ECGD launches credit guarantee scheme for exporters
Export Credits Guarantee Department (ECGD), the export credit agency, has launched a new letter of credit guarantee scheme to help exporters secure short-term finance.
The UK Minister for Trade, Investment and Small Business Lord Davies of Abersoch said that letters of credit are "an alternative to credit insurance" and the ECGD would be sharing up to 90% of the risk on each letter with five banks, including Barclays, RBS, HSBC, Lloyds TSB and Standard Chartered. The scheme will run until 31 March 2011.
To read more on this story:
http://www.ecgd.gov.uk/index/news.htm?id=9073
