ECGD releases annual report

(ECGD, London, 19 July 2007) ECGD, the UK’s official export credit agency, today published its Annual Review and Resource Accounts 2006-07, showing it provided £1.8 billion (US$3.66 billion) of support to UK exporters and UK investors undertaking business overseas. The report showed ECGD issued 91 guarantees and insurance policies to support British companies competing in overseas markets, compared to 151 in the previous financial year. ECGD’s support for Airbus remained a significant part of the Department’s business. In 2006-07, ECGD supported the sale of 58 Airbus aircraft by providing guarantees worth £483 million, compared to 86 aircraft worth £1 billion the year before.  The report does not appear to mention the BAE / Saudi arms scandal for which ECGD provided coverage.