ECGD Backs £2.92 Billion of British Exports in 2010-11
ECGD, the UK’s export credit agency, has published its Annual Report and Accounts, showing it provided 33 per cent more support to UK exporters in 2010-11: £2.92 billion, up from £2.21 billion in 2009-10, earning premium income of £96 million, compared to £58 million in 2009-10.
The most significant development in 2010-11 was the launch of the new products announced in the Government’s Trade and Investment for Growth White Paper. As a result ECGD is now able to support a much broader range of exporters. ECGD has started a comprehensive programme to inform exporters about its new products.
ECGD issued 192 guarantees and insurance policies to support British companies competing in overseas markets in 2010-11, compared to 198 in the previous financial year. While support for Airbus remained a significant part of ECGD’s business, with 158 aircraft supported, civil project business volumes showed a return to more typical levels in 2010-11, after a comparatively quiet year in 2009-10. Among the wide range of civil exports supported were a contract won by Rolls-Royce for the supply and installation of natural gas pumping units in Russia and the export of control panels by TES Life Cycle Engineering for a water treatment facility in Baghdad. Notably in 2010-11, ECGD also supported finance raised in the international capital markets: for the sale of Airbus aircraft to AerCap.
ECGD Chief Executive Patrick Crawford said:
“This has been a very busy year for ECGD, which has seen a significant rise in enquiries and a big rise in its support for exporters. At the same time we have successfully introduced a range of new products to support British exporters in these difficult times.”
Go to the ECGD Annual Report and Accounts 2010-11, which you can find on the right hand side of this page, to download the published report.
