The changing face of MENA export credit agency-backed financing

(TXF, London, 1 March 2023) The volume of ECA business and the number of deals is down in the Middle East, but at the same time we are seeing higher volume and more deals in North Africa. Industrial diversification is driving the changes of a region in transition. There is a significant evolution taking place in the Middle East and North African (MENA) region in terms of export credit agency (ECA)-backed export and project financing - which over the last few years has largely mirrored the changing industrial outlook and direction of much of the region. Oil/gas revenues in those countries have increasingly become used in sectors such as oil/gas downstream activities, healthcare, social projects, renewable energy, high-tech and productive industries. At the same time, many of the ECAs and banks have now stopped financing new upstream oil & gas projects and are focused on supporting exports and viable projects in other sectors throughout MENA.