPRU, UK)
Crédito y Caución (Spain)
EULER Group (France)
Eurofactor (France)
Exporters Insurance Company (Bermuda)
Hiscox Trade Credit Insurance (UK)
Seguradora Brasileira de Credito à Exportação (SBCE, Brazil) |
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