The political debate about the role of export credit agencies is more heated than ever, especially in the US. But increasing political risk in many parts of the world, new developments in the energy market and an important initiative to boost power generation in Africa mean that export credit agencies continue to be critical to international trade and the global economy.
ECAs have always played an important role in opening new markets, reducing political risks, and fostering development. In today’s global economy, in which financial markets are both affected by geopolitical events and used as a tool of foreign policy, ECAs play an increasingly critical and relevant role for exporters as well as their sponsoring governments. And in an environment of increased political risks, ECAs will be crucial to OECD countries’ efforts to maintain the competitiveness of their export.
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Valentino Gallo, Global Head of Export & Agency Finance at Citi, 2015: http://www.globalpolicyjournal.com/blog/16/03/2015/future-harmonization-global-export-credit-and-investment-insurance